HomeMy WebLinkAboutCity of Georgetown 2020 CAFR
City of Georgetown, Texas
Comprehensive Annual Financial Report
For the Fiscal Year Ended September 30, 2020
Prepared by:
Division of Finance and Administration
Elaine S. Wilson, Assistant Finance Director
Christi Rawls, Assistant Controller
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City of Georgetown, Texas
Comprehensive Annual Financial Report
For the Fiscal Year Ended September 30, 2020
Table of Contents
i
Introductory Section (Unaudited)
Letter of Transmittal .................................................................................................................................................. vii
GFOA Certificate of Achievement .................................................................................................................... xviii
Organizational Chart .............................................................................................................................................. xix
Elected Officials and Administrative Officers ...................................................................................................... xx
City of Georgetown Map ...................................................................................................................................... xxi
Financial Section
Independent Auditor’s Report ................................................................................................................................ 3
Management’s Discussion and Analysis of Financial Condition
and Results of Operations ...................................................................................................................................... 7
Basic Financial Statements
Government-Wide Financial Statements
Statement of Net Position.............................................................................................................................. 20
Statement of Activities ................................................................................................................................... 21
Fund Financial Statements
Balance Sheet – Governmental Funds ....................................................................................................... 24
Reconciliation of the Governmental Funds Balance Sheet
to the Statement of Net Position ................................................................................................................ 25
Statement of Revenues, Expenditures, and Changes in
Fund Balance – Governmental Funds ...................................................................................................... 26
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures
and Changes in Fund Balance to the Statement of Activities ............................................................... 27
Statement of Revenues, Expenditures, and Changes in Fund
Balance – Budget and Actual – General Fund ......................................................................................... 28
Statement of Net Position – Proprietary Funds ............................................................................................. 29
Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds ............... 31
Statement of Cash Flows – Proprietary Funds .............................................................................................. 32
Statement of Fiduciary Net Position – Agency Funds ................................................................................. 33
Notes to the Financial Statements ................................................................................................................. 37
Required Supplementary Information
Texas Municipal Retirement System Schedules and Ratios ....................................................................... 82
Other Post-Employment Benefits Schedules and Ratios ............................................................................ 85
Modified Approach for Streets Infrastructure Capital Assets .................................................................... 86
City of Georgetown, Texas
Comprehensive Annual Financial Report
For the Fiscal Year Ended September 30, 2020
Table of Contents – Continued
ii
Combining and Individual Fund Financial Statements and Schedules
Combining Financial Statements – Nonmajor Governmental Funds
Combining Balance Sheet .................................................................................................................................. 92
Combining Statement of Revenues, Expenditures, and Changes in Fund Balance ................................. 94
Schedules of Revenues and Expenditures (Budget Basis) – Budget and
Actual (Non-GAAP) – Reconciled to GAAP Basis
Council Discretionary ....................................................................................................................................... 96
Conservation .................................................................................................................................................... 97
Court Fees .......................................................................................................................................................... 98
Development ..................................................................................................................................................... 99
Fire ..................................................................................................................................................................... 100
Library Restricted ............................................................................................................................................. 101
Parks .................................................................................................................................................................. 102
PEG Fees ........................................................................................................................................................... 103
Police ................................................................................................................................................................ 104
Public Improvement Districts ......................................................................................................................... 105
Street Sales Tax ................................................................................................................................................ 106
Tax Increment Reinvestment Zones ............................................................................................................. 107
Tourism .............................................................................................................................................................. 108
Supplementary Individual Fund Financial Statements and Schedules – Major Governmental Funds
General Fund
Schedule of Revenues and Expenditures (Budget Basis) – Budget and Actual
(Non-GAAP) – Reconciled to GAAP Basis ..................................................................................................... 110
Georgetown Transportation Enhancement Corporation (GTEC)
Schedule of Revenues and Expenditures (Budget Basis) – Budget and Actual
(Non-GAAP) – Reconciled to GAAP Basis ..................................................................................................... 116
Debt Service Fund
Schedule of Revenues and Expenditures (Budget Basis) – Budget and Actual
(Non-GAAP) – Reconciled to GAAP Basis ..................................................................................................... 117
General Capital Projects Fund
Schedule of Revenues and Expenditures (Budget Basis) – Budget and Actual
(Non-GAAP) – Reconciled to GAAP Basis ..................................................................................................... 118
Combining Financial Statements - Nonmajor Proprietary Funds
Enterprise Funds
Combining Statement of Net Position ............................................................................................................. 121
Combining Statement of Revenues, Expenses, and Changes in Fund Net Position ................................ 122
Combining Statement of Cash Flows .............................................................................................................. 123
Internal Service Funds
Combining Statement of Net Position ............................................................................................................. 124
Combining Statement of Revenues, Expenses, and Changes in Fund Net Position ................................ 125
Combining Statement of Cash Flows .............................................................................................................. 126
Supplementary Individual Fund Financial Statements
Agency Funds
Statement of Changes in Assets and Liabilities .............................................................................................. 128
City of Georgetown, Texas
Comprehensive Annual Financial Report
For the Fiscal Year Ended September 30, 2020
Table of Contents – Continued
iii
Statistical Section (Unaudited)
Net Position by Component ................................................................................................................................ 132
Changes in Net Position ....................................................................................................................................... 134
Fund Balances of Governmental Funds ............................................................................................................ 138
Changes in Fund Balances of Governmental Funds ....................................................................................... 140
Property Tax Rates, Levies and Collections ....................................................................................................... 142
Assessed and Estimated Actual Value of Taxable Property .......................................................................... 144
Property Tax Rates - Direct and Overlapping Governments ......................................................................... 146
Principal Property Taxpayers ............................................................................................................................... 147
Taxable Sales by Category ................................................................................................................................. 148
Direct and Overlapping Sales Tax Rates ........................................................................................................... 150
Sales Tax Revenue Payers by Industry ................................................................................................................ 151
Ratios of Outstanding Debt by Type .................................................................................................................. 152
Ratios of Net General Obligation Bonded Debt to Assessed Value and
Net General Obligation Bonded Debt per Capita ....................................................................................... 154
Computation of Direct and Estimated Overlapping Bonded Debt ............................................................. 156
Computation of Legal Debt Margin .................................................................................................................. 158
Revenue Bond Coverage - Utility Funds ............................................................................................................ 160
Utility System Condensed Statement of Operations ....................................................................................... 162
Utility System Condensed Statement of System Equity ................................................................................... 164
Demographic and Economic Statistics ............................................................................................................. 166
Principal Employers ............................................................................................................................................... 167
Full Time Equivalent City Government Employees by Function ..................................................................... 168
Operating Indicators by Functions ..................................................................................................................... 170
Capital Assets by Functions ................................................................................................................................. 172
Ten Largest Electric Customers ........................................................................................................................... 174
Water Usage (Gallons) ......................................................................................................................................... 175
Ten Largest Water Customers.............................................................................................................................. 176
Daily Flow (Wastewater Treatment) ................................................................................................................... 177
Ten Largest Wastewater Customers ................................................................................................................... 178
Valuation, Exemptions and Ad Valorem Tax Debt .......................................................................................... 179
Taxable Assessed Valuations by Category ....................................................................................................... 180
Authorized but Unissued General Obligation Bonds ....................................................................................... 182
General Fund Revenues and Expenditure History ........................................................................................... 184
Municipal Sales Tax History .................................................................................................................................. 186
Monthly and Volumetric Water Rates ................................................................................................................ 187
Monthly Wastewater Rates .................................................................................................................................. 188
Monthly Electric Rates .......................................................................................................................................... 189
Compliance Section
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 ................................................................................. 193
Independent Auditor’s Report on Compliance for Each Major Federal
Program and Report on Internal Control over Compliance in
Accordance with the Uniform Guidance ....................................................................................................... 195
Schedule of Findings and Questioned Costs ...................................................................................................... 197
Schedule of Expenditure of Federal Awards ...................................................................................................... 199
Notes to the Schedule of Expenditure of Federal Awards ............................................................................... 200
iv
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v
Introductory Section
vi
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vii
March 31, 2021
Honorable Mayor and City Council,
City Manager and Citizens of Georgetown, Texas:
The comprehensive annual financial report of the City of Georgetown, Texas (the City) for the year ended
September 30, 2020, is hereby submitted. The financial statements are presented in conformity with accounting
principles generally accepted in the United States of America as set forth by the Governmental Accounting
Standards Board (GASB) and have been audited by independent auditors in accordance with generally accepted
auditing standards.
Management Responsibility for Financial Information. The City’s Finance Division has prepared the report and
is responsible for both the accuracy of the data and the completeness and fairness of the presentation, including
all disclosures. To the best of our knowledge and belief, the enclosed data is complete and reliable in all material
respects. All disclosures necessary to enable the reader to gain an understanding of the City's financial activities
have been included.
The Reporting Entity. This report includes all the funds of the City, as well as, the City’s discretely presented
component unit, the Georgetown Economic Development Corporation (GEDCO), its Texas 4A economic
development corporation. The City provides a full range of services, which include police and fire protection;
construction and maintenance of streets and other infrastructure; recreational activities and cultural events. In
addition to general government activities, the City also provides electric, wastewater, water, stormwater drainage
and airport services which are included in the reporting entity. The City is also financially accountable for
Georgetown Transportation Enhancement Corporation (GTEC), a Texas 4B economic development corporation,
which funds transportation projects that enhance economic development within the City. GTEC is presented as a
blended component unit within the reporting entity.
Management Discussion and Analysis. Generally accepted accounting principles (GAAP) require management
to provide a narrative introduction, overview and analysis to accompany the basic financial statements in the form
of Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A
and should be read in conjunction with it. The City’s MD&A can be found immediately following the independent
auditors’ report located at the front of the financial section of this report.
DESCRIPTION OF THE CITY
Georgetown is a Home Rule Charter City and operates under a Council - Manager form of government. A mayor,
elected at large, and seven council members, elected from single member districts, serve staggered, three-year
terms. Georgetown is located on Interstate 35, the major corridor between Dallas and San Antonio, at the
intersection of State Highway 130. Georgetown was founded in 1848 with a strong agricultural base, in the heart of
Williamson County, 26 miles north of Austin. Today, Georgetown has an estimated population of 75,132 within the
city limits representing an annual growth of 6.6%, with an estimated population of 109,086 inclusive of the extra-
territorial jurisdiction (ETJ) and serves as the county seat of Williamson County.
Georgetown’s economic development initiatives to diversify tax base, expand retail and create jobs have been
balanced with a focus of maintaining the community’s unique character and quality of life. The downtown
commercial district, with The Most Beautiful Square in Texas, continues to expand its arts, culture, dining and
entertainment venues.
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Award-winning parks, extensive river trail systems along the North and South San Gabriel Rivers and Lake
Georgetown have been leveraged with the low crime rate to make the City an attractive place to live and work. In
2018, Southern Living magazine named Georgetown as the “Best City to Live in the South”.
Georgetown is also home to Southwestern University, which continues to receive national recognition. The
University has been named to Kiplinger’s list of the 100 best values in liberal arts colleges and has been noted as
one of ‘America’s Best Value Colleges’ by the Princeton Review. With an average enrollment of 1500 students and
450 employees, the University provides substantial economic and cultural contributions to Georgetown.
GEORGETOWN'S ECONOMIC OUTLOOK AND FINANCIAL CONDITIONS
Economic Outlook
Georgetown’s economy continued to grow during 2020,
mirroring the strong development in the Austin metro
region. Sales tax revenue grew by 14% in 2020, which
represents a multi-year consistent trend. Sales tax has
grown in Georgetown by more than 35% in the last three
years. New single-family housing starts of 1,865 for the
year continued to show the desirability for homes in the
area. The City’s total assessed property value has grown
to over $8.6 billion, representing an increase of over
17.8% from last year. The average home value
decreased by 0.7% to approximately $278,000 in 2020.
The map indicates the several zones that are
experiencing the most growth within the City of
Georgetown and its ETJ with the biggest growth. Saddle
Creek, Sun City, Wolf Ranch Hillwood, and the Summit
at Rivery Park continue to expand single and multi-family
living options, as well as increased restaurants and
shops to support the residential demands.
Fiscal year 2020 experienced a 30% percent increase in total building permits compared to 2019 with a total of
2,061 building permits for the City of Georgetown
and its ETJ. It is projected that by 2030, the City
of Georgetown will have a population of almost
100,000 people. This rapid growth has been an
increase of nearly 60% from 2010 to 2020.
Infrastructure and long-range planning continue
to be a top priority in order to meet the needs of
the community and the growth to come.
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The Georgetown water utility district continues to grow in
customers spanning around 440 square miles, an area that
is 8 times larger than the City of Georgetown, which is
approximately 54.3 square miles. The amount of new
residential and commercial development continues to add
customers to our water utility systems within and outside of
Georgetown. In 2020 the City of Georgetown saw an almost
7% increase in water meter installations, totaling 3,040 new
meters. This growth is attributed to around 3,000 new
meters per year for at least the last 4 years. The City
expects this trend to continue and is planning infrastructure
to meet the need of the continued growth.
The Austin area unemployment rate was 2.4% for December 2020, compared to 6.7% nationally. The Central Texas
region continued to see strong growth in new jobs
and in retail sales. The City’s commercial and job
base continued to grow with the expansion of several
small commercial and retail centers, as well as
growth in the school district, county and city
governments.
Sales tax revenues are up 14% over the prior year
and up 35% over the last three years, demonstrating
strong in the local economy since 2015.
NEW ECONOMIC DEVELOPMENTS
The City continued its implementation of the economic development strategic plan that was developed over the
past two years. The plan centers around four goals: 1) Support of existing businesses and industries; 2) Enhance
targeted recruitment of identified industries; 3) Diversify workforce development and recruitment initiatives; and 4)
Encourage speculative development.
NorthPark35. Titan Development Real Estate and the City of Georgetown broke ground in November 2020 on the
first phase of the 146-acre NorthPark35 Class A industrial development at I-35 and SH 130. Phase one of the
project includes two buildings totaling more than 330,000 square feet, as well as the extension of Aviation Drive to
intersect with SH 130 and I-35. One building will be partially occupied by Georgetown-based Texas Speed and
Performance, while the remaining space will be available for future industrial users. The park is designed and
master-planned to accommodate users in need of 25,000-250,000 square feet of space. Phase one of the project
is expected to be completed next spring. It is Georgetown’s first master-planned industrial business park.
Wolf Crossing. Wolf Crossing opened Fall of 2019, a 250,000-square-foot retail center, which broke ground on
October 2, 2018 at the site, which is
at the southeast corner of I-35 and
University Avenue in Georgetown.
The project includes restaurants,
medical facilities, neighborhood
services, a hotel, and a grocery
store. Specific retailers include
Marriott Fairfield Inn and Suites,
Olive Garden, Verizon, P. Terry's,
Jason's Deli, Tiff's Treats, First
Watch café, and Salons by JC.
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Holt Caterpillar. Holt Caterpillar opened a 60,000 square foot regional Caterpillar equipment sales and repair
facility in November 2019. This facility is located northwest of Interstate 35 and Lakeway Drive. Holt Caterpillar
invested $20M on infrastructure and improvements and it plans to create at least 129 new jobs. This facility will
have a $16 million impact to the City over the next 10 years. They expect to have a minimum of $27.5 million in
sales per year for the first five full calendar years of operation.
Costco Wholesale. On December 10, 2019, City Council approved an agreement for Costco Warehouse to open
a 158,000 square-foot store at the northwest corner of
Interstate 35 and Lakeway Drive within 5 years. The
business is expected to create 235 new jobs and a have a
net benefit to the City of more than $11 million over 10
years. The Costco site will include a minimum of $20
million in capital costs for the project including the facility
and public improvements.
Sedro Crossing. Sedro Crossing is a 19-acre
development featuring medical, retail and professional
condos coming on Williams Drive by Sun City. Sedro
Crossing offers 180,000 square feet of space designed to accommodate the needs of all sizes of medical or
professional tenants. Sedro Crossing will have 26 buildings, with the
first one that opened December 2019. They estimate to complete a
new building every 30 days. This represents the largest office
project in Georgetown to-date.
Academy Sports + Outdoors. Academy opened a 65,000 square
foot store in Georgetown in October 2019. This Academy is in the
Bluebonnet Plaza on the northwest corner of Wolf Ranch Parkway
and Highway 29.
Bluebonnet
Plaza. Along with Academy, Bluebonnet Plaza had a few
more stores open in 2020 such as Petco, Bed Bath and
Beyond, and Party City to list a few. Bluebonnet Plaza offers
100,000 square feet of rental space.
Infrastructure Grants. Through its economic development
corporations, GTEC and GEDCO, the City invested millions of
dollars in streets and utility improvements to facilitate
business development in Georgetown in 2020. The Airport
Road project and the expansion of high-pressure gas lines in
the downtown area are two examples of projects that increase opportunities for new business and expansion of
existing business.
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Downtown Development.
The City’s pedestrian oriented downtown environment continues to thrive and be a unique investment opportunity.
Development for a new mixed-use office/retail/loft apartment project is underway with Phase 1, and will be home to
WBW Land Investments providing quality jobs in the vibrant downtown area. Phase 2 started construction in late
2020, and the two phases will add over 50,000 SF of prime commercial development to the district. Even during a
world-wide pandemic, downtown continues to see new businesses open. In FY2020 there were 11 new business
openings totaling $3.3 million in private investment. In addition to the businesses that opened in FY2020, another
6 are in development with expected openings in FY2021, totaling an additional $3.1 million in private investment
(as of Jan. 2021).
INITIATIVES
COVID-19 Response. In March of 2020, the Coronavirus pandemic swept the world creating uncertainty within the
economy and operations of local communities. Georgetown, like many other cities, began to conservatively shift
the adopted FY2020 budget as well as the planning around budget for FY2021 to preserve cash and maintain
financial stability. Some of the tactics included freezing several positions across the city, cutting existing FY2020
budgets in areas like travel and training and significant program cuts in departments like Parks and Recreation who
saw their operations change significantly with the orders put in place by the Governor and County. The City of
Georgetown worked collectively with neighboring cities in Williamson County to identify a coordinated response to
the pandemic to ensure operations and closures remained consistent throughout the county. The Georgetown
Public Library offered home deliveries and created a curbside pickup service. The Georgetown Recreation Center
shifted to online Rec@Home programming until it reopened with occupancy limits on June 1. Recreation Center
staff also adjusted to provide childcare services to City employees. Some departments, while wearing masks and
observing social distancing, did not slow down -- like Inspections Services, which completed 75,520 inspections for
new homes and businesses in 2020.
The City partnered with the Georgetown Chamber of Commerce to provide $200,000 in grants to provide immediate
financial relief to 67 Georgetown’s small businesses. Each grant amounted to up to $5,000 and assisted with
business expenses, such as rent and employee payroll. The City also allowed for expanded outdoor seating and
retail service areas within the City rights of way and parking spaces downtown to help businesses safely
accommodate more patrons. The City set aside $1 million for a
COVID-19 Customer Assistance Program. The program offered
up to $1,500 to residential utility customers who had past due
balances in 2020 and could show their income or employment
was affected by the pandemic or any resulting restrictions.
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Mobility Improvements. Georgetown, like many growing cities, is investing in infrastructure to ensure mobility
needs are met for the future. The final section of Southwest Bypass from Leander Road/FM 2243 to I-35 opened
May 26, 2020. The City also completed the parking lot on Eighth and Martin Luther King Jr. streets. The City opened
an extension of Rivery Boulevard and broke ground on the extension of the Northwest Boulevard, including a new
bridge spanning I-35. When both projects are finished, drivers in Georgetown will have an alternate route to Williams
Drive and a new connection from I-35 to the Rivery retail, hotel, and convention center development. Additionally,
the City was on track in July 2020 to finish 10 years’ worth of projects from the 2015 bond in seven years.
Pedestrian crossings with signs, button-activated flashing lights, and crosswalk striping were installed downtown
and in Sun City. The crossings and beacons improve pedestrian accessibility and safety at key intersections. City
Council adopted the Georgetown Bicycle Master Plan Dec. 10, 2019. The plan is a blueprint for future transportation
projects and educational efforts for a safe and well-connected bicycle network.
Design to widen Southwestern Blvd. and Leander Road began in 2019. Leander Road’s widening will affect the
portion between River Ridge Lane and the Southwest Bypass, while the Southwestern Blvd. will widen the portion
between Raintree Drive to the Southeast Inner Loop. The Leander Road widening is slated to take place in 2020,
while the Southwestern Blvd, widening is planned to begin in 2021.
QUALITY GROWTH
Utilities. Growth in the residential and commercial sectors of Georgetown is sustainable due to disciplined long-
range planning in the utility areas. The electric utility ended the 2019-2020 fiscal year with reserves of more than
$28.5 million, which is up from last year’s balance of $6.3 million. The City developed various strategies beginning
in FY2019 to improve financial performance including enhanced resource portfolio management and the
development of a more robust risk management policy. To improve financial reserves, the City sold assets of the
Electric fund in areas that were not related
to its primary goal of being a power
distribution entity. The City is also working
on identifying the impact of overhead costs
and other cost savings that impact
customer rates. The City was able to
reduce the Power Cost Adjustment (PCA)
by 1 cent on January 1, 2021, saving the
average electric user around $10 a month.
The City’s net purchased power expenses
for FY 2020 totaled $59.68 million. The
electric utility saw a 4.8% increase in
customers.
Shell Energy North America was hired in
December 2019 to be the City’s energy
manager to assist in managing the energy portfolio and to be the City’s Qualified Scheduling Entity (QSE). The City
has renewable energy power purchase agreements with AEP, EDF, and Clearway. The City also has a firm delivery
purchase power agreement with Mercuria. The City has been selling renewable energy credits (RECs) from
renewable energy power purchase agreements to reduce overall purchased power costs. Because the City sells its
RECs, Georgetown no longer uses the 100 percent renewable designation.
The City of Georgetown electric utility achieved diamond-level status in 2019 under the American Public Power
Association’s Reliable Public Power Provider (RP3) program. The designation recognizes public power utilities that
demonstrate proficiency in four key disciplines: reliability, safety, workforce development, and system improvement.
Georgetown is one of six public power providers in Texas to receive the diamond designation. In total, only 254 of
the more than 2,000 public power utilities nationwide hold the RP3 designation. Levels of recognition include gold,
platinum, and diamond. Georgetown Utility Systems had been a platinum designee since 2016.
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The City completed the acquisition of the Chisholm Trail Special Utility District (CTSUD) in 2015 through the
approval of the Public Utility Commission of Texas for the transfer of service areas. This consolidation provided for
stronger regional water planning and resource management to support the continued future growth expected within
the region, especially in the city’s northwestern growth corridors. On August 31, 2019 CTSUD dissolved as a
government entity. Significant capital improvements, such as wastewater interceptors and water and wastewater
plant expansions, are underway to continue to meet service demands for residential and commercial expansion. In
addition, three elevated storage tanks were constructed to help meet service demands: Sun City, Cedar Breaks
and Braun.
Georgetown takes an active role in water and wastewater planning with the Brazos River Authority (BRA) to find
regional solutions to the ever-increasing demand for services, while protecting the natural environment within the
area. Growth within the utilities continues to have strong positive impacts to the financial and economic conditions
of Georgetown. In 2019, the City of Georgetown completed a Water Conservation Plan which outlines several
objectives such as: reduce overall water consumption, reduce the loss or waste of water, improve the efficiency in
the use of water, and document recycling and reuse efforts. In 2020, the City of Georgetown also has a cost-of-
service water rate study completed. The new rate design is aimed at achieving Council’s goals of equity and
conservation. The new water rates went into effect January 1, 2021 with rates changing for wastewater and
residential water customers.
QUALITY OF LIFE
The City Council’s vision statement for the City is “Georgetown: A caring community honoring our past and
innovating for the future”. The Council and staff continue to strive to exceed in creating places and conditions that
make the community a special place to live with a high quality of life, as well as a great place to visit.
Public Safety. The Council continued its investments in quality of life for Georgetown residents through increasing
resources towards public safety. A partnership with Emergency Services District #8 allows for city provided fire and
emergency medical services in the ETJ. This partnership also provides a foundation for planning and placement of
fire stations to ensure response times in future in both the City limits and the ETJ. The City completed the
construction of Fire Station 6 and 7 in late 2020. Fire station 6 is at the western edge of the community, while fire
station 7 is on the eastern edge of the City allowing for more efficient response times to all regions of the City.
These partnerships and investments ensure that growth demands do not negatively impact high quality emergency
response.
The Georgetown Police Department was awarded with the Texas Police Chiefs Association’s Recognized Law
Enforcement Agency award in May 2019. The department earned the award from the TPCA’s Law Enforcement
Recognition Program in May after a more than two-year application process that included a critical review of the
agency’s policies, procedures, facilities, and operations. Georgetown is only the 154th agency out of more than
2,700 agencies in the state to receive the recognition. The department will also be recognized at the TPCA annual
conference in April 2020.
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Award Winning Parks and Trail System. The City celebrated the
grand opening of Garey Park on June 9, 2018. At 525-acres,
Garey Park is one of the largest city parks in the state and is
located along the South San Gabriel River at 6540 RM 2243. The
donation of the 525 acres, along with $5 million for park
development by Jack and Cammy Garey for the park represents
the largest donation in the City’s history. The City completed
construction of trails, equestrian areas, playground and splash
pad, day use areas and a dog park, as well as the renovation of
the former Garey home for an event destination through bonds
approved by the voters in 2008.
The San Gabriel Park is designated a Lone Star Legacy Park by the Texas Recreation and Parks Society due to
its historic prominence within the community and the state. 200-year-old oak trees grace the park along the river,
which runs through the heart of downtown. A master plan to renovate the park was developed in 2016. Renovations
to Phase II of San Gabriel Park were completed at the end of 2019. Improvements included additional pavilions, a
new restroom, two
new playgrounds,
swings and a
basketball court
under College
Street Bridge. In
addition, lights
were also added to
the two sand
volleyball courts
and restoration
was completed on
the two additional
springs along the
San Gabriel River.
Design for
renovations to
Phase III of San
Gabriel Park will
begin in FY 2022.
Design elements
planned include
one large multi-use
performance
pavilion, splash
pad plaza, three
shade shelters, a
new restroom building, and a lighted skate park. In addition, a new low water crossing at the convergence of the
North and South San Gabriel rivers is planned to replace the current pedestrian bridge.
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LONG RANGE PLANNING
Transportation Impact Fees.
The City of Georgetown is in the process of completing a transportation impact fee study. Transportation Impact
Fees (TIF) are governed by Chapter 395 of the Texas Local Government Code (TLGC), and are a one-time fee on
new development, or redevelopment that increases demand on the transportation system, to help pay for roadway
capacity projects in the corporate limits of a municipality. A study must be completed to be compliant with TLGC
Chapter 395, an Impact Fee Advisory Committee (IFAC) must be formed and give comments on the study and
proposed fees, and council must hold public hearings on the study assumptions and fee and act on an ordinance,
order or resolution to implement fees. Council is anticipated to take final action on an ordinance for the TIF at a 2nd
reading on March 23, 2021.
Fees collected from the TIF must be spent on projects included in the Transportation Impact Fee Study’s Capital
Improvements Plan (CIP), and are limited to the city limits by state law (not applicable in the ETJ). The fees must
also be collected and spent within Service Areas, which are defined in the study and limited to a 6-mile trip length
by state law, for which Georgetown has nine (9) Service Areas. Two of the service areas, Downtown and Lake
Georgetown, were determined to have $0 fees in the study due to lack of auto capacity projects in those two areas
of the City.
Mobility Bond.
The City of Georgetown has called a bond election for Tuesday, May 1, 2021. Voters will consider one bond
proposition for various street and transportation infrastructure projects. The total amount of the bond proposition is
$90 million in new funding authorizations. If voters approve Proposition A, the City anticipates raising the property
tax rate by 3 cents once the bonds are issued to cover the full cost of the projects. The average Georgetown resident
could expect their annual property taxes to increase by $83.40, based on the average homestead taxable value in
2020 of $278,001. The City expects to start work on the projects within seven years, economic conditions permitting.
The anticipated 3-cent tax rate increase would generate an estimated $120 million during the life of the bond, which
is the total amount required to complete the projects. The additional $30 million generated by the tax increase will
fund the completion of related transportation projects from the 2008 and 2015 bonds that were approved by voters
but never funded. The bond will also allocate $10.45 million for sidewalks, bike lanes, intersections, and technology
updates.
FINANCIAL PLANNING AND RISK MANAGEMENT
The City has initiated new practices to enhance its ability to plan for a sustainable future. Five-year debt and General
Fund models were developed to enhance planning efforts and predict property tax rate impacts from capital
improvements and increasing operational expenses. A land development fiscal impact model was created to
objectively predict the costs of providing services and the related revenue increases for new development projects.
Electric and Water five-year models were created to assist in rate development and inform the funding for growth
related capital infrastructure investments. Each of these models will aid the staff and Council in sustainable decision
making.
The City also completed a risk assessment for all city operations to understand its risk environment and the internal
control structure over functional areas and processes to identify key risks and internal controls over those risks. A
ranking of mitigation strategies and plans was completed to address areas for improvement and City management
provides updates on mitigation actions to the City Council.
The implementation of an Enterprise Resource Planning system, Workday, is in progress with phase two of three
as of October 1, 2020. Phase one automated many manual human resources processes to provide opportunities
for the city to implement best management practices. Phase two implemented accounting, financial reporting,
procurement and other best practices for financial management. The final phase for budget planning was being
tested and implemented as of March 2021.
xvi
The City conducted several technology assessments and audits related to cybersecurity and has developed work
plans to address sustainability of utility technology in the coming five year horizon, as well as protection of data.
Homeland security audits have been conducted and cybersecurity training was conducted for all city employees.
The City has also done extensive work in mitigation and review of cybersecurity and utility technology over the last
year. A back-up data center was successfully brought online in the Winter of FY 2020. The purpose of this data
center is to act as a failover in the case of a failure at the City’s primary data center. Failures could include physical
destruction or damage to the primary datacenter by a man-made or natural disaster. Failures may also include
some types of cyberattacks. In such a case, the back-up data center could be brought online and subsequently run
90 percent of the City’s technology systems within a matter of hours. This includes all the City’s mission critical data
systems. The City had a third party conduct a HIPAA assessment that resulted in several recommendations that
staff is working on to bolster HIPAA compliance including procedures and internal controls. The City has become a
hybrid entity as a result.
The City engaged with Gartner Consulting to conduct an assessment and analysis of the City’s Customer
Information System (CIS), Advanced Metering Infrastructure (AMI) and Meter Data Management (MDM) systems.
The objective was to evaluate the City’s CIS business processes against the current CIS system, identify gaps or
areas for opportunities, and explore alternative options to improve the City’s CIS operations and supporting
technologies. As well as to evaluate the business value provided by the AMI and MDM systems to enable the City
to meet its smart meter information needs. Staff is completing a work plan with recommendations that came as a
result of this assessment.
Financial Information. The City is responsible for establishing and maintaining internal controls designed to ensure
that the assets of the City are protected from loss, theft or misuse and that adequate accounting data is compiled
to allow for the preparation of financial statements in conformity with generally accepted accounting principles.
Internal controls are designed to provide reasonable, but not absolute, assurance that these objectives are met.
The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely
to be derived; and (2) the valuation of costs and benefits requires estimates and judgments by management.
The City’s Finance Director, Assistant Director, and other key staff in the Finance Division design and maintain the
internal control structure. These controls are under continual review by management, and under annual review by
the independent auditors. During the year, the Finance Division performs internal audits on selected procedures
and operations throughout the City organization. The selection of priorities and timing of audits are determined by
the Finance Director, along with the City Manager.
Single Audit. As a recipient of federal and state financial assistance, the City is responsible for ensuring that
adequate internal controls are in place to ensure compliance with applicable laws and regulations related to those
programs. Internal controls are subject to periodic evaluation by management. The tests relating to the receipt of
such funds are known as Single Audit testing. These tests are made to determine the adequacy of internal controls,
including that portion related to federal financial assistance programs, as well as to determine that the City has
complied with applicable laws and regulations. The compliance section is included in the final section of this
document.
Budgetary Controls. The City maintains budgetary controls to ensure compliance with legal provisions embodied
in the annual appropriated budget approved by the City Council. Activities of all funds are included in the annual
appropriated budget. The level of budgetary control (that is, the level at which expenditures cannot legally exceed
the appropriated amount) is established by division and department within an individual fund. The City also
maintains an encumbrance accounting system as one technique of accomplishing budgetary control. Encumbered
amounts are reserved at year-end and carried forward into the following year.
As demonstrated by the statements and schedules included in the financial section of this report, the City continues
to meet its responsibility for sound financial management.
xvii
OTHER INFORMATION
Independent Audit. The City Charter requires an annual audit by independent certified public accountants. The
accounting firm of Weaver and Tidwell, LLP was selected by the City Council. The goal of the independent audit is
to provide reasonable assurance that the financial statements of the City for the fiscal year ended September 30,
2020, are free of material misstatement. The independent auditor concluded, based upon the audit, that there was
a reasonable basis for rendering an unmodified opinion and that the City’s financial statements for the fiscal year
ended September 30, 2020, are fairly presented in conformity with GAAP. The independent auditor’s report on the
basic financial statements and schedules are included in the financial section of this report.
Awards. The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the City for its Comprehensive Annual Financial
Report for the fiscal year that ended September 30, 2019. The Certificate of Achievement is the highest form of
recognition for excellence in state and local government financial reporting. 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. Such Comprehensive Annual Financial Reports
must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of
Achievement is valid for a period of one year. The City has received a Certificate of Achievement for thirty-three
(33) consecutive years. We believe our current report continues to conform to the Certificate of Achievement
program requirements, and we are submitting it to the GFOA.
We are also proud to report that the GFOA has presented the Distinguished Budget Presentation Award to the City
of Georgetown for each of the past thirty (30) years.
Acknowledgments. The presentation of this report on a timely basis could not be accomplished without the efficient
and dedicated services of the entire staff of the Finance Division. We would like to express our appreciation to all
members of the division who assisted and contributed to its presentation. Special acknowledgment goes to the
accounting and budget staff, for their dedication in preparing this report.
We would also like to thank the Mayor and City Council. The preparation of this report would not be possible without
their leadership and support.
Sincerely,
David S. Morgan Laurie Brewer, CGFO
City Manager Assistant City Manager
Leigh Wallace, CGFO Elaine Wilson, CGFO
Finance Director Assistant Finance Director
xviii
Government Finance Officers Association
Certificate of
Achievement for
Excellence in
Financial Reporting
Presented to
City of Georgetown Texas
For its Comprehensive Annual Financial
Report
For the Fiscal Year Ended September 30,
2019
Executive Director/CEO
xix
City Of Georgetown, Texas
Elected Officials and Administrative Officers
September 30, 2020
xx
Elected Officials
Mayor Josh Schroeder
City Council Member, District 1 Mary Calixtro
City Council Member, District 2, Shawn Hood
City Council Member, District 3 Mike Triggs
City Council Member, District 4 Steve Fought
City Council Member, District 5, Mayor Pro Tem Kevin Pitts
City Council Member, District 6 Rachael Jonrowe
City Council Member, District 7 Tommy Gonzalez
Appointed Officials
City Manager David Morgan
City Attorney Skye Masson
City Secretary Robyn Densmore
Municipal Court Judge Randy Stump
Other City Officials
Assistant City Manager Laurie Brewer
Assistant City Manager Wayne Reed
Finance Director Leigh Wallace
Fire Chief John Sullivan
Police Chief Wayne Nero
xxi
Georgetown is the northern most “gateway” to the gently rolling hills of Central Texas. While Georgetown
offers the amenities and charm of a small community rooted in values of days gone by, it is strategically
and centrally located in the middle of the four major metropolitan areas of Texas.
Austin is 26 miles south, Dallas is three hours north, Houston is three hours southeast and San Antonio is just
one-and-a-half hours south, placing Georgetown in a very advantageous position for cultural and
economic development. Traveling to and from Georgetown is easy, as it is at the crossroads of
IH-35 going north/south and State Highway 29 going east/west. Access to Georgetown via the
Austin-Bergstrom International Airport was made much easier with the opening of State Highway 130, the
toll road from Georgetown to San Antonio that parallels IH-35.
xxii
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1
Financial Section
2
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Weaver and Tidwell, L.L.P. 1601 South MoPac Expressway, Suite D250 | Austin, Texas 78746
Main: 512.609.1900 | Fax: 512.609.1911
CPAs AND ADVISORS | WEAVER.COM
3
Independent Auditor’s Report
To the Honorable Mayor and
Members of the City Council
City of Georgetown, Texas
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, the
business-type activities, the discretely presented component unit, each major fund, and the aggregate
remaining fund information of the City of Georgetown, 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 from 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 Honorable Mayor and
Members of the City Council
City of Georgetown, Texas
4
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, the discretely
presented component unit, 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, and the respective budgetary comparison for the general fund for the year then ended in
accordance 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, Texas Municipal Retirement System pension schedules, Other
Post-employment Benefits schedules, and Modified Approach for Street Infrastructure Capital Assets 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 generallys 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 major
and nonmajor fund financial statements and schedules, statistical section, and schedule of expenditures
of federal awards, 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 (Uniform Guidance), are presented for purposes of additional analysis and are not a required
part of the basic financial statements.
The combining and individual major and nonmajor fund financial statements and schedules and the
schedule of expenditures of federal awards 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
basic 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 major and nonmajor fund financial statements and schedules and the
schedule of expenditures of federal awards are fairly stated, in all material respects, in relation to the
basic financial statements as a whole.
The introductory and statistical sections listed in the table of contents 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 Honorable Mayor and
Members of the City Council
City of Georgetown, Texas
5
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
March 31, 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 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.
Austin, Texas
March 31, 2021
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CITY OF GEORGETOWN, TEXAS
MD&A
7
CITY OF GEORGETOWN, TEXAS
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of the City of Georgetown financial performance provides an overview of
the City’s financial activities for the fiscal year ended September 30, 2020. Please read it in conjunction with the
transmittal letter at the front of this report and the City’s financial statements, which follow this section.
FINANCIAL HIGHLIGHTS
General Fund
At the end of the current fiscal year, the fund balance of the General Fund was $21,196,610 or 46.7% higher
than FY 2019 fund balance. The fund had $11.8 million of committed fund balance, $245 thousand of
nonspendable fund balance and $9.2 million of unassigned fund balance. Revenues were $2,904,742 more
than the original budget estimates.
General Fund revenues increased $6.2 million, an increase of 9.8% over FY 2019. This increase is due to
greater revenues from growth in sales tax, licenses and permits, other charges for services, environmental
services rates and increased ad valorem taxes. While overall charges for services increased, Parks &
Recreation and Library service fees were dramatically down for the year due to facility and program closures
due to COVID-19.
General Fund expenditures increased by $3.1 million, an increase of 4.5 % over FY 2019. This increase was
due to city-wide salary increases for merit and market adjustments that went into effect January 2020,
increased environmental services costs, increased costs of public safety personnel. Expenditures in Parks
& Recreation and the Library were also down significantly this year due to facility and program closures due
to COVID-19.
Governmental Activities
On a government-wide basis for governmental activities, the City had expenses net of program revenue of
$59.4 million. General revenues and transfers totaled $85.9 million, resulting in an increase in net position
of $26.4 million.
As of September 30, 2020, the City's governmental activities reported combined ending net position balances
of $387.1 million. The largest element of this balance is the value of the City’s investment in capital assets,
which totaled $334.8 million. Capital assets include the value of streets, parks and facilities, net of related
debt.
During fiscal year ended September 30, 2020, the City issued approximately $9,080,000 in General
Obligation and $11,210,000 Certificates of Obligation bonds for entity-wide purposes. The debt issue
included $11,300,000 for roads, $4,216,000 for Public Safety Vehicles and Facilities, $550,000 for the Fuel
Station Improvements, $1,000,000 for Sidewalk Improvements and $2,000,000 for Traffic Signal and
Intersection Improvements. The City's general obligation debt is rated AA+ by Standard & Poor's as of
September 30, 2020.
Business-Type Activities
The net position of the City's business-type activities had a current year increase of $84.9 million. The current
year increase is due to the continued growth of the customer base of the utility systems. The City also
received $31.9 million of infrastructure assets contributed by developers for commercial projects and
residential subdivisions.
The City’s Certificate of Obligation debt issue included $655,000 for the Stormwater Utility. The City also
issued $14,430,000 in Utility Revenue bonds and $6,225,000 in Utility System Revenue Refunding bonds in
FY20. The City’s Standard & Poor's rating is AA- on the utility system revenue debt as of September 30,
2020.
CITY OF GEORGETOWN, TEXAS
MD&A
8
Entity-Wide
The City's total net position on a government-wide basis was $983.1 million at September 30, 2020, an
increase of 12.8% over September 30, 2019. Most of this balance is invested in capital assets or restricted
for specific purposes.
The City received $68.3 million of grants and other capital contributions in FY 2020.
USING THE FINANCIAL SECTION OF THIS COMPREHENSIVE ANNUAL FINANCIAL REPORT
This Comprehensive Annual Financial Report consists of three sections: introductory, financial and
statistical. As illustrated in the following chart, the financial section of this report has three components:
management’s discussion and analysis (this section), the basic financial statements, and required
supplementary information.
Components of the Financial Section
BASIC FINANCIAL STATEMENTS
GOVERNMENT-WIDE FINANCIAL STATEMENTS
The government-wide financial statements report information about the City as a whole, using accounting
methods similar to those used by private-sector companies. The statement of net position includes all of
the government’s assets and liabilities. The statement of activities accounts for all of the current year’s
revenues and expenses. Both are reported in full accrual basis of accounting meaning recognizing events
during accounting period, regardless of when cash is received or paid.
The two government-wide statements report the City’s net position and how it has changed. Net position,
which is the difference between the City’s assets and deferred outflows and liabilities and deferred inflows,
are one way to measure the financial health of the City. Over time, increases or decreases in the City’s net
MANAGEMENT’S DISCUSSION AND ANALYSIS
FINANCIAL STATEMENTS
REQUIRED SUPPLEMENTARY
INFORMATION
Government-wide
Governmental Activities (Full Accrual)
Business-Type Activities (Full Accrual)
Notes to the Financial Statements
Fund
Governmental (Modified Accrual)
Proprietary (Full Accrual)
Fiduciary (Full Accrual)
CITY OF GEORGETOWN, TEXAS
MD&A
9
position is an indicator of whether its financial health is improving or deteriorating. To assess the overall
health of the City, one needs to consider other non-financial factors such as changes in the City’s property
tax base and condition of the City’s infrastructure.
The government-wide financial statements of the City are divided into two categories:
Governmental Activities – Most of the City’s basic services are included here, such as police, fire and
other public safety services, parks and recreation, public library, street maintenance, environmental
services, and general administration. Property and sales taxes, return on investment from the City’s utility
services, and charges for services finance most of these activities.
Business-type Activities – The City’s Water Services Fund, which includes water, wastewater and
irrigation services, as well as its Electric utility, are reported here. Stormwater Drainage and the City’s
Airport are also reported in these activities. Rates and fees charged to customers fund the costs of providing
these services.
FUND FINANCIAL STATEMENTS
The fund financial statements provide more detailed information about the City’s most significant funds and
will be more familiar to traditional users of government financial statements. The focus is now on major
funds rather than fund types.
The City has three types of funds:
Governmental Funds – General Fund, Special Revenue Funds, Capital Projects Funds and the Debt
Service Fund are governmental funds, which focus on:
(1) How cash and other financial assets can readily be converted to cash flow (in and out), and
(2) Year-end balances readily available for spending.
Consequently, the governmental funds statements provide a short-term view that helps determine whether
there are greater or fewer financial resources that can be spent in the near future to finance the City’s
programs. Because this information does not encompass the additional long-term focus of the government-
wide statements, additional information is provided with the governmental fund financial statements that
explain the reconciliation between the fund statements and the government-wide statements.
Proprietary Funds – Services for which the City collects fees and rates intended to fully recover the cost
of providing the service are reported in proprietary funds. Two types of proprietary funds are allowed in
governmental accounting: enterprise funds and internal service funds. These funds, similar to government-
wide statements, provide both long-term and short-term financial information.
The City’s enterprise funds are substantially the same as its business-type activities, but the fund financial
statements provide more detail and additional information, such as cash flows. The City uses enterprise
funds to account for its electric, water services, airport, and stormwater drainage activities. The City uses
internal service funds to report activities that provide supplies and services for the City’s other programs,
activities and funds. The City’s internal service funds are used in providing facility maintenance, fleet
services, joint services (providing administrative functions to the other funds), as well as information
technology services and self-funded health insurance.
CITY OF GEORGETOWN, TEXAS
MD&A
10
Fiduciary Funds – The City is trustee, or fiduciary, for certain amounts held on behalf of others, and for
certain pass-through arrangements. The City is responsible for ensuring that the assets reported in these
funds are used for their intended purposes. The City’s fiduciary activities are reported in a separate
statement of fiduciary net position. Assets for assessment collections for the City's public improvement
districts and pass-through lease agreements for Texas Capital Fund projects are held in fiduciary funds.
These fiduciary activities are excluded from the City’s government-wide financial statements because the
City cannot use these assets to finance its operations.
FINANCIAL ANALYSIS OF THE CITY AS A WHOLE
Statement of Net Position:
The following table reflects the condensed Statement of Net Position:
(Dollars in thousands)2020 2019 2020 2019 2020 2019
Current and other assets 147,474$ 131,079$ 181,143$ 123,728$ 328,617$ 254,807$
Capital assets 508,832 491,087 548,599 512,744 1,057,431 1,003,831
Total assets 656,306 622,166 729,742 636,472 1,386,048 1,258,638
Deferred outflows 12,814 14,994 3,272 4,362 16,086 19,356
Long-term liabilities 252,451 253,366 116,753 111,628 369,204 364,994
Other liabilities 19,371 19,069 17,921 17,148 37,292 36,217
Total liabilities 271,822 272,435 134,674 128,776 406,496 401,211
Deferred inflows 10,132 4,012 2,355 1,037 12,487 5,049
Net investment in capital assets 334,866 314,794 474,483 421,399 809,349 736,193
Restricted 10,218 5,992 - - 10,218 5,992
Unrestricted 42,054 39,926 121,502 89,622 163,556 129,548
Total net position 387,138$ 360,712$ 595,985$ 511,021$ 983,123$ 871,733$
Governmental Activities Business-Type Activities Total Primary Government
48%
13%
34%
1%4%
Primary Government Net Position ‐ 9/30/2020
Bus Type ‐ Net Inv Assets Bus Type ‐ Unrestricted Govt ‐ Net Inv Assets
Govt ‐ Restricted Govt ‐ Unrestricted
CITY OF GEORGETOWN, TEXAS
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11
(Dollars in thousands) 2020 2019 2020 2019 2020 2019
Revenues
Program revenues
Charges for services 22,076$ 25,410$ 184,575$ 159,024$ 206,651$ 184,434$
Operating grants and contributions 5,900 225 133 - 6,033 225
Capital grants and contributions 11,143 9,890 51,191 31,950 62,334 41,840
General revenues
Property taxes 33,731 30,784 - - 33,731 30,784
Sales taxes 31,845 27,647 - - 31,845 27,647
Other taxes 1,385 1,834 - - 1,385 1,834
Franchise taxes 5,883 5,646 - - 5,883 5,646
Interest 1,515 2,688 1,558 2,251 3,073 4,939
Other 2,634 2,632 - - 2,634 2,632
Total revenues 116,112 106,756 237,457 193,225 353,569 299,981
Expenses
Culture/recreation 15,597 13,873 - - 15,597 13,873
Development 4,293 3,466 - - 4,293 3,466
Fire 24,265 19,530 - - 24,265 19,530
General government 6,844 5,684 - - 6,844 5,684
Interest on long-term debt 7,307 7,095 - - 7,307 7,095
Police 21,711 17,528 - - 21,711 17,528
Streets 7,924 9,651 - - 7,924 9,651
Environmental services 10,686 8,358 - - 10,686 8,358
Electric - - 79,180 81,229 79,180 81,229
Water services - - 56,355 45,507 56,355 45,507
Airport - - 3,964 4,306 3,964 4,306
Stormwater - - 4,052 3,723 4,052 3,723
Total expenses 98,627 85,185 143,551 134,765 242,178 219,950
Change in net position before transfers 17,485 21,571 93,906 58,460 111,391 80,031
Transfers 8,942 7,607 (8,942) (7,607) - -
Change in net position 26,427 29,178 84,964 50,853 111,391 80,031
Net position - beginning 360,712 331,534 511,021 460,168 871,733 791,702
Net position - ending 387,139$ 360,712$ 595,985$ 511,021$ 983,124$ 871,733$
Governmental Activities Business-Type Activities
Total Primary
Government
The City's combined net position increased by $111.4 million to $983.1 million from $871.7 million in FY 2019.
Net position of Governmental Activities was $387.1 million. Most of these assets are invested in capital
assets or restricted for particular purposes, such as $2.1 million debt service or capital projects.
The City's unrestricted net position for governmental activities, which can be used to finance day-to-
day operations, totaled $42 million.
Net position invested in capital assets net of related debt for governmental activities increased
$20 million, primarily due to developer contributed capital and additions to capital assets.
Current year net position for business-type activities increased by $84.9 million, due to the growth in
the customer base, developer contributed capital, and capital assets.
During 2020, the City invested $53 million towards improving and expansion of utility infrastructure,
compared to $46.9 million in 2019.
CITY OF GEORGETOWN, TEXAS
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12
REVENUES
Program revenues are derived from the program itself and reduce the cost of the function to the City.
Total program revenues for both governmental and business-type activities are described below.
Governmental activities program revenue for the fiscal year ended September 30, 2020 was
$39.1 million. The Charges for Services category represents receipts primarily from environmental
services, development and building inspection fees, parks fees, fire billing for services and court fines.
Charges for services totaled $22.1 million in FY 2020, or 13% decrease over prior year revenues as a
result of the COVID-19 pandemic. Other governmental program revenues included operating and
capital grants and contributions for parks, fire and police programs, and streets. Capital grants and
contributions totaled $10.1 million compared to $17 million last fiscal year.
Business-type activities program revenue totaled $235.8 million, a 23% increase over prior year.
Capital grants and contributions were $19.3 million higher than the prior year due primarily to increase
in developer contributions. Charges for Services, which represent receipts from utility customers for
electric, water, and wastewater, increased $25.5 million. Electric charges for service increased 10%
due to customer growth and rate increases. Other program revenues include airport fuel sales, hangar
rentals and stormwater drainage fees.
General revenues are revenues from taxes levied on behalf of the general government and other
revenues used for general government activities not specific to a program or service. These revenues
and notable changes are described below.
Property taxes totaled $33.7 million. Included in these taxes are real and personal property
levies which are assessed October 1, and payable before the following January 31.
Certified assessed valuations in FY 2020 increased 11%. The total growth in assessed
valuations is $861 million compared to FY 2019 certified assessed valuations.
The ad valorem tax rate for fiscal year 2020 was $0.420 per $100 of assessed valuation. There
is no change from the prior year’s rate of $0.420. The adopted tax rate is 1.63% above the
2020 effective rate.
51%
27%
9%
9%4%
Primary Government Revenues
Charges for Services Grants and Contributions Property taxes Sales taxes Other
CITY OF GEORGETOWN, TEXAS
MD&A
13
Sales taxes, the City’s second largest source of general revenue, totaled $31.8 million for fiscal
year 2020, which was an increase of 15.2% compared to the prior year. This increase is
primarily driven by the continued economic growth in retail, food, and information sectors.
Sales tax revenues represented 27.4% of the general government revenue total in 2020,
excluding the return-on-investment transfers from the utility funds.
Hotel/motel taxes totaled $985 thousand compared to $1.39 million in FY 2019 and are
included in other taxes. This decrease is the result of the COVID-19 pandemic’s effects on the
travel industry.
EXPENSES
Expenses for governmental activities totaled $98.6 million, versus $85.1 million in FY 2019. Total expenses
increased by $13.5 million compared to the prior year. Salary increases implemented during the fiscal year
included step increases for public safety as well as merit and market increases for non-public safety
employees effective January 2020. Other explanations for the changes are noted below.
Public Safety increased 24% due to additional positions added in the Fire, EMS and Police
departments.
Environmental services increased 27.8% due to growth and increased costs in solid waste
collection and recycling services.
Overall IT service allocations increased across departments due to new software applications and
second year of change in allocation model to build cash reserve for future equipment replacement.
Expenses for business-type activities totaled $143.4 million, a 6.5% increase over the prior year, which
provided electric, water, and wastewater services for customers, as well as airport and stormwater drainage
programs. Salary increases implemented during the fiscal year included merit and market increases for
employees effective January 2020. Notable explanations for the changes are explained below.
Electric decreased 2.6%. The decrease in expenses for electric is the result of improved power
portfolio.
Water services increased 23.8%. The increase can be attributed to growth and increased utility
contract costs and capital improvements.
33%
23%3%
7%
19%
8%
3%4%
Primary Government Expenses
Electric Water Other Enterprise
Culture/recreation Public Safety Other Govermental
Streets Environmental services
CITY OF GEORGETOWN, TEXAS
MD&A
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The 8% decrease at the Airport is related to the fluctuations in the price of fuel compared to
FY 2019.
Overall IT service allocations increased across departments due to new software applications and
second year of change in allocation model to build cash reserve for future equipment replacement.
FINANCIAL ANALYSIS OF THE CITY’S FUNDS
Governmental Funds: The City’s fund balance is the accumulated difference between assets and liabilities within
governmental funds, and it allows the City to meet its contractual obligations, fund disaster or emergency costs,
provide cash flow for timing purposes and fund non-recurring expenses appropriated by City Council.
For the fiscal year ended September 30, 2020, the City's governmental funds reflect a combined fund balance of
$107.5 million.
The General Fund had a fund balance of $21.1 million for FY 2020, an increase of approximately $6.7 milllion
over FY 2019. According to the Fiscal and Budgetary Policy of the City, the use of excess fund balance is limited
to non-recurring one time only expenses. Excess funds are transferred to the Council Special Revenue fund for
future designation.
General Capital Project Fund had a fund balance of $38.3 million for FY 2020 compared to $43 million for
FY 2019. This balance is primarily due to the nature of multi-year capital projects that will roll forward and is not
available.
Non-major governmental funds include an increase in fund balance of approximately $2.2 million due to the
funding and timing of street improvement projects in the Sales Tax Maintenance Fund, and increased
development fees and developer contributions, while hotel/motel receipts decreased due to the COVID-19
pandemic. Continued growth of sales tax receipts occurred while street maintenance expenditures were delayed
due to the COVID-19 pandemic.
Georgetown Transportation Enhancement Corporation (GTEC), the City’s blended component unit had a 43.3%
increase in fund balance due to the timing of capital improvement projects. GTEC contributed $.4 million in
transportation improvements to facilitate economic development in 2020, which was a decrease from prior year
due to some projects being delayed due to the COVID-19 pandemic.
Business-type Activities: The City’s proprietary fund statements provide the same type of information found
in government-wide financial statements, but in more detail.
Total unrestricted net position as of September 30, 2020 totaled $121.5 million, which included $10.8 million for
Electric, $105.8 million for Water and $4.7 million for all other Non-Major funds. The change in net position for
FY 2020 was $84.9 million resulting primarily from continued growth in the City’s utility systems, tiered rate blocks
for commercial water customers and development funded capital improvements.
GENERAL FUND BUDGETARY HIGHLIGHTS
The original and final budget of the General Fund changed due to a budget amendment for increased sales tax
collections and transfers in from the Council Discretionary fund. The variance between the actual ending fund
balance at September 30, 2020 of $21.1 million and the final budgetary fund balance of $13.2 million is attributed
to higher than expected sales tax, increases in licenses and permits, increase in interest income and lower
expenditures. Expenditures were less than budgeted primarily due to the reduction of various programs and other
expenditures due to COVID-19 pandemic.
CITY OF GEORGETOWN, TEXAS
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CAPITAL ASSETS
The City's governmental activities (including the internal service funds) had invested $508 million in a variety
of capital assets and infrastructure. The City has $549 million invested in its business-type activities capital
assets. The detail is reflected in the following schedule:
(Dollars in thousands) 2020 2019 2020 2019 2020 2019
Land 21,773$ 21,773$ 2,836$ 2,784$ 24,609$ 24,557$
Land rights 20,939 20,939 1,723 1,723 22,662 22,662
Buildings 96,908 96,727 13,492 13,492 110,400 110,219
Furniture, machinery, and equip 27,178 26,002 3,677 3,598 30,855 29,600
Vehicles 37,744 33,480 74 74 37,818 33,554
Streets 290,706 278,204 - - 290,706 278,204
Distribution system 2,329 1,547 706,385 658,765 708,714 660,312
Bridges 7,777 7,777 - - 7,777 7,777
Improvements 65,212 53,409 6,232 6,232 71,444 59,641
Construction in progress 36,052 28,057 21,210 9,743 57,262 37,800
Accumulated depreciation (97,786) (76,828) (207,030) (183,667) (304,816) (260,495)
Total capital assets 508,832$ 491,087$ 548,599$ 512,744$ 1,057,431$ 1,003,831$
Governmental Activities Business-Type Activities Total Primary Government
The City prepared a complete inventory of street infrastructure assets in 2003 and 2004 and assigned a value
to the inventory based upon the age of the street and construction indexes. This established a base line for
inventory reporting under the modified approach for GASB 34 reporting.
The Council adopted a financial policy that establishes an average condition level of 85 to maintain the streets
in “good” condition. The Pavement Condition Index (PCI) is a measurement scale for pavement condition,
ranging from zero (poor) to 100 for pavement in perfect condition. The PCI for fiscal years 2005-2007 was 91,
2008-2010 was 93, 87.7 in 2011-2013, 2014-2017 was 87.3 and for 2018-20 was 85.5. This decrease can be
attributed to recently annexed areas with streets needing improvements. This assessment is conducted every
three years with the next assessment to be done in 2021.
The City budgets approximately $1.2 million annually of General Fund revenues for on-going street
maintenance projects, along with the staff and maintenance costs of the street department. In addition, the City
also budgets $3.1 million of funds received in dedicated 1/4 cent sales tax for street maintenance. The
maintenance funds are allocated among various projects identified by the analysis to ensure funds are spent
where needed to maintain the PCI adopted by Council. Street maintenance total for FY20 was $4.9 million.
Utility infrastructure maintenance is budgeted within the utility funds. For fiscal year 2019, funding for electric
and water services infrastructure maintenance was approximately $4.3 million.
CITY OF GEORGETOWN, TEXAS
MD&A
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Major capital assets added in FY 2020 are noted below:
General Capital Projects:
o Construction in process projects $31,870,930
San Gabriel Park
Fire Stations #6 & #7
ERP Project
Northwest Blvd Bridge
Old Town Northeast
Austin Avenue Bridge
Transfer Station
Southwestern Boulevard
Southeast Inner Loop
Leander Rd (Norwood-SW Bypass)
DB Wood (SH29 to OakRidge)
Downtown Landscaping & Public Art
SW Bypass – Wolf Ranch Extension
San Gabriel Park Improvements $7,381,349
Katy Crossing Trail $483,942
Austin Avenue (SH29-FM2243) $508,350
Downtown Parking Expansion $638,942
Shell Rd Sidewalk $203,755
Utility Infrastructure and Capital Projects:
Electric distribution system expansion (including developers) $4,900,954
Water and Wastewater $31,097,636
For more detailed notes about the City’s capital assets, please see Note 5 to the financial statements.
OUTSTANDING DEBT
(Dollars in thousands) 2020 2019 2020 2019 2020 2019
General obligation bonds 210,844$ 204,223$ 12,066$ 12,337$ 222,910$ 216,560$
Sales tax revenue bonds 4,960 5,555 - - 4,960 5,555
Revenue bonds - - 95,585 87,295 95,585 87,295
Premiums 10,346 11,176 4,379 4,778 14,725 15,954
Compensated absences payable 6,988 6,364 1,173 1,178 8,161 7,542
Net pension liability 15,129 22,723 3,549 6,040 18,678 28,763
Other post-employment benefits 4,183 3,325 - - 4,183 3,325
Total long-term liabilities 252,450$ 253,366$ 116,752$ 111,628$ 369,202$ 364,994$
Governmental Activities Business-type Activities Total Primary Government
As of September 30, 2020, the City had a total of $223 million in general obligation debt outstanding. This
represents a 2.9% increase over prior year. This increase reflects $9,080,000 of 2020 General Obligation
bonds and $11,210,000 of 2020 Certificates of Obligation issued in May 2020.
The state limits the legal amount of tax levy available for general obligation debt service to $1.50 per $100
valuation. The City's 2020 debt levy equaled $0.22453 per $100 assessed valuation, or 14.97% of the
maximum allowed.
CITY OF GEORGETOWN, TEXAS
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Other long-term debts included are compensated absence payable, net pension obligation, and other post-
employment benefits. These experienced a decrease over FY 2019 of $8.6 million due to changes in
actuarial estimates of the net pension liability at September 30, 2019. A detailed analysis of the City’s other
long-term debt liabilities are located in Note 6.A., Note 7 and Note 8.
In May 2020, the City issued $11.21 million in Combination Tax and Revenue Certificates of Obligation
and $9.08 million in General Obligation bonds for Public Safety Equipment & Vehicles, Sidewalks, Traffic
Signal and Intersection Improvements, Fuel Station improvements, and Stormwater equipment and
projects.
A detailed analysis of the City’s long-term debt is located in Note 6 to the financial statements.
ECONOMIC FACTORS
During FY 2020, the City continued to see some improvements in the local and regional economy despite the
COVID-19 pandemic. Total sales tax receipts grew to $31.8 million, or by 15.2% over 2019. The growth in
residential and commercial development continued in FY 2020, while unemployment increased to 6.7% in 2020
from 2.4% in 2019. The residential growth in the City’s utility service area, which includes both the city limits
and the City’s extra territorial jurisdiction (ETJ), continued at a steady 5% growth rate.
The adopted FY 2021 budget assumes continued modest growth in new property of approximately $461 million
and an adopted tax rate of $0.418 per $100 valuation. Sales taxes are projected conservatively since the state’s
overall trend has slowed down due to the pandemic. A modest growth trend is also anticipated in the City’s
utility funds.
DISCRETELY PRESENTED COMPONENT UNIT
The Georgetown Economic Development Corporation (GEDCO) has been included in the reporting entity as a
discretely presented component unit since it provides benefits to other entities aside from the City. Separate
audited financial statements are not issued for GEDCO.
CONTACTING THE CITY’S FINANCIAL MANAGEMENT
This report is designed to provide City Council, citizens, customers, bond rating agencies, investors and
creditors with a general overview of the City’s finances. If you have questions about this report or need
additional financial information, contact:
Finance Division
City of Georgetown
808 Martin Luther King St
Georgetown, Texas 78626
(512) 930-6534
www.georgetown.org
finance@georgetown.org
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Basic Financial Statements
City of Georgetown, Texas
Statement of Net Position
September 30, 2020
The Notes to the Financial Statements are an integral part of this statement.
20
Component
Unit
Georgetown
Economic
Governmental Business-type Development
Activities Activities Total Corporation
Cash and cash equivalents 35,142,568 59,067,573 94,210,141$ 971,029$
Cash and cash equivalents - restricted - - - -
Investments 95,054,500 53,294,913 148,349,413 7,782,214
Investments - restricted - 33,006,748 33,006,748 -
Prepaid items 401,733 7,192,779 7,594,512 -
Accounts receivable
Services (net of allowance for uncollectibles) 1,661,654 23,047,556 24,709,210 -
Taxes and other 11,734,952 2,061,313 13,796,265 370,626
Internal balances - - - -
Inventories 611,835 2,729,317 3,341,152 -
Long-term note receivable 2,839,635 588,806 3,428,441 -
Capital assets
Land 21,772,554 2,835,683 24,608,237 -
Land rights 20,938,510 1,723,151 22,661,661 -
Buildings 96,908,069 13,492,399 110,400,468 -
Furniture, machinery, and equipment 27,178,313 3,677,119 30,855,432 -
Vehicles 37,743,709 74,230 37,817,939 -
Streets 290,705,767 - 290,705,767 -
Distribution system 2,329,890 706,384,574 708,714,464 -
Bridges 7,777,022 - 7,777,022 -
Improvements 65,212,549 6,231,935 71,444,484 139,740
Construction in progress 36,052,018 21,209,766 57,261,784 -
Accumulated depreciation (97,786,253) (207,029,938) (304,816,191) -
Total assets 656,279,025 729,587,924 1,385,866,949 9,263,609
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflow related to pension 10,841,173 2,542,992 13,384,165 -
Deferred outflow related to OPEB 688,023 - 688,023 -
Deferred charge on refunding 1,284,789 728,573 2,013,362 -
Total deferred outflows of resources 12,813,985 3,271,565 16,085,550 -
LIABILITIES
Accounts payable 13,615,643 14,235,940 27,851,583 10,000
Unearned revenue 4,690,624 397,414 5,088,038 -
Accrued interest 1,065,163 441,689 1,506,852 -
Payable from restricted assets
Construction contracts and retainages - 1,074,426 1,074,426 -
Customer deposits payable from restricted assets - 1,618,144 1,618,144 -
Noncurrent liabilities, due within one year 18,646,252 8,989,526 27,635,778 201,475
Noncurrent liabilities, due in more than one year
Accrued employee benefits 4,734,222 652,127 5,386,349 -
Net pension liability 15,129,088 3,548,799 18,677,887 -
Other post employment benefits 4,183,335 - 4,183,335 -
Long-term debt 209,757,718 103,562,094 313,319,812 2,954,050
Total liabilities 271,822,045 134,520,159 406,342,204 3,165,525
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pension 10,038,493 2,354,708 12,393,201 -
Deferred inflows related to OPEB 93,813 - 93,813 -
Total deferred inflows of resources 10,132,306 2,354,708 12,487,014 -
NET POSITION
Net investment in capital assets 334,866,278 474,482,607 809,348,885 139,740
Restricted for
Debt service 2,110,178 - 2,110,178 -
Specific programs 8,107,583 - 8,107,583 -
Unrestricted 42,054,620 121,502,015 163,556,635 5,958,344
TOTAL NET POSITION 387,138,659$ 595,984,622$ 983,123,281$ 6,098,084$
Primary Government
ASSETS
City of Georgetown, Texas Statement of Activities For the Fiscal Year Ended September 30, 2020 The Notes to the Financial Statements are an integral part of this statement. 21 Component UnitGeorgetownEconomicCharges for Operating Grants Capital Grants Governmental Business-type DevelopmentExpenses Services & Contributions & Contributions Activities Activities Total CorporationPRIMARY GOVERNMENTGovernmental activitiesCulture / recreation15,598,354$ 1,918,354$ 443,389$ 1,080,425$ (12,156,186)$ -$ (12,156,186)$ Development4,293,027 5,622,473 - 180,183 1,509,629 - 1,509,629 Fire24,264,619 2,806,272 4,735,355 - (16,722,992) - (16,722,992) General government6,844,030 1,032,226 159,506 19,360 (5,632,938) - (5,632,938) Police21,710,738 478,602 412,151 - (20,819,985) - (20,819,985) Streets7,923,523 - 150,000 9,862,711 2,089,188 - 2,089,188 Environmental services10,686,467 10,218,066 - - (468,401) - (468,401) Interest on long-term debt7,306,732 - - - (7,306,732) - (7,306,732) Total governmental activities98,627,490 22,075,993 5,900,401 11,142,679 (59,508,417) - (59,508,417) Business-type activitiesElectric79,179,630 94,842,210 1,860 6,531,987 - 22,196,427 22,196,427 Water56,354,897 82,288,865 338 31,198,103 - 57,132,409 57,132,409 Airport3,964,161 3,284,729 129,193 - - (550,239) (550,239) Stormwater4,052,203 4,159,000 1,280 13,460,732 - 13,568,809 13,568,809 Total business-type activities143,550,891 184,574,804 132,671 51,190,822 - 92,347,406 92,347,406 TOTAL PRIMARY GOVERNMENT242,178,381$ 206,650,797$ 6,033,072$ 62,333,501$ (59,508,417) 92,347,406 32,838,989 COMPONENT UNIT - GEORGETOWN ECONOMIC DEVELOPMENT CORPORATION1,240,437$ -$ -$ -$ (1,240,437)$ General RevenuesProperty tax33,731,126 - 33,731,126 - Sales tax31,845,454 - 31,845,454 2,122,831Franchise taxes5,882,916 - 5,882,916 - Taxes - other1,384,656 - 1,384,656 - Investment income1,514,798 1,558,167 3,072,965 99,218Other2,633,974 - 2,633,974 - Transfers8,941,958(8,941,958) - - Total general revenues and transfers 85,934,882 (7,383,791) 78,551,091 2,222,049 Change in net position 26,426,465 84,963,615 111,390,080 981,612 Net position, beginning of the year 360,712,194 511,021,007 871,733,201 5,116,472 NET POSITION, END OF THE YEAR387,138,659$ 595,984,622$ 983,123,281$ 6,098,084$ Net (Expense) Revenue andProgram Revenues Changes in Net PositionPrimary GovernmentFunctions/Programs
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23
Fund Financial Statements
City of Georgetown, Texas
Balance Sheet – Governmental Funds
September 30, 2020
The Notes to the Financial Statements are an integral part of this statement.
24
Georgetown
Transportation General Nonmajor Total
Enhancement Debt Capital Governmental Governmental
General Corporation Service Projects Funds Funds
ASSETS
Cash and cash equivalents 10,165,423$ 1,411,887$ -$ 4,677,085$ 8,256,442$ 24,510,837$
Investments 9,014,620 27,923,462 2,193,691 39,172,838 7,289,185 85,593,796
Accounts receivable, net
Property taxes 215,428 - 203,115 - 677 419,220
Sales tax 3,939,129 1,514,503 - - 757,252 6,210,884
Grants 776,141 - - 334,845 10,810 1,121,796
Other 3,314,550 120,864 - - 1,680,011 5,115,425
Due from other funds 932,919 102,168 67,000 - - 1,102,087
Notes receivable 250,229 - - - 2,823 253,052
Prepaid items - - - 20,930 - 20,930
TOTAL ASSETS 28,608,439$ 31,072,884$ 2,463,806$ 44,205,698$ 17,997,200$ 124,348,027$
LIABILITIES
Accounts payable and
accrued liabilities 6,508,841$ 43,184$ 8,008$ 2,671,256$ 1,374,880$ 10,606,169$
Due to other funds 67,000 - 345,620 102,168 587,299 1,102,087
Unearned revenue 620,560 - - 3,096,178 1,050,417 4,767,155
Total liabilities 7,196,401 43,184 353,628 5,869,602 3,012,596 16,475,411
DEFERRED INFLOWS OF RESOURCES
Deferred property taxes 215,428 - 203,116 - 676 419,220
Total deferred inflows of
resources 215,428 - 203,116 - 676 419,220
FUND BALANCE
Nonspendable 245,067 - - 20,930 - 265,997
Restricted - - 1,907,062 38,315,166 8,107,583 48,329,811
Committed 11,754,340 31,029,700 - - 6,876,345 49,660,385
Assigned - - - - - -
Unassigned 9,197,203 - - - - 9,197,203
Total fund balance 21,196,610 31,029,700 1,907,062 38,336,096 14,983,928 107,453,396
TOTAL LIABILITIES, DEFERRED
INFLOWS AND FUND BALANCE 28,608,439$ 31,072,884$ 2,463,806$ 44,205,698$ 17,997,200$ 124,348,027$
City of Georgetown, Texas
Reconciliation of the Governmental Funds Balance Sheet
to the Statement of Net Position
September 30, 2020
The Notes to the Financial Statements are an integral part of this statement.
25
Total fund balance - total governmental funds 107,453,396$
The City uses internal service funds to charge the costs of certain activities, such as capital
assets, administrative services and information technology to the City's other funds. The assets
and liabilities of the internal service funds are included in governmental functions in the 37,041,859
statement of net position.
Capital assets, net of accumulated depreciation, used in governmental activities are not
current financial resources and therefore are not reported in the governmental funds
balance sheet.490,231,675
Long-term debt is not due and payable using available resources and is not recorded in
the governmental funds balance sheet. The impact of recognizing long-term debt, and related
items is as follows:
Bonds payable (215,803,700)
Premiums on bond issuance (10,346,249)
Deferred charge on refunding bonds 1,284,789
Accrued interest (1,026,736)
Other long-term liabilities, and related amounts, are not due and payable using available
resources and are not recorded in the governmental funds balance sheet. The impact of
recognizing these items is as follows:
Compensated absences (6,710,062)
Net pension liability (15,129,088)
Deferred outflow related to pension 10,841,173
Deferred inflow related to pension (10,038,493)
Other post-employment benefits (4,183,335)
Deferred outflow related to other post-employment benefits 688,023
Deferred inflow related to other post-employment benefits (93,813)
Revenues from property taxes are deferred in the governmental fund balance sheet until they
are considered available to fund current expenditures, but such revenues are recognized in the
government-wide statements.419,220
Some long-term receivables are not recognized in the governmental fund balance sheet until the
funds are considered available to fund current expenditures. 2,510,000
Net position of governmental activities 387,138,659$
Amounts reported for governmental activities in the statement of net position are different because:
City of Georgetown, Texas
Statement of Revenues, Expenditures, and
Changes in Fund Balance – Governmental Funds
For the Fiscal Year Ended September 30, 2020
The Notes to the Financial Statements are an integral part of this statement.
26
Georgetown
Transportation General Nonmajor Total
General Enhancement Debt Capital Governmental Governmental
Fund Corporation Service Projects Funds Funds
REVENUES
Property taxes 15,060,591$ -$ 17,000,000$ -$ 1,747,990$ 33,808,581$
Sales tax 19,108,464 8,491,328 - - 4,245,662 31,845,454
Franchise taxes 5,757,843 - - - 125,073 5,882,916
Other taxes 399,896 - - - 984,760 1,384,656
Licenses and permits 3,435,817 - - - - 3,435,817
Charges for service 17,296,439 - - 26,582 918,148 18,241,169
Fines and forfeitures 363,513 - - - 35,494 399,007
Donations and grants 5,516,767 - - - 1,590,320 7,107,087
Investment income 244,164 272,223 69,408 547,254 196,843 1,329,892
Other revenue 122,888 - 3,167 - 620,514 746,569
Total revenues 67,306,382 8,763,551 17,072,575 573,836 10,464,804 104,181,148
EXPENDITURES
Current
Culture / recreation 10,485,028 - - - 1,690,630 12,175,658
Development 3,380,104 383 - - 62,718 3,443,205
Fire services 19,557,377 - - - 263,885 19,821,262
General government 4,815,269 409,423 - 35,755 152,888 5,413,335
Highways and streets 3,812,705 60,681 - - 978,704 4,852,090
Police 17,188,341 - - - 188,075 17,376,416
Environmental services 8,450,680 - - - 87,277 8,537,957
Capital outlay 1,213,733 370,569 - 18,111,164 4,012,504 23,707,970
Debt service
Principal retirement - 595,000 12,889,534 - - 13,484,534
Interest and fiscal charges - 284,100 7,356,619 126,558 - 7,767,277
Total expenditures 68,903,237 1,720,156 20,246,153 18,273,477 7,436,681 116,579,704
Excess (deficiency) of revenues
over (under) expenditures (1,596,855) 7,043,395 (3,173,578) (17,699,641) 3,028,123 (12,398,556)
OTHER FINANCING SOURCES (USES)
Transfers in 8,877,033 - 3,076,444 1,262,000 387,000 13,602,477
Transfers out (524,860) (2,403,361) - (3,204,546) (1,199,717) (7,332,484)
Issuance of bonds - 4,740,000 - 14,895,000 - 19,635,000
Total other financing
sources (uses) 8,352,173 2,336,639 3,076,444 12,952,454 (812,717) 25,904,993
Net change in fund balances 6,755,318 9,380,034 (97,134) (4,747,187) 2,215,406 13,506,437
FUND BALANCES, beginning of year 14,441,292 21,649,666 2,004,196 43,083,283 12,768,522 93,946,959
FUND BALANCES, end of year 21,196,610$ 31,029,700$ 1,907,062$ 38,336,096$ 14,983,928$ 107,453,396$
City of Georgetown, Texas
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and
Changes in Fund Balance
to the Statement of Activities – Governmental Funds
For the Fiscal Year Ended September 30, 2020
The Notes to the Financial Statements are an integral part of this statement.
27
13,506,437$
The City uses internal service funds to charge the costs of certain activities, such as fleet
management and information technology to appropriate functions in other funds. The change
in net position of internal service funds is recognized in governmental actvities in the statement
of activities.4,426,485
Current year capital outlays are expenditures in the fund statements, but are shown as
increases in capital assets in the government-wide financial statements. The effect of
removing the current year capital outlays is to increase net position. Depreciation is not
recognized as an expenditure in governmental funds since it does not require the use of
current financial resources.
Capital outlay 22,996,669
Depreciation (17,145,639)
Capital assets contributed or donated to the City are not recognized in governmental funds
since they do not provide current financial resources, but are recognized in the statement
of activities as program revenues 10,218,066
Proceeds from issuance of long-term debt are recognized as other financing sources in
the governmental funds, but are treated as an increase in liabilities in the governmental
activities. Principal payments on long-term debt are recognized as expenditures in the
governmental funds, but are treated as reductions of liabilities in the governmental activities.
Deferred charges on refunding bonds are recognized in the governmental activities, and
amortized with the related long-term debt. Premiums on long-term debt issuances are
recognized as other financing sources in the governmental funds, but are presented as
a component of long-term debt and amortized in the governmental activities.
Bond payments 13,609,534
Issuance of bonds (19,635,000)
Amortization of bond premiums 829,736
Amortization of deferred charge on refunding (293,911)
Interest is accrued on outstanding debt in the governmental activities statement of net
position, but in the governmental fund financial statements the expenditure is reported
when due.(75,280)
Compensated absences, other post-employment benefit obligations, pension liability, and
related deferred inflows and outflows of resources are not recognized in the governmental
funds as they will not be settled with current financial resources; however these obligations
are recognized in the governmental activities statement of net position. The change in these
amounts for the current year is:
Net pension liability 7,593,704
Deferred outflow related to pension (2,407,721)
Deferred inflow related to pension (6,136,910)
Other post employment benefits (858,760)
Deferred outflow related to other post-employment benefits 521,901
Deferred inflow related to other post-employment benefits 16,874
Compensated absences (537,264)
Changes to revenue deferred in the governmental funds but recognized in the governmental
activities and to long-term note receivables not recorded in the governmental funds for the
current year are:
Long-term receivable (125,000)
Unavailable property taxes (77,456)
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES 26,426,465$
NET CHANGE IN FUND BALANCES - GOVERNMENTAL FUNDS
Amounts reported for governmental activities in the statement of activities are different because:
City of Georgetown, Texas
Statement of Revenues, Expenditures, and Changes in Fund Balance
Budget and Actual – General Fund
For the Fiscal Year Ended September 30, 2020
The Notes to the Financial Statements are an integral part of this statement.
28
Actual Variance to
Budgetary Final
Original Final Basis Budget
REVENUES
Property taxes 14,900,000$ 14,960,000$ 15,125,579$ 165,579$
Sales tax 17,859,375 17,861,875 19,108,465 1,246,590
Franchise taxes 5,890,270 5,910,270 5,757,843 (152,427)
Other taxes 435,000 435,000 399,896 (35,104)
Licenses and permits 3,344,250 3,969,250 5,434,776 1,465,526
Charges for services 20,859,122 20,337,682 19,448,361 (889,321)
Fines and forfeitures 352,250 352,250 298,524 (53,726)
Investment income 170,000 170,000 244,164 74,164
Miscellaneous 3,309,980 3,748,920 4,207,381 458,461
Total revenues 67,120,247 67,745,247 70,024,989 2,279,742
EXPENDITURES
Culture / recreation 11,741,616 11,841,495 10,493,091 1,348,404
Development 3,574,713 3,808,610 3,380,754 427,856
Fire services 20,248,024 20,337,410 19,670,776 666,634
General government 7,002,832 7,324,682 7,532,998 (208,316)
Highways and streets 5,869,090 6,730,065 4,807,705 1,922,360
Police services 17,886,900 18,107,997 17,285,839 822,158
Environmental services 8,525,875 8,532,355 8,450,680 81,675
Total expenditures 74,849,050 76,682,615 71,621,844 5,060,771
Excess (Deficiencies) of revenues
over expenditures (7,728,803) (8,937,368) (1,596,855) 7,340,512
OTHER FINANCING SOURCES (USES)
Transfers in 8,363,634 8,433,100 8,877,033 (443,933)
Transfers out (524,860) (524,860) (524,860) -
Total other financing sources (uses) 7,838,774 7,908,240 8,352,173 443,933
EXCESS (DEFICIENCY) OF REVENUES AND
OTHER FINANCING SOURCES OVER
EXPENDITURES AND OTHER
FINANCING SOURCES (USES)109,971 (1,029,128) 6,755,318 7,784,445
Fund balances, beginning of year 10,463,385 14,263,750 14,441,292 177,542
FUND BALANCES, end of year 10,573,356$ 13,234,622$ 21,196,610$ 7,961,987$
Budgeted Amounts
City of Georgetown, Texas
Statement of Net Position
Proprietary Funds
September 30, 2020
The Notes to the Financial Statements are an integral part of this statement.
29
Governmental
Activities
ASSETS
CURRENT ASSETS
Cash and cash equivalents 2,410,678$ 54,747,336$ 1,909,559$ 59,067,573$ 10,648,991$
Cash and cash equivalents - restricted - - 914,000 914,000 -
Investments 2,137,771 48,549,524 1,693,618 52,380,913 9,443,444
Investments - restricted 11,001,085 22,005,663 - 33,006,748 -
Prepaid expenses 3,574,070 3,409,642 209,067 7,192,779 380,803
Accounts receivable, net
Services 13,683,496 8,679,382 684,678 23,047,556 99,131
Grants 8,095 6,257 6,297 20,649 125,348
Other 1,370,216 636,081 34,367 2,040,664 304,802
Due from other funds - 10,964 - 10,964 -
Inventories 2,691,227 - 38,090 2,729,317 611,835
Total current assets 36,876,638 138,044,849 5,489,676 180,411,163 21,614,354
NONCURRENT ASSETS
Long-term note receivables 43,754 542,424 2,628 588,806 76,583
Capital assets
Land 635,073 1,559,074 641,536 2,835,683 695,993
Land rights 153,607 66,006 1,503,538 1,723,151 -
Buildings 24,637 9,611,544 3,856,218 13,492,399 510,121
Furniture, machinery, and equipment 1,623,499 1,631,732 421,888 3,677,119 12,119,821
Vehicles 13,346 46,834 14,050 74,230 37,278,627
Distribution system 186,808,859 442,683,102 76,892,613 706,384,574 1,701,989
Improvements 173,421 219,995 5,838,519 6,231,935 1,161,233
Construction in progress 1,370,187 19,447,616 391,963 21,209,766 -
Less accumulated depreciation (65,764,186) (117,521,647) (23,744,105) (207,029,938) (34,867,311)
Total capital assets (net of
accumulated depreciation)125,038,443 357,744,256 65,816,220 548,598,919 18,600,473
Total noncurrent assets 125,082,197 358,286,680 65,818,848 549,187,725 18,677,056
TOTAL ASSETS 161,958,835 496,331,529 71,308,524 729,598,888 40,291,410
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflow related to pension 1,204,575 1,070,733 267,684 2,542,992 -
Deferred charge on refunding 383,386 319,366 25,821 728,573 -
Total deferred outflows of resources 1,587,961 1,390,099 293,505 3,271,565 -
TOTAL ASSETS AND
DEFERRED OUTFLOWS OF RESOURCES 163,546,796$ 497,721,628$ 71,602,029$ 732,870,453$ 40,291,410$
Internal
Service
Funds
Water
Services
Fund
Electric
Fund Total
Nonmajor
Enterprise Funds
City of Georgetown, Texas
Statement of Net Position – Continued
Proprietary Funds
September 30, 2020
30
Governmental
Activities
CURRENT LIABILITIES
Accounts payable 9,077,324$ 4,894,662$ 263,954$ 14,235,940$ 2,971,369$
Accrued employee benefits 246,147 240,168 34,951 521,266 122,586
Due to other funds - - 10,964 10,964 -
Unearned revenue 21,222 354,122 22,070 397,414 -
Current portion of long-term debt 2,831,509 4,828,521 409,169 8,069,199 -
Accrued interest 150,728 263,571 27,390 441,689 -
Construction contracts and
retainages payable 3,375 1,071,051 - 1,074,426 -
Customer deposits 1,383,703 228,395 6,046 1,618,144 -
Total current liabilities 13,714,008 11,880,490 774,544 26,369,042 3,093,955
NONCURRENT LIABILITIES
Accrued employee benefits 311,450 296,725 43,952 652,127 155,596
Long-term debt 33,558,003 64,451,494 5,951,658 103,961,155 -
Net pension liability 1,681,010 1,494,231 373,558 3,548,799 -
Total noncurrent liabilities 35,550,463 66,242,450 6,369,168 108,162,081 155,596
TOTAL LIABILITIES 49,264,471 78,122,940 7,143,712 134,531,123 3,249,551
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pension 1,115,388 991,456 247,864 2,354,708 -
TOTAL DEFERRED INFLOWS OF RESOURCES 1,115,388 991,456 247,864 2,354,708 -
NET POSITION
Net investment in capital assets 102,291,659 312,709,734 59,481,214 474,482,607 18,600,473
Unrestricted 10,875,278 105,897,498 4,729,239 121,502,015 18,441,386
TOTAL NET POSITION 113,166,937 418,607,232 64,210,453 595,984,622 37,041,859
TOTAL LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND NET POSITION 163,546,796$ 497,721,628$ 71,602,029$ 732,870,453$ 40,291,410$
Electric
Fund
Water
Services
Fund
Nonmajor
Enterprise Funds Total
Internal
Service
Funds
City of Georgetown, Texas
Statement of Revenues, Expenses, and Changes in Fund Net Position
Proprietary Funds
For the Fiscal Year Ended September 30, 2020
The Notes to the Financial Statements are an integral part of this statement.
31
Governmental
Activities
OPERATING REVENUES
Service charges
Electric 85,733,317$ -$ -$ 85,733,317$ -$
Water - 35,208,127 - 35,208,127 -
Wastewater - 14,282,982 - 14,282,982 -
Other 1,143,781 7,372,343 7,385,691 15,901,815 41,465,581
Total operating revenues 86,877,098 56,863,452 7,385,691 151,126,241 41,465,581
OPERATING EXPENSES
Electric 16,563,721 - - 16,563,721 1,043,323
Water - 24,778,226 - 24,778,226 -
Wastewater - 5,104,410 - 5,104,410 -
Depreciation 1,758,117 10,985,196 2,385,500 15,128,813 3,309,227
Utility contracts 59,684,306 6,599,573 - 66,283,879 -
Plant management - 6,768,035 - 6,768,035 -
Other - - 5,412,822 5,412,822 37,073,676
Total operating expenses 78,006,144 54,235,440 7,798,322 140,039,906 41,426,226
NET OPERATING INCOME (LOSS)8,870,954 2,628,012 (412,631) 11,086,335 39,355
NONOPERATING REVENUES (EXPENSES)
Investment income 13,530 1,490,887 53,750 1,558,167 184,906
Donations and grants 1,860 338 130,470 132,668 -
Interest and fiscal charges (1,173,486) (2,119,457) (218,039) (3,510,982) -
Gain(loss) on disposed assets 4,569,628 (2,941,233) 450 1,628,845 193,714
Other 3,395,484 28,366,646 57,588 31,819,718 1,336,545
Total nonoperating revenues
(expenses) 6,807,016 24,797,181 24,219 31,628,416 1,715,165
INCOME BEFORE CONTRIBUTIONS
AND TRANSFERS 15,677,970 27,425,193 (388,412) 42,714,751 1,754,520
CONTRIBUTIONS AND TRANSFERS
Capital contributions 6,531,987 31,198,103 13,460,732 51,190,822 -
Transfers in 500,000 - - 500,000 3,949,465
Transfers out (4,829,792) (4,183,560) (428,606) (9,441,958) (1,277,500)
Total contributions and transfers 2,202,195 27,014,543 13,032,126 42,248,864 2,671,965
Change in net position 17,880,165 54,439,736 12,643,714 84,963,615 4,426,485
Net position, beginning of period 95,286,772 364,167,496 51,566,739 511,021,007 32,615,374
TOTAL NET POSITION, end of period 113,166,937$ 418,607,232$ 64,210,453$ 595,984,622$ 37,041,859$
Electric
Fund Total
Internal
Service Funds
Nonmajor
Enterprise Funds
Water
Services Fund
City of Georgetown, Texas
Statement of Cash Flows
Proprietary Funds
For the Fiscal Year Ended September 30, 2020
The Notes to the Financial Statements are an integral part of this statement.
32
Governmental
Water Nonmajor Activities
Electric Services Enterprise Internal
Fund Fund Funds Total Service Funds
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers 91,538,172$ 85,673,143$ 6,276,900$ 183,488,215$ 42,625,557$
Payments to suppliers (76,971,935) (34,313,644) (3,472,056) (114,757,635) (33,244,842)
Payments to employees for services (3,276,924) (1,222,471) (728,703) (5,228,098) (3,628,731)
Net cash provided by operating activities 11,289,313 50,137,028 2,076,141 63,502,482 5,751,984
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Transfers in 500,000 - - 500,000 3,949,465
Transfers out (4,829,792) (4,183,560) (428,606) (9,441,958) (1,277,500)
Net cash provided by (used in)
noncapital financing activities (4,329,792) (4,183,560) (428,606) (8,941,958) 2,671,965
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Acquisition of capital assets - (6,338,040) (1,131,838) (7,469,878) (5,166,917)
Proceeds on sale of capital assets 7,070,053 - - 7,070,053 -
Donations and grants 1,860 338 130,470 132,668 -
Proceeds from issuance of long-term debt 5,055,000 9,375,000 607,171 15,037,171 -
Principal paid on revenue and certificates of obligation bonds (2,862,035) (4,222,329) (332,350) (7,416,714) -
Interest paid on revenue and certificates of obligation bonds (1,175,781) (2,124,753) (218,874) (3,519,408) -
Net cash provided by (used in) capital and related
financing activities 8,089,097 (3,309,784) (945,421) 3,833,892 (5,166,917)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 13,530 1,490,887 53,750 1,558,167 184,906
Change in temporary investments (12,939,064) (37,276,329) (206,481) (50,421,874) (2,512,093)
Net cash provided by (used in) investing activities (12,925,534) (35,785,442) (152,731) (48,863,707) (2,327,187)
Net change in cash and cash equivalents 2,123,084 6,858,242 549,383 9,530,709 929,845
CASH AND CASH EQUIVALENTS, beginning of year 287,594 47,889,094 2,274,176 50,450,864 9,719,146
CASH AND CASH EQUIVALENTS, end of year 2,410,678$ 54,747,336$ 2,823,559$ 59,981,573$ 10,648,991$
CLASSIFIED AS
Current assets 2,410,678$ 54,747,336$ 1,909,559$ 59,067,573$ 10,648,991$
Restricted assets - - 914,000 914,000 -
TOTAL 2,410,678$ 54,747,336$ 2,823,559$ 59,981,573$ 10,648,991$
NON-CASH DISCLOSURE
CAPITAL CONTRIBUTIONS 6,531,987$ 31,198,103$ 13,460,732$ 51,190,822$ -$
OPERATING INCOME (LOSS)8,870,954$ 2,628,012$ (412,631)$ 11,086,335$ 39,355$
Adjustments to reconcile operating income (loss) to
cash provided by operating activities
Depreciation 1,758,117 10,985,196 2,385,500 15,128,813 3,309,225
Gain/loss on disposal of asset 4,569,628 (2,941,233) - 1,628,395 -
Other income 3,395,484 28,366,646 58,038 31,820,168 1,530,259
Decrease (increase) in prepaid expenses 1,365,141 (105,464) 88,859 1,348,536 61,823
Decrease (increase) in inventories (532,339) - (392) (532,731) 234,281
Decrease (increase) in accounts receivable 1,774,033 318,621 (241,466) 1,851,188 (139,434)
Increase (decrease) in due to/from other funds (9,071,579) 9,085,418 10,964 24,803 -
Increase (decrease) in accounts payable (190,748) 1,421,558 153,809 1,384,619 860,780
Increase (decrease) in customer deposits (509,344) 228,395 6,046 (274,903) -
Increase (decrease) in unearned revenue 901 124,424 - 125,325 (230,849)
Increase (decrease) in net pension liability (156,307) 44,021 28,959 (83,327) -
Increase (decrease) in accrued employee benefits 15,372 (18,566) (1,545) (4,739) 86,544
NET CASH PROVIDED BY OPERATING ACTIVITIES 11,289,313$ 50,137,028$ 2,076,141$ 63,502,482$ 5,751,984$
City of Georgetown, Texas
Statement of Fiduciary Net Position
Agency Funds
September 30, 2020
The Notes to the Financial Statements are an integral part of this statement.
33
ASSETS
Cash and cash equivalents 405,788$
TOTAL ASSETS 405,788$
LIABILITIES
Accounts payable 405,788$
TOTAL LIABILITIES 405,788$
34
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35
Notes Section
36
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City of Georgetown, Texas
Notes to the Financial Statements
37
Note 1. Summary of Significant Accounting Policies
The accounting and reporting policies of the City of Georgetown, Texas, (the City), included in the
accompanying basic financial statements conform to the generally accepted accounting principles
(GAAP) applicable to state and local governments. The Governmental Accounting Standards Board
(GASB) is the accepted standard-setting body for establishing governmental accounting and financial
reporting principles. The following notes to the financial statements are an integral part of the City's
Comprehensive Annual Financial Report.
A. Reporting Entity
The City of Georgetown was incorporated under the laws of the State of Texas in 1848 and operates
under a Council-Manager form of government. The City’s financial statements include the accounts of
all City operations. Generally accepted accounting principles require all funds that are controlled by or
are dependent on the City Council to be included in the City’s financial statements. The reporting entity
is the primary government, or the City, and those component units for which the primary government is
financially accountable. Financial accountability is defined as the appointment of a voting majority of
the potential component unit‘s board and either the ability to impose its will by the primary government
or the possibility that the component unit will provide a financial benefit or impose a financial burden on
the primary government. Blended component units, although legally separate entities are, in substance,
part of the government’s operations and so data from these units are combined with the data of the
primary government. Based upon these considerations, the City’s financial statements include the
Georgetown Transportation Enhancement Corporation (GTEC) as a blended component unit. Discretely
presented component units, on the other hand, are reported in a separate column in the government-
wide financial statements to emphasize they are legally separate from the primary government, and
whose exclusion would cause the reporting entity’s financial statements to be misleading or incomplete.
Based upon these considerations, the City’s financial statements include the Georgetown Economic
Development Corporation (GEDCO) as a discretely presented component unit.
Blended Component Unit
GTEC, the City’s 4B economic development corporation, is a legally separate entity from the City
that was created in May 2001 by voters approving an additional sales tax. GTEC is governed by a
seven-member board appointed by City Council, of which two are Council members. The City Council
maintains budgetary control over the corporation. The City Manager serves as the General Manager of
the corporation and the City’s Finance Director acts as the Financial Manager. For financial reporting
purposes, GTEC is presented as a blended component unit within City operations because its sole purpose
is to utilize sales tax revenues for the improvement of the City’s transportation system. The revenues and
expenditures for GTEC are accounted for in a general capital projects fund. The City issues debt on behalf
of GTEC in exchange for pledged sales tax revenue that is transferred to the City to reimburse for debt
service related to the bonds. GTEC’s debt is shown in the Governmental Activities in the Statement of Net
Position.
Discretely Presented Component Unit
GEDCO has been included in the reporting entity as a discretely presented component unit. GEDCO
cannot be considered a blended component unit because the revenues are not only for the benefit of
the City. GEDCO was created by the City in May 2005, under the Texas Development Act of 1979 for the
purpose of promoting, assisting, and enhancing economic and development activities on behalf of the
City. It is funded through voter authorized sales tax. The seven member Board, which includes two City
Council members, is appointed by and serves at the discretion of the City Council. City Council approval
is required for annual budgets and bonded debt issuance, therefore the City can impose its will on
GEDCO. In the event of dissolution, net assets of GEDCO shall be converted to the City. Accordingly, the
City accounts for GEDCO as a discretely presented component unit on the government-wide financial
statements.
City of Georgetown, Texas
Notes to the Financial Statements
38
GEDCO is audited as part of the City of Georgetown; however, separately issued unaudited financial
statements are available through the City of Georgetown’s Finance Department.
Related Organizations
The Mayor and City Council are responsible for appointing a voting majority of the members of some
local boards and commissions, but the City's accountability for these organizations does not extend
beyond making the appointments. These entities are the Georgetown Industrial Development
Corporation, Georgetown Hospital Authority, Georgetown Housing Authority, and Georgetown Higher
Education Finance Corporation.
B. Basis of Presentation
Basic Financial Statements
The basic financial statements include both government-wide financial statements (based on the City as
a whole) and fund financial statements. Both sets of financial statements classify activities as either
governmental, which are supported by taxes and intergovernmental revenues, or business-type activities,
which rely on fees and charges for support.
Government-Wide Financial Statements
The government-wide Statement of Activities demonstrates the degree to which the direct expenses of
a given program or function is offset by the program’s 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) 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. The effect of interfund activity within the governmental and
business-type activities columns has been removed from these statements.
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. Each fund is considered a separate
accounting entity and the operations of each fund are accounted for using a separate set of
self-balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures or
expenses, as appropriate. Governmental resources are allocated to and accounted for in individual
funds based upon the purposes for which they are to be spent and the means by which spending
activities are controlled. Separate statements are presented for governmental funds, proprietary funds,
and fiduciary funds, even though the latter are excluded from the government-wide financial statements.
These statements present each major fund as a separate column on the fund financial statements; all
non-major funds are aggregated and presented in a single column.
The government-wide focus is on the sustainability of the City as an entity and the change in net financial
position resulting from the activities of the fiscal period. The focus of the fund financial statements is on
the major individual funds of the governmental and business-type categories. Each presentation provides
a different focus, which allows the reader to compare and analyze the information to enhance the
usefulness of the statements.
City of Georgetown, Texas
Notes to the Financial Statements
39
Governmental Fund Types
Governmental Funds are those funds through which most governmental functions typically are financed.
The measurement focus of governmental funds (in the fund financial statements) is on the sources, uses,
and balance of current financial resources and include the General Fund, Special Revenue Funds, Debt
Service Fund and Capital Projects Fund. The individual funds are described as follows:
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 except those required to be accounted for in another fund.
Georgetown Transportation Enhancement Corporation – This capital projects fund is used to account for
the City’s 4B Corporation activities, created to administer the voter approved half-cent sales tax for
transportation improvements that aid in economic development efforts.
Debt Service Fund – The Debt Service Fund is used to account for the accumulation of resources for, and
the payment of, general long-term debt principal, interest, and related costs.
General Capital Projects Fund – This capital projects fund is used to account for financial resources to be
used for the acquisition or construction of parks, buildings, and other facilities. Such resources are derived
from proceeds of general obligation bonds or other sources of revenue specifically set aside for capital
projects.
Nonmajor Governmental Funds
Special Revenue Funds – The Special Revenue Funds are used to account for the proceeds of specific
revenue sources (other than expendable trusts or major capital projects) that are restricted to
expenditures for specified purposes.
Proprietary Fund Types
The Proprietary Fund Types are used to account for the City's organization and activities which are similar
to those often found in the private sector. These funds are financed and operated in a manner similar to
private business enterprises – where the intent of the City is that the costs (expenses, including
depreciation) of providing goods or services to the general public on a continuing basis be financed or
recovered mainly through user charges; or where the governing body has decided that periodic
determination of revenues earned, expenses incurred and/or net income is appropriate for capital
maintenance, public policy, management control, accountability or other purposes.
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 the proprietary funds principal on-going 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.
Major Proprietary Funds
Electric Fund – This fund accounts for the City’s electric utility, including operations, maintenance of the
infrastructure and expansion of the system within the City’s service territory.
Water Services Fund – This fund accounts for the City’s water, sewer and water reuse systems, including
operations, contracted maintenance, internal maintenance, expansion of the system within the City’s
service territory and the costs of environmental mandates that arise.
City of Georgetown, Texas
Notes to the Financial Statements
40
Non-Major Proprietary Funds
Enterprise Funds – The funds that are operated as enterprise funds within the City but are not considered
major funds are the Stormwater Drainage and Airport Funds.
Internal Service Funds – The Internal Service Funds, which provide services primarily to other funds of the
government, are presented in the summary form as part of the proprietary fund financial statements. The
financial statements of the internal service funds are allocated in the governmental column when
presented at the government-wide level. Various operations are accounted for as internal service funds,
such as operational costs associated with automobile and heavy equipment owned by the City and
made available to various departments, costs related to maintaining and repairing City owned facilities,
operational costs associated with the City's computer equipment within various departments, as well as
jointly shared administrative departments.
Fiduciary Fund Type – Agency Funds
The City’s fiduciary fund is presented in the fund financial statements by type. Since by definition, these
assets are being held for the benefit of a third party and cannot be used to address activities or
obligations of the government, these funds are not incorporated in the government-wide statements. The
City’s fiduciary fund accounts for the operations of Cimarron Hills Public Improvement District in which
taxes are received from the taxable value in Cimarron Hills and subsequently disbursed to the developer.
It also accounts for the City’s Flexible Spending Account funds. Deposits are made into this fund from
payroll deductions until disbursements are made to the third party administrator to pay eligible claims.
C. Measurement Focus/Basis of Accounting
The accounting and financial reporting treatment applied to a fund is determined by its measurement
focus. Measurement focus refers to what is being measured and basis of accounting refers to timing of
revenue and expenditure recognition in the financial statements.
The government-wide statements and fund financial statements for proprietary funds are reported using
the economic resources measurement focus and the accrual basis of accounting. The agency fund also
uses the accrual basis of accounting. The economic resources measurement focus means all assets and
liabilities (whether current or non-current) are included on the statement of net position and the operating
statements present increases (revenues) and decreases (expenses) in net total position. Under the
accrual basis of accounting, revenues are recognized when earned, including unbilled utility services
which are accrued. Expenses are recognized at the time the liability is incurred.
Governmental fund financial statements are reported using the current financial resources measurement
focus and are accounted for using the modified accrual basis of accounting. With this measurement
focus, only current assets and current liabilities generally are included on the balance sheet. Operating
statements of these funds present increases (i.e., revenues and other financing sources) and decreases
(i.e., expenditures and other financing uses) in net current assets.
Under the modified accrual basis of accounting, revenues are recorded when susceptible to accrual,
i.e., both measurable and available. 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
available if they are collected within sixty (60) days after year-end. Expenditures are recognized when
the related fund liability is incurred, if measurable, except for principal and interest on general long-term
debt, which are recorded when due, and compensated absences, which are recorded when payable
from current available financial resources.
City of Georgetown, Texas
Notes to the Financial Statements
41
Ad valorem, sales, hotel, and franchise tax revenues recorded in the Governmental Fund Types are
recognized under the susceptible to accrual concept. Licenses and permits, charges for services, fines
and forfeitures, and miscellaneous revenues (except earnings on investments) are recorded as revenues
when received in cash because they are generally not measurable until actually received. Investment
earnings are recorded as earned since they are measurable and available.
D. Budgets
At least 30 days prior to the end of each fiscal year, the City Manager submits a proposed budget
presenting a complete financial plan for the ensuing fiscal year to the City Council (the Council). Public
hearings are conducted, at which time all interested persons' comments concerning the budget are
heard. The budget must be legally adopted by the Council through passage of an ordinance no later
than the 27th day of the last month of the fiscal year.
Formal budgetary integration is employed as a management control device during the year for all
Governmental and Proprietary Fund Types. Budgets for all funds were legally adopted for the period.
Budgetary control is exercised at the division level. All budgets are prepared on the budgetary basis,
recognizing encumbrances outstanding at year-end as expenditures against that year’s appropriation.
These encumbrances are reconciled to generally accepted accounting principles where appropriate.
The Council may transfer any unencumbered appropriation balance or portion thereof from one division,
office, department, or agency to another at any time. The City Manager has authority, without Council
approval, to transfer appropriation balances from one expenditure account to another within a single
division, office, department, or agency of the City; however, unbudgeted transfers between funds are
prohibited.
The Council may authorize by a majority plus one vote, an emergency expenditure as an amendment to
the original budget, but only in a case of grave public necessity, to meet an unusual and unforeseen
condition that could not have been included in the original budget through the use of reasonable,
diligent thought and attention. The governing body may make changes to the budget for other municipal
purposes.
Budget amounts are as originally adopted, or as transferred pursuant to authorization of the City Manager
or amended by the City Council. Individual amendments were not material in relation to the original
appropriations, with the exception of amendments related to capital projects and grant expenditures,
whose actual costs were unknown when the budget was adopted. Unencumbered appropriations lapse
each year at September 30.
The Statement of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual –General
Fund presents a comparison of budgetary data to actual results. The General Fund utilizes the same basis
of accounting for both budgetary purposes and actual results, except for the effect of encumbrances
and unrealized investment gains and losses, which are reconciled to the actual results for this comparison.
E. Encumbrances
Encumbrance account is employed as an extension of formal budgetary control in all governmental and
proprietary funds. Encumbrance account is a process whereby purchase orders, contracts, and other
commitments for the expending of monies are recorded in order to reserve that portion of the applicable
appropriation.
City of Georgetown, Texas
Notes to the Financial Statements
42
F. Cash and Investments
For cash flow purposes, cash and cash equivalents consist of demand deposits, certificates of deposits
and deposits in authorized investment pools.
The operating cash balances from all funds are consolidated in pooled cash and investment accounts.
Excess pooled balances are invested in U.S. Treasury securities, U.S. Government agency securities, fully
collateralized money market funds and local government investment pools. Maturities on all investments
are consistent with the City’s cash flow requirements. Investments, except for the investment pools, for the
City are reported at fair value. The investment pools operate in accordance with appropriate state laws
and regulations and are reported at amortized cost. Interest earnings are then allocated to each fund
based on average monthly pooled equity balances. Separate cash and investment accounts are
maintained for restricted cash such as debt service and bond proceeds reserved for future construction.
G. Restricted Assets
Certain cash and investments are restricted by various legal and contractual obligations. Included in the
restricted assets are capital recovery fees (impact fees) restricted by law for future capital improvements,
customer deposits, and specific bond proceeds restricted for use.
H. Inventories and Prepaid Items
Inventories consist of electric materials, jet fuel, office and other supplies valued at the weighted average
cost method and are recognized as expenditures or expenses when used. The prepaid items consist of
required payments made to a vendor for a contract in the following fiscal year. These items are
accounted for using the consumption method.
I. Interfund Receivables and Payables
Short-term advances between funds are accounted for in the appropriate interfund receivable and
payable accounts.
J. Note Receivable
Long-term note receivable, which consists of the principal amount of the loan, is reported in the
governmental fund statements with an offset to nonspendable fund balance as resources are not
available for expenditure. Long-term note receivable reported in the governmental activities on the
government-wide statement of net position is not offset by unavailable revenue as it is recorded on an
accrual basis at its net realizable value.
K. Interfund Transactions
All legally authorized transfers have been appropriately presented as interfund transfers and are included
in the fund financial statements of both Governmental and Proprietary Fund types. As a general rule, the
effect of interfund activity has been eliminated from the government-wide financial statements.
City of Georgetown, Texas
Notes to the Financial Statements
43
L. Intergovernmental Revenues
Intergovernmental revenues represent entitlements and shared revenues which are accounted for within
the fund financed. Such revenues, received for purposes normally financed through the general
government, are accounted for within the Special Revenue Funds.
M. Accrued Employee Benefits
All employees, with the exception of firefighters, may accumulate a maximum of two times their annual
vacation, up to a cap of 240 hours, or 30 days paid upon separation. Firefighters may accrue up to a
maximum cap of 360 hours that can be paid out upon separation. Upon termination, non-Civil Service
employees will not receive payment of sick leave, unless they have a balance that originated prior to
October 1, 2004. These employees were grandfathered under the old policy of receiving payment for
one-half of their balance of sick leave up to 60 days at the rate of pay when the hours were banked.
Upon termination, Civil Service employees are paid for the balance of their Civil Service sick leave earned
after July 30, 2003 or October 31, 2005 (the effective date of the regulations in the City for fire civil service
and police civil service employees, respectively), up to a maximum of 720 hours or 1,080 hours for those
Firefighters on a 56 hour a week schedule on an annual basis. Civil Service employees hired prior to the
effective date of the adoption of Civil Service regulations are also eligible under city policy to receive
payment for one-half of their sick leave up to 60 days at the rate of pay when the hours were banked.
Accumulated vacation and sick leave, which is expected to be liquidated with expendable available
financial resources, is reported as expenditure and a fund liability of the governmental fund that will pay
it. Amounts of accumulated vacation leave within governmental funds that are not expected to be
liquidated with expendable available financial resources are reported as a long-term liability on the
statement of net position. No expenditure is reported for these amounts in the fund financial statements
unless the benefits have matured, i.e. unused reimbursable leave still outstanding following an employee’s
resignation or retirement. Accumulated vacation and sick leave of proprietary fund types are recorded
as an expense and liability of those funds as the benefits accrue to employees.
N. Capital Assets
Capital Assets other than Streets and Drainage
Capital assets, which include property, plant, equipment, and infrastructure assets, are reported in the
applicable governmental or business-type activities column in the government-wide financial statements
and in the fund financial statements for proprietary funds. All capital assets are valued at their historical
cost or estimated historical cost if actual historical cost is not available. Donated assets are valued at their
acquisition value on the date donated. Repairs and maintenance are recorded as expenses. Renewals
and betterments are capitalized.
Assets capitalized, not including infrastructure assets, have an original cost of $5,000 or more and an
expected useful life of over one year.
City of Georgetown, Texas
Notes to the Financial Statements
44
Depreciation for assets not following the modified approach is computed using the straight-line method
on the composite assets based upon the estimated useful lives as follows:
Distribution systems 25 to 50 years
Buildings and improvements 10 to 20 years
Furniture, fixtures, and equipment 3 to 10 years
The City records capital contributions to proprietary funds as revenue. Total capital contributions to the
enterprise funds in fiscal year 2020 totaled $46,053,363. Contributed capital is not recorded for
governmental type funds, but is recognized on the government-wide statements and totaled $14,460,645
for the year ended September 30, 2020.
Capital Assets – Streets and Drainage
Governmental Accounting Standards Board Statement No. 34 provides for an alternative approach to
depreciation for measuring the value of infrastructure assets and the related costs incurred to maintain
their service life at a locally established minimum standard. In order to adopt this alternative method, the
City must use an asset management system, and must determine if the minimum standards are being
maintained. This measurement occurs every three years at a minimum. The City has elected to use this
alternative method for reporting its street infrastructure assets. The City contracted with the engineering
firm of Dynatest North America, Inc. to complete pavement condition surveys for the City’s street network
during fiscal year ended 2020.
The City uses the CarteGraph PavementView Pavement Management Information System to track the
condition levels of each of the street sections. The entire streets inventory is captured in the system and
the condition of the pavement is based on the following factors:
Type of Distress
Amount of Distress
Severity of Distress
Deduct Values (function of the first three)
The Pavement Condition Index (PCI) is a measurement scale based upon a condition index ranging from
zero for a failed pavement to 100 for pavement with perfect condition. The condition index is used to
classify pavement in the following conditions:
PCI Rating
100-85 Good
84-45 Fair
44-0 Poor
The PCI for fiscal year 2020 is 85.5. The previous score for 2014-2017 was 87. The City’s administrative policy
is to maintain an average PCI level of 85. An 85 PCI is considered maintaining the streets in a “good”
condition.
Staff prepares a street maintenance budget that meets this target for Council’s consideration during the
budget process.
City of Georgetown, Texas
Notes to the Financial Statements
45
O. Long-term Obligations
The portion of long-term general obligation debt used to finance proprietary fund operations and
payable from the revenues of the Enterprise Funds is recorded in such funds. General obligation bonds
and other forms of long-term debt supported by general revenues are obligations of the City as a whole
and not its individual funds. Accordingly, such unmatured obligations of the City are accounted for on
the statement of net position and payments of principal and interest relating to the general obligation
bonds are recorded as expenditures when they are paid in the fund statements. Self-supporting general
obligation debt, which will be repaid from non-general revenue sources, is recorded in the appropriate
proprietary fund.
P. Pensions and Other Post-employment Benefits
For purposes of measuring the net pension liability and net OPEB liability, related deferred outflows and
inflows of resources, and pension expense, City specific information about its Fiduciary Net Position in the
applicable plans and additions to/deductions from the City’s Fiduciary Net Position have been determined
on the same basis as they are reported. 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 OPEB
liability for life insurance benefits is obtained from TMRS through reports prepared for the City by TMRS
consulting actuary, Gabriel Roeder Smith & Company, in compliance with applicable Governmental
Accounting Standards Board (GASB) standards. Information regarding the City’s OPEB liability for retiree
healthcare benefits is obtained through reports prepared for the City by its consulting actuary, Gabriel
Roeder Smith & Company, in compliance with applicable GASB standards.
Q. Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles
requires management to make estimates and assumptions that affect certain reported amounts and
disclosures. Specifically, the actuarial calculations used to determine the annual required contributions
and related liabilities of the City’s retirement plan and post-employment obligations are based on
assumptions about the possibility of events far into the future. Accordingly, actual results could differ from
those estimates.
R. Risk Financing Activity
The City of Georgetown is exposed to various risks of loss related to torts; theft of, damage to, and
destruction of assets; errors and omission; injuries to employees; and natural disasters. During fiscal year
2020, the City purchased general liability and property insurance from Texas Municipal League
Intergovernmental Risk Pool (TML-IRP). The City pays an annual premium to TML-IRP for such coverage.
TML-IRP purchases reinsurance and the City does not retain risks of loss exceeding deductibles. Settled
claims have not exceeded insurance coverage in the past three years.
The workers compensation plan is administered and paid through the Texas Municipal League-
Intergovernmental Risk Pool (TML-IRP). Under this plan, the City does not retain risks of loss exceeding the
deductibles. TML-IRP also brokers the City’s Aviation and Underground Storage Tank Pollution liability
insurance, as well as, the canine and surgical vet coverage. The City does not retain the risks of loss
exceeding the deductibles.
City of Georgetown, Texas
Notes to the Financial Statements
46
S. Credit Risk
Financial investments which potentially subject the City to concentrations of credit risk consist principally
of cash, investments and accounts receivable. At September 30, 2020, there was not a significant risk
arising from cash, investments, or accounts receivable.
T. Nature and Purpose of Reservations and Designation of Fund Equity
The City’s Fund Balance is the accumulated difference between assets and liabilities within governmental
funds, and it allows the City to meet its contractual obligations, fund disaster, or emergency costs, provide
cash flow for timing purposes and fund non-recurring expenses appropriated by City Council. The City
Council has adopted a financial standard to maintain a General Fund minimum balance of 90 days of
budgeted on-going expenditures and 75 days citywide. This policy establishes limitations on the purposes
for which Fund Balances can be used in accordance with Governmental Accounting Standards Board
(GASB) Statement No. 54.
Five Components of Fund Balance
Non-spendable Fund Balance – includes inherently non-spendable assets that will never convert to cash,
as well as, assets that will not convert to cash soon enough to affect the current financial period. Assets
included in this category are prepaid items, inventory, and non-financial assets held for resale.
Restricted Fund Balance – represents the portion of fund balance that is restricted to specific purposes
that are externally imposed by creditors, grantors, contributors, laws or regulations of other governments,
such as hotel/motel tax and bond proceeds.
Committed Fund Balance – describes the portion of fund balance that can only be used for specific
purposes with constraints imposed by the formal action of the City Council’s adoption of an ordinance,
and remains binding unless the City Council removes the limitation.
Assigned Fund Balance – is that portion of fund balance that reflects the City’s intended use for a specific
purpose but is neither restricted nor committed. Assigned fund balances are determined by City
management based on Council direction, in accordance with our financial policies adopted by
resolution.
Unassigned Fund Balance – represents funds that have not been assigned to any other fund and cannot
be properly classified in one of the other four categories within the general fund.
City of Georgetown, Texas
Notes to the Financial Statements
47
Below is the residual classification for the general fund:
General
Georgetown
Transportation
Enhancement
Corporation Debt Service
General
Capital
Projects
Nonmajor
Governmental
Funds
Total
Governmental
Funds
Nonspendable
Inventory/prepaids -$ -$ -$ 20,930$ -$ 20,930$
Note receivable 245,067 - - - - 245,067
Restricted for
Debt service - - 1,907,062 - - 1,907,062
Bond funds - - - 38,315,166 - 38,315,166
Hotel/motel tax - - - - 1,675,963 1,675,963
Street maintenance tax - - - - 3,530,549 3,530,549
Other purposes - - - - 2,901,071 2,901,071
Committed for
Contingency 11,414,340 - - - - 11,414,340
Benefit payout 340,000 - - - - 340,000
Other capital projects - 31,029,700 - - - 31,029,700
Nonmajor funds - - - - 6,876,345 6,876,345
Unassigned 9,197,203 - - - - 9,197,203
Total fund balance 21,196,610$ 31,029,700$ 1,907,062$ 38,336,096$ 14,983,928$ 107,453,396$
When both restricted and unrestricted fund balance amounts are available for use, it is the City’s policy
to use restricted fund balance first, then unrestricted fund balance. Furthermore, committed fund
balances are reduced first, followed by assigned amounts and then unassigned amounts when
expenditures are incurred for which amounts in any of those unrestricted fund balance classifications are
available. Amounts assigned to encumbrances relate to purchase commitments for future periods that
do not yet meet expenditure recognition criteria.
U. Deferred Outflows/Inflows of Resources
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 charges on refundings
Pension and OPEB items:
o Differences between expected and actual economic experience
o Changes in actuarial assumptions
o Difference between projected and actual investment earnings
o Contributions to pension plan subsequent to the measurement date
In addition to liabilities, the statement of financial position and/or balance sheet will sometimes report a
separate section for deferred inflows of resources. This separate financial statement element, deferred
inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not
be recognized as an inflow of resources (revenue) until that time. Property taxes levied, but not expected
to be available to fund obligations in the current period, are recorded as deferred inflows of resources on
the balance sheet. Additionally, deferred inflows of resources are recognized related to both pension and
OPEB changes during the year.
City of Georgetown, Texas
Notes to the Financial Statements
48
V. Net Position
Net position represents the difference between assets, liabilities and respective deferred outflow or inflows
of resources. A portion of net position represents net investments in capital assets which is the total
balance of the City’s investment in capital assets less accumulated depreciation and the outstanding
balances of any borrowing spent for that acquisition, construction or improvements of those assets. Net
position is reported as restricted when there are limitations imposed on their use either through (1) the
enabling legislation adopted by the City, (2) through external restrictions imposed by grantors, or (3) laws
or regulations of other governments.
Note 2. Cash and Investments
For cash flow purposes, cash and temporary investments consist of demand deposits, certificates of
deposits, and authorized investment pools. The operating cash balance from all funds is consolidated in
pooled cash and investment accounts. Excess pooled balances are invested in U.S. Treasury securities,
U.S. Government agency securities, fully collateralized money market funds and local government
investment pools. Maturities on all investments are consistent with the City’s cash flow requirements.
Investments are recorded at cost. Interest earnings are allocated to each fund based on average
monthly pooled equity balances. Separate cash and investment accounts are maintained for restricted
cash such as debt service, utility debt reserves, and bond proceeds reserved for future construction.
The investment policies of the City are governed by State statutes and a City Council adopted Investment
Policy. Major provisions of the City’s investment policy include: responsibility for investments, authorized
investments, security dealer selection and qualifying procedures, safekeeping and custodial procedures,
statement of investment objectives, and investment reporting requirements.
A. Deposits
Texas Statutes require that all bank deposits be insured or fully collateralized by the U.S. government
obligations or obligations of the State of Texas and its agencies. Fair value of the collateral pledged must
equal at least 102% of the bank deposits not covered by federal deposit insurance.
At year-end, the carrying amount of the City’s bank deposits was $14,275,762 and the bank balances
were $9,505,298, all of which were entirely covered by Federal depository insurance or by collateral held
by the City’s agent bank in the City’s name.
In order to maximize interest earnings, the City utilizes a controlled disbursement account, which allows
the City to deposit only as much money as needed to fund checks presented each day.
B. Investments
The City is authorized to invest in certificates of deposit, direct obligations of the U.S. government,
U.S. government agency securities, fully collateralized direct repurchase agreements, no-load money
market funds whose portfolios meet the City’s investment requirements, and in qualified local government
investment pools as approved by the City Council. Non-participating interest earning contracts, including
certificates of deposit, and money market accounts are reported at cost. Investments in external
investment pools are reported at amortized cost.
City of Georgetown, Texas
Notes to the Financial Statements
49
Interest rate risk is the potential for a decline in market value due to rising interest rates. In compliance
with the City’s Investment Policy, as of September 30, 2020, the City minimized the interest rate risk in the
portfolio by limiting the weighted average maturity of security types to no longer than two years;
structuring the investment portfolio so that securities matured to meet cash requirements for ongoing
operations and capital improvement projects; monitoring credit ratings of portfolio positions to assure
compliance with rating requirements imposed by the Public Funds Investment Act; and investing
operating funds primarily in shorter-term securities and similar government investment pools.
The City evaluated all of its cash and investment positions, and determined that it had none subject to
recurring fair value recognition or disclosures. The City’s investment balances and weighted average
maturity of such investments as of September 30, 2020 are:
September 30,
2020
Weighted
Average
Investment pools (at amortized cost)
Texas local government
investment pool (TexPool)39,541,882$ 32
Texas short-term asset
reserve program (TexSTAR)87,105,794 22
T-bills 2,499,970 8
Investments (at cost)
Money market accounts 19,469,539 1
Certificates of deposit 113,140,672 179
Total investments 261,757,857
Portfolio weighted average maturity 90
Carrying amount - cash 13,808,445
Total cash and investments 275,566,302$
Primary Government
C. Credit Risk
Credit risk is the possibility that the issuer of a security will fail to make timely payments of interest or
principal. In general, the lower the credit quality of a security, the higher the yield, with all other factors
being equal. In compliance with the City’s Investment Policy, as of September 30, 2020, the City minimized
credit risk losses due to default of security issuer or backer by limiting investments to the safest types of
securities; pre-qualifying the financial institutions, broker/dealers, intermediaries, and advisors with which
the City will do business; and diversifying the investment portfolio so that potential losses on individual
securities were minimized.
For short-term liquidity requirements, the City primarily utilizes the Texas Short-Term Asset Reserve Program
(TexSTAR). JPMorgan Fleming Asset Management, Inc. and First Southwest Asset Management, Inc. serve
as co-administrators under an agreement with the TexSTAR board of directors to provide investment and
participant services for this pool. JPMorgan Chase Bank or its subsidiary J.P. Morgan Investor Services Co.
provides the custodial, transfer agency, fund accounting, and depository services for this pool.
City of Georgetown, Texas
Notes to the Financial Statements
50
The City also maintains an account with the Texas Local Government Investment Pool (TexPool). Under
the TexPool Participation Agreement, administrative and investment services to TexPool are provided by
Federated Investors, Inc. through an agreement with the State of Texas Comptroller of Public Accounts.
The State of Texas Comptroller of Public Accounts is the sole officer, director, and shareholder of the Texas
Treasury Safekeeping Trust Company authorized to operate TexPool.
At year end, balances in TexSTAR and TexPool were rated AAAm by Standard & Poor’s. All pools operate
on a $1 net asset value basis. In order to maintain a stable $1 price of the fund, the pools will sell portfolio
holdings if the ratio of the fair value of the portfolio divided by the book value of the portfolio is less than
0.995 or greater than 1.005. The pools are stated at their measured amortized cost, which is assumed to
approximate fair value.
Note 3. Taxes
A. Property Taxes
Property is appraised and a lien on such property becomes enforceable as of January 1 of each year.
Taxes are levied on and payable the following October 1. Taxes become delinquent February 1 of the
following year and are subject to interest and penalty charges. Under an agreement which began August
1, 2000, Williamson County Tax Office collects the City's taxes. In the fund financial statements, City
property tax revenues are recognized when levied to the extent that they are collected in the current
year. Taxes collected prior to the levy date to which they apply are recorded as unearned revenues and
recognized as revenue of the period to which they apply.
All collections from prior year levies are considered delinquent tax revenue for reporting purposes in the
year collected. The allowance for uncollectible taxes at September 30, 2020 was $10,732.
The City is permitted by the State of Texas to levy taxes up to $2.50 per $100 of assessed valuation for
general government services and for the payment of principal and interest on general long-term debt.
The combined current tax rate to finance general government services, including debt service for the
fiscal year ended September 30, 2020, was $0.42 per $100 of assessed valuation.
The Williamson Central Appraisal District (Appraisal District) is responsible for the recording and appraisal
of property for all taxing units in Williamson County. The Appraisal District is required to assess property at
100% of its appraised value. Real property must be reappraised at least every four years. The City may, at
its own expense, require annual reviews by the Appraisal District through various appeals and, if
necessary, legal action. Under this system, if the rate, excluding tax rates for bonds and other contractual
obligations adjusted for new improvements, exceeds the rate for the previous year by more than 3.5%,
qualified voters of the City may petition for an election to determine whether to limit the tax rate to an
increase of no more than 3.5%.
In September 2004, voters approved an initiative to freeze property taxes for homeowners over the
age of 65 or disabled. This measure mirrors the State of Texas Constitutional Amendment Proposition 13,
which passed overwhelmingly statewide in 2003. Prop 13 gives local governments the option of “freezing”
taxes for the elderly and disabled.
City of Georgetown, Texas
Notes to the Financial Statements
51
B. Sales Taxes
The City has adopted the provisions of Article 1066C, Vernon's Texas Civil Statutes, as amended, which
grant the City the power to impose and levy a 1% Local Sales and Use Tax within the City. Proceeds of
the tax are credited to the General Fund except for sales taxes generated at the airport which are
credited to the Airport (Enterprise) Fund. Collections and enforcements are effected through the offices
of the Comptroller of Public Accounts, State of Texas, who remits to the City monthly the proceeds of the
tax, after deduction of a 2% service fee.
On October 1, 2001, the City began collecting an additional half-cent sales tax for its component unit,
GTEC, to fund transportation improvements that promote economic development. These funds are
reported in the GTEC General Capital Projects Fund, a blended component unit of the City.
On April 1, 2003, the City began collecting an additional quarter-cent sales tax in accordance with Texas
House Bill 445 to fund maintenance on streets that were in existence at the time the sales tax was adopted
by the voters. In November 2014 and again in November 2018, the citizens readopted this quarter-cent
sales tax option. The sunset provision will expire in March 2023. These funds are reported in the Streets
Special Revenue Fund.
On October 1, 2005, the City began collecting an additional eighth-cent sales tax in accordance with
the Texas Development Corporation Act of 1979, Article 5190.6, Section 4A Texas Revised Civil Statues for
the promotion and development of new and expanded business enterprises. This sales tax is administered
through GEDCO.
On October 1, 2005, the City began collecting an additional eighth-cent sales tax to be used toward the
reduction of ad valorem property taxes. Proceeds are credited to the City’s General Fund.
Note 4. Transfers
Major Funds
Transfers Out
General
Fund
Debt
Service GTEC
General
Capital
Projects
Nonmajor
Special
Revenue
Internal
Services Electric
Nonmajor
Enterprise
Funds
Governmental funds
Major funds
General fund -$ 67,000$ -$ -$ 387,000$ 70,860$ -$ -$ 524,860$
GTEC - 2,403,361 - - - - - - 2,403,361
General capital projects - - - - - 3,204,546 - - 3,204,546
Nonmajor funds 28,634 606,083 - - - 65,000 500,000 - 1,199,717
Internal service funds - - - 1,262,000 - 15,500 - - 1,277,500
Enterprise funds
Major funds
Electric 4,534,733 - - - - 295,059 - - 4,829,792
Water services 4,025,560 - - - - 158,000 - - 4,183,560
Nonmajor funds 288,106 - - - - 140,500 - - 428,606
8,877,033$ 3,076,444$ -$ 1,262,000$ 387,000$ 3,949,465$ 500,000$ -$ 18,051,942
Transfers eliminated in government-wide statements (9,109,984)
Net transfers - statement of activities 8,941,958$
Total
Transfers
Out
Transfers In
Major Funds
Governmental
Funds
Enterprise
Funds
City of Georgetown, Texas
Notes to the Financial Statements
52
The net transfers between the governmental types and business types total $8,941,958. Per the City’s fiscal
and budgetary policy, utility operations transfer seven percent of gross billings for utility services to the
General fund as a payment of the profits of the fund or a return on investment. Other types of transfers
include grant matching, fire hydrant testing, equipment purchases, and capital project funding.
Note 5. Capital Assets
Capital asset activity for the year ended September 30, 2020 was as follows:
Balance Balance
September 30, Deletions September 30,
2019 Additions and Transfers 2020
Governmental activities
Capital assets not being depreciated
Land 21,772,554$ -$ -$ 21,772,554$
Land rights 20,938,510 - - 20,938,510
Streets 278,203,966 12,501,801 - 290,705,767
Construction in progress 28,056,663 17,440,473 (9,445,118) 36,052,018
Total capital assets not being depreciated 348,971,693 29,942,274 (9,445,118) 369,468,849
Capital assets being depreciated
Buildings 96,726,621 181,448 - 96,908,069
Furniture, machinery, and equipment 26,002,471 1,213,159 (37,317) 27,178,313
Vehicles 33,480,030 4,263,679 - 37,743,709
Distribution system 1,547,389 782,501 - 2,329,890
Bridges 7,777,022 - - 7,777,022
Improvements 53,409,562 11,802,987 - 65,212,549
Total capital assets being depreciated 218,943,095 18,243,774 (37,317) 237,149,552
Less accumulated depreciation for
Buildings (19,584,357) (2,061,898) - (21,646,255)
Furniture, machinery, and equipment (22,118,622) (1,789,930) - (23,908,552)
Vehicles (19,200,645) (2,559,249) - (21,759,894)
Distribution system (661,866) (269,522) 37,317 (894,071)
Bridges (3,697,947) (265,664) - (3,963,611)
Improvements (11,564,708) (14,049,162) - (25,613,870)
Total accumulated depreciation (76,828,145) (20,995,425) 37,317 (97,786,253)
Total capital assets being depreciated, net 142,114,950 (2,751,651) - 139,363,299
Governmental activities capital assets, net 491,086,643$ 27,190,623$ (9,445,118)$ 508,832,148$
Electric activities
Capital assets not being depreciated
Land 635,073$ -$ -$ 635,073$
Land rights 153,607 - - 153,607
Construction in progress - 5,375,929 (4,005,742) 1,370,187
Total capital assets not being depreciated 788,680 5,375,929 (4,005,742) 2,158,867
Capital assets being depreciated
Buildings 24,637 - - 24,637
Furniture, machinery, and equipment 1,605,747 17,752 - 1,623,499
Vehicles 13,346 - - 13,346
Distribution system 180,070,728 17,901,486 (11,163,355) 186,808,859
Improvements 173,421 - - 173,421
Total capital assets being depreciated 181,887,879 17,919,238 (11,163,355) 188,643,762
Less accumulated depreciation for
Buildings (24,637) - - (24,637)
Furniture, machinery, and equipment (1,282,202) (110,329) - (1,392,531)
Vehicles (13,346) - - (13,346)
Distribution system (53,850,587) (13,762,330) - (67,612,917)
Improvements (171,161) (2,261) 3,452,667 3,279,245
Total accumulated depreciation (55,341,933) (13,874,920) 3,452,667 (65,764,186)
Total capital assets being depreciated, net 126,545,946 4,044,318 (7,710,688) 122,879,576
Electric activities capital assets, net 127,334,626$ 9,420,247$ (11,716,430)$ 125,038,443$
City of Georgetown, Texas
Notes to the Financial Statements
53
Balance Balance
September 30, Deletions September 30,
2019 Additions and Transfers 2020
Water services activities
Capital assets not being depreciated
Land 1,559,074$ -$ -$ 1,559,074$
Land rights 66,006 - - 66,006
Construction in progress 9,721,532 10,627,902 (901,818) 19,447,616
Total capital assets not being depreciated 11,346,612 10,627,902 (901,818) 21,072,696
Capital assets being depreciated
Buildings 9,611,544 - - 9,611,544
Furniture, machinery, and equipment 1,597,911 33,821 - 1,631,732
Vehicles 46,834 - - 46,834
Distribution system 415,943,724 31,146,204 (4,406,826) 442,683,102
Improvements 219,995 - - 219,995
Total capital assets being depreciated 427,420,008 31,180,025 (4,406,826) 454,193,207
Less accumulated depreciation for
Buildings (2,832,957) (235,589) - (3,068,546)
Furniture, machinery, and equipment (992,441) (201,421) (1,193,862)
Vehicles (38,760) (1,642) - (40,402)
Distribution system (102,896,810) (10,543,491) 430,187 (113,010,114)
Improvements (205,671) (3,052) - (208,723)
Total accumulated depreciation (106,966,639) (10,985,195) 430,187 (117,521,647)
Total capital assets being depreciated, net 320,453,369 20,194,830 (3,976,639) 336,671,560
Water services activities capital assets, net 331,799,981$ 30,822,732$ (4,878,457)$ 357,744,256$
Other nonmajor business-type activities
Capital assets not being depreciated
Land 589,632$ -$ 51,904$ 641,536$
Land rights 1,503,538 - - 1,503,538
Construction in progress 21,799 883,049 (512,885) 391,963
Total capital assets not being depreciated 2,114,969 883,049 (460,981) 2,537,037
Capital assets being depreciated
Buildings 3,856,218 - - 3,856,218
Furniture, machinery, and equipment 393,873 28,015 - 421,888
Vehicles 14,050 - - 14,050
Distribution system 62,750,012 14,142,601 - 76,892,613
Improvements 5,838,519 - - 5,838,519
Total capital assets being depreciated 72,852,672 14,170,616 - 87,023,288
Less accumulated depreciation for
Buildings (2,290,896) (49,232) - (2,340,128)
Furniture, machinery, and equipment (196,036) (10,320) - (206,356)
Vehicles - - - -
Distribution system (1,119,475) (2,052,061) - (3,171,536)
Improvements (17,752,198) (273,887) - (18,026,085)
Total accumulated depreciation (21,358,605) (2,385,500) - (23,744,105)
Total capital assets being depreciated, net 51,494,067 11,785,116 - 63,279,183
Other nonmajor business-type activities
capital assets, net 53,609,036$ 12,668,165$ (460,981)$ 65,816,220$
City of Georgetown, Texas
Notes to the Financial Statements
54
Balance Balance
September 30, Deletions September 30,
2019 Additions and Transfers 2020
Total business-type activities
Capital assets not being depreciated
Land 2,783,779$ -$ 51,904$ 2,835,683$
Land rights 1,723,151 - - 1,723,151
Construction in progress 9,743,331 16,886,880 (5,420,445) 21,209,766
Total capital assets not being depreciated 14,250,261 16,886,880 (5,368,541) 25,768,600
Capital assets being depreciated
Buildings 13,492,399 - - 13,492,399
Furniture, machinery, and equipment 3,597,531 79,588 - 3,677,119
Vehicles 74,230 - - 74,230
Distribution system 658,764,464 63,190,291 (15,570,181) 706,384,574
Improvements 6,231,935 - - 6,231,935
Total capital assets being depreciated 682,160,559 63,269,879 (15,570,181) 729,860,257
Less accumulated depreciation for
Buildings (5,148,490) (284,821) - (5,433,311)
Furniture, machinery, and equipment (2,470,679) (322,070) - (2,792,749)
Vehicles (52,106) (1,642) - (53,748)
Distribution system (157,866,872) (26,357,882) 430,187 (183,794,567)
Improvements (18,129,030) (279,200) 3,452,667 (14,955,563)
Total accumulated depreciation (183,667,177) (27,245,615) 3,882,854 (207,029,938)
Total capital assets being depreciated, net 498,493,382 36,024,264 (11,687,327) 522,830,319
Total business-type activities capital assets, net 512,743,643$ 52,911,144$ (17,055,868)$ 548,598,919$ Depreciation expense was charged to function/programs of the primary government as follows:
Governmental activities
Culture / recreation 3,103,364$
Development 770,317
Fire 3,923,502
General government 1,288,719
Highways and streets 2,944,176
Police 3,878,587
Environmental services 1,924,584
Internal service funds 3,162,176
Total depreciation expense governmental activities 20,995,425$
Business-type activities
Electric 13,874,920$
Water services 10,985,195
Nonmajor 2,385,500
Total depreciation expense business-type activities 27,245,615$
City of Georgetown, Texas
Notes to the Financial Statements
55
Governmental
Activities
Business-type
Activities Total
Net investment in capital assets
Total capital assets
(net of accumulated depreciation) 508,832,148$ 548,598,919$ 1,057,431,067$
Less long-term debt and related charges (224,865,160) (111,388,141) (336,253,301)
Add unspent bond proceeds 50,899,290 37,271,829 88,171,119
Net long-term debt (173,965,870) (74,116,312) (248,082,182)
Net investment in capital assets (net of related debt)334,866,278$ 474,482,607$ 809,348,885$
Note 6. Long-Term Liabilities
A. Overview
The following is a summary of long-term debt transactions of the City for the fiscal year ended
September 30, 2020:
Balance as of
September 30,
2019 Additions Retirements
Balance as of
September 30,
2020
Due within
One Year
Governmental activities
General obligation bonds 204,223,234$ 19,635,000$ (13,014,534)$ 210,843,700$ 14,940,801$
Sales tax revenue bonds 5,555,000 - (595,000) 4,960,000 620,000
Premiums 11,175,985 - (829,736) 10,346,249 831,430
Compensated absences 6,364,435 2,674,267 (2,050,459) 6,988,243 2,254,020
Net pension liability 22,722,792 - (7,593,704) 15,129,088 -
Other post employment benefits 3,324,575 858,760 - 4,183,335 -
Total governmental activities 253,366,021 23,168,027 (24,083,433) 252,450,615 18,646,251
Business-type activities
Revenue bonds 87,295,000 20,655,000 (12,365,000) 95,585,000 7,070,000
General obligation bonds 12,336,775 655,000 (925,475) 12,066,300 999,199
Premiums 4,778,117 - (399,063) 4,379,054 399,061
Compensated absences 1,178,132 594,787 (599,526) 1,173,393 521,265
Net pension liability 6,040,235 - (2,491,436) 3,548,799 -
Total business-type activities 111,628,259 21,904,787 (16,780,500) 116,752,546 8,989,525
Total long-term debt 364,994,280$ 45,072,814$ (40,863,933)$ 369,203,161$ 27,635,776$
Liabilities for compensated absences, net pension liability, and other post-employment benefits that are
included in governmental activities are expended primarily in the General Fund as benefits are used by
the employees.
City of Georgetown, Texas
Notes to the Financial Statements
56
At September 30, 2020, there was $85,070,000 of authorized but unissued general obligation bonds. There
are no authorized but unissued revenue bonds. The City is in compliance with all bond ordinances.
Fiscal Years
Ending
September 30, Principal Interest Principal Interest Principal Interest
2021 15,560,801$ 7,556,425$ 8,069,199$ 3,533,513$ 23,630,000$ 11,089,938$
2022 15,647,875 6,969,962 8,327,125 3,188,084 23,975,000 10,158,046
2023 15,815,478 6,436,765 7,959,522 2,907,785 23,775,000 9,344,550
2024 16,170,402 5,858,974 7,744,598 2,626,606 23,915,000 8,485,580
2025 15,828,256 5,228,171 8,021,744 2,354,605 23,850,000 7,582,776
2026-2030 62,572,634 18,375,242 34,577,366 8,029,788 97,150,000 26,405,030
2031-2035 54,628,254 8,489,544 27,526,746 3,390,623 82,155,000 11,880,167
2036-2040 19,580,000 1,200,735 5,425,000 294,964 25,005,000 1,495,699
215,803,700$ 60,115,818$ 107,651,300$ 26,325,968$ 323,455,000$ 86,441,786$
Governmental Business-type Total
During the year ended September 30, 2020, the City issued $11,210,000 in Combination Tax and Revenue
Certificates of Obligation, $9,080,000 in General Obligation Bonds, and $14,430,000 in Utility System
Revenue Bonds. The City also issued $6,225,000 in Utility System Revenue Refunding Bonds which results in
a gross cash flow savings through the year ending September 30, 2029 of $728,905.
General Obligation Debt
A summary of tax-supported general obligation debt outstanding at September 30, 2020:
$9,720,000, 2011 Combination tax & revenue certificates of obligation due in
annual installments through August 15, 2031; interest at 2% to 4% 5,625,000$
$12,500,000, 2012 General obligation bonds due in annual installments
through February 15, 2037; interest at 1.5% to 3.625% 9,810,000
$1,650,000, 2012 Combination tax & revenue certificates of obligation due in
annual installments through August 15, 2032; interest at 1.5% to 3.375%
(portion included below)722,500
$1,016,532, 2012 General obligation and Refunding bonds due in
annual installments through August 15, 2029; interest at 0.2% to 3.25%
(portion included below)472,328
$12,500,000, 2012A General obligation bonds due in annual installments
through August 15, 2037; interest at 2.0% to 3.25% (portion included below) 9,880,000
$9,500,000, 2013 General obligation bonds due in annual installments through
August 15, 2037; interest at 2.0% to 3.375% (portion included below) 6,685,000
$9,646,976, 2013 General obligation and Refunding bonds due in
annual installments through August 15, 2025; interest at 2.0% to 4.0%
(portion included below)3,975,381
$4,800,000, 2014 General obligation bonds due in annual
installments through August 15, 2034; interest at 2.0% to 3.60% 3,795,000
$1,841,000, 2014 Combination tax & revenue certificates of obligation due in
annual installments through August 15, 2034; interest at 3.00% to 3.625%s
(portion included below)1,456,728
City of Georgetown, Texas
Notes to Financial Statements
57
$9,709,525, 2014 General obligation and Refunding bonds due in annual
installments through August 15, 2027; interest at 2.00% to 4.00%
(portion included below)6,023,465
$4,345,000, 2015 General obligation bonds due in annual installments through
August 15, 2035; interest at 3.00% to 4.00% 3,550,000
$3,175,000, 2015 Combination tax & revenue certificates of obligation due in annual
installments through August 15, 2035; interest at 2.00% to 3.50%
(portion included below)1,995,000
$4,042,295, 2015 General obligation and Refunding bonds due in annual
installments through August 15, 2028; interest at 2.000% to 3.125%
(portion included below)1,875,020
$11,785,000, 2015A General obligation bonds due in annual installments
through August 15, 2035; interest at 2.000% to 3.300% 9,580,000
$12,585,000, 2016 General obligation bonds due in annual installments
through August 15, 2036; interest at 2.000% to 4.000% 10,705,000
$3,105,000, 2016 Combination tax and revenue certificates of obligation due in
annual installments through August 15, 2036; interest at 2.000% to 4.000%
(portion included below)2,290,000
$4,014,840, 2016 General obligation and Refunding bonds due in annual installments
through August 15, 2027; interest at 2.000% to 3.000% (portion included below) 1,905,849
$8,555,000, 2017 General obligation bonds due in annual installments
through August 15, 2037; interest at 3.125% to 5.000% 7,845,000
$8,655,000, 2017 Combination tax and revenue certificates of obligation due in
annual installments through August 15, 2037; interest at 3.000% to 5.000%
(portion included below)7,220,000
$12,385,000, 2017 General obligation and Refunding bonds due in annual installments
through August 15, 2030; interest at 2.000% to 5.000% 11,810,000
$23,555,000, 2018 General obligation bonds due in annual installments
through August 15, 2038; interest at 3.00% to 5.000% 22,230,000
$10,695,000, 2018 Combination tax and revenue certificates of obligation due in
annual installments through August 15, 2038; interest at 3.000% to 4.000% 8,625,000
$4,920,000, 2019 General obligation bonds due in annual installments
through August 15, 2039; interest at 3.00% to 5.000% 4,810,000
$13,830,000, 2019 Combination tax and revenue certificates of obligation due in
annual installments through August 15, 2039; interest at 3.000% to 5.000% 13,110,000
$5,815,000, 2020 Combination tax and revenue certificates of obligation due in
annual installments through August 15, 2035; interest at 1.200%5,815,000
$9,080,000, 2020 General obligation bonds due in annual installments
through August 15, 2035; interest at 2.290$ 9,080,000
Total tax supported debt 170,891,271$
City of Georgetown, Texas
Notes to the Financial Statements
58
A summary of self-supporting general obligation debt outstanding at September 30, 2020:
$1,650,000, 2012 Combination tax & revenue certificates of obligation due in
annual installments through August 15, 2032; interest at 1.5% to 3.375%;
designated for GTEC capital improvements to be paid through revenues from
the ½ cent GTEC sales tax. 722,500
$2,165,180, 2012 General obligation and Refunding bonds due in annual
installments through August 15, 2029; interest at 0.2% to 3.25%; designated for
GTEC capital improvements to be paid through revenues from the ½ cent
GTEC sales tax.1,006,043
$5,233,289, 2012 General obligation and Refunding bonds due in annual
installments through August 15, 2029; interest at 0.2% to 3.25%; paid through
Electric utility revenues. 2,431,629
$4,065,000, 2013 Combination tax & revenue certificates of obligation due in
annual installments through August 15, 2033; interest at 2.0% to 3.25%; to be
paid through Electric and Water utility revenues. 2,945,000
$442,408, 2013 General obligation and Refunding bonds due in annual
installments through August 15, 2025; interest at 2.0% to 4.0%; portion dedicated
for Airport Improvements, $254,219, to be paid with Airport fees. Portion
dedicated for Stormwater Drainage Improvements, $188,189 to be paid
through monthly fees charged to utility customers within the City limits. 182,307
$915,616, 2013 General obligation and Refunding bonds due in annual
installments through August 15, 2025; interest at 2.0% to 4.0%; designated for
GTEC capital improvements to be paid through revenues from the ½ cent
GTEC sales tax. 377,312
$459,000, 2014 Combination tax & revenue certificates of obligation due in
annual installments through August 15, 2034; interest at 3.00% to 3.625% to be
paid through monthly Stormwater Drainage fees charged to utility. 363,272
$162,030, 2014 General obligation and Refunding bonds due in annual
installments through August 15, 2027; interest at 2.00% to 4.00% portion
dedicated for Airport Improvements, $8,593, to be paid with Airport fees.
Portion dedicated for Stormwater Drainage Improvements, $153,438, to be
paid through monthly fees charged to utility customers within City limit. 100,518
$2,403,445, 2014 General obligation and Refunding bonds due in annual
installments through August 15, 2027; interest at 2.00% to 4.00% designated for
GTEC capital improvements to be paid through revenues from the ½ cent
GTEC sales tax. 1,491,017
City of Georgetown, Texas
Notes to the Financial Statements
59
$6,470,000, 2015 Combination tax and revenue certificates of obligation due in
annual installments through August 15, 2035; interest at 2.00% to 3.60%; to be
paid through annual ad valorem tax levied on all taxable property
within the Rivery TIRZ.5,680,000
$675,297, 2015 General obligation and Refunding bonds due in annual
installments through August 15, 2028; interest at 2.0% to 3.125%; portion
dedicated for Airport Improvements, $188,168, to be paid with Airport fees.
Portion dedicated for Stormwater Drainage Improvements, $487,129 to be
paid through monthly fees charged to utility customers within the City limits. 313,290
$1,642,408, 2015 General obligation and Refunding bonds due in annual
installments through August 15, 2028; interest at 2.0% to 3.125%; designated for
GTEC capital improvements to be paid through revenues from the ½ cent
GTEC sales tax.761,690
$3,070,000, 2015 Combination tax & revenue certificates of obligation due in
annual installments through August 15, 2035; interest at 2.00% to 3.50%; portion
dedicated for Airport Improvements, $865,000, to be paid with Airport fees.
Portion dedicated for Stormwater Drainage Improvements, $2,205,000 to be
paid through monthly fees charged to utility customers within the City limits. 2,490,000
$745,000, 2015 Combination tax & revenue certificates of obligation due in
annual installments through August 15, 2035; interest at 2.00% to 3.50%; paid
through water utility revenues. 600,000
$10,720,000, 2016 Combination tax and revenue certificates of obligation due
in annual installments through August 15, 2036; interest at 2.000% to 3.000%;
designated for GTEC capital improvements to be paid through revenues from
the 1/2 cent GTEC sales tax. 9,075,000
$2,980,000, 2016 Combination tax and revenue certificates of obligation due
in annual installments through August 15, 2036; interest at 2.000% to 5.000%;
designated for GEDCO-Rivery capital improvements to be paid through
revenues from the .125 of a cent GEDCO sales tax. 2,510,000
$1,645,000, 2016 Combination tax and revenue certificates of obligation due in
annual installments through August 15, 2036; interest at 2.000% to 3.000%; to be
paid through annual ad valorem tax levied on all taxable property
within the Rivery TIRZ.1,395,000
$240,000, 2016 Combination tax and revenue certificates of obligation due in
annual installments through August 15, 2036; interest at 2.000% to 3.000%; to be
paid through monthly Stormwater Drainage fees charged to utility customers
within City Limits.200,000
$3,409,997, 2016 General obligation and refunding bonds due in annual
installments through August 15, 2027; interest at 2.000% to 2.500%; designated
for GTEC capital improvements to be paid through revenues from ½ cent
GTEC sales tax.1,618,867
City of Georgetown, Texas
Notes to the Financial Statements
60
$85,163, 2016 General obligation and refunding bonds due in annual
installments through August 15, 2027; interest at 2.000% to 3.000%; portion
dedicated for Airport Improvements, $4,620, to be paid with Airport fees.
Portion dedicated for Stormwater Drainage Improvements $80,542 to be paid
through monthly fees charged to utility customers within City limits. 40,284
$555,000, 2017 General obligation and Refunding bonds due in annual installments
through August 15, 2030; interest at 2.000% to 5.000% dedicated for
Stormwater Drainage Improvements to be paid through monthly fees
charged to utility customers within City limits. 515,000
$5,750,000, 2017 Combination tax and revenue certificates of obligation due in
installments through August 15, 2037; interest at 3.000% to 5.000%; designated
for GTEC capital improvements to be paid through revenues from 1/2 cent
GTEC sales tax.5,185,000
$145,000, 2018 Combined tax and revenue certificates of obligation due in
installments through 8/15/2038; interest at 3% to 4%; portion dedicated
for Airport Improvements.135,000
$1,140,000, 2019 Combination tax and revenue certificates of obligation due
in annual installments through August 15, 2039; interest at 3.000% to 5.000%;
portion dedicated for Airport Improvements, $430,000, to be paid with Airport
fees. Portion dedicated for Stormwater Drainage Improvements $710,000 to
be paid through monthly fees charged to utility customers within City limits.1,095,000
$5,390,000, 2019 Combination tax and revenue certificates of obligation due in
annual installments through August 15, 2039; interest at 3.000% to 5.000%;
portion funded by Solid Waste fees.5,390,000
$4,740,000, 2020 Combination tax and revenue certificates of obligation due in
annual installments through August 15, 2035; interest at 1.200%; designated for
GTEC capital improvements to be paid through revenues from 1/2 cent
GTEC sales tax.4,740,000
$655,000, 2020 Combination tax and revenue certificates of obligation due in
annual installments through August 15, 2035; interest at 1.200%; dedicated
for Stormwater Drainage Improvements to be paid through monthly fees
charged to utility customers within City limits.655,000
Total self-supported general obligation debt 52,018,729
Grand total outstanding general obligation debt as of September 30, 2020 222,910,000$
This amount is reported in the government-wide statements of activities as:
Governmental activities 210,843,700$
Business-type activities 12,066,300
222,910,000$
City of Georgetown, Texas
Notes to the Financial Statements
61
B. Sales Tax Revenue Debt – Georgetown Transportation Enhancement Corporation
A summary of sales tax revenue debt outstanding at September 30, 2020 follows:
$7,755,000, 2015 Senior lien sales tax revenue bonds due in annual installments
through August 15, 2027; interest at 2.00% to 4.00%; repaid with 1/2 cent sales
tax revenue 4,960,000$
Total outstanding sales tax revenue debt 4,960,000$
C. Discretely Presented Component Unit
Georgetown Economic Development Corporation (GEDCO) participated in the City’s issuance of
$18,690,000 Combination Tax and Revenue Certificates of Obligation, Series 2016 and is obligated to pay
the City its portion of the principal and interest for the certificates, through 2036. Additionally, GEDCO has
received a loan from the Water Services Fund as part of a tri-party agreement for economic
development.
Repayment of GEDCO’s outstanding long-term liabilities is as follows at September 30, 2020:
Fiscal Years
Ending
September 30, Principal Interest
2021 192,830$ 97,911$
2022 199,511 95,306
2023 206,559 88,966
2024 214,354 79,271
2025-2029 959,175 272,155
2030-2034 860,000 144,700
2035-2036 385,000 17,400
3,017,429$ 795,709$
GEDCO
City of Georgetown, Texas
Notes to the Financial Statements
62
D. Revenue Debt
A summary of revenue bonds outstanding at September 30, 2020:
$7,715,000, 2012 Utility System Revenue & Refunding bonds due in annual
installments through August 15, 2023; interest at 2% to 4% 2,230,000$
$11,855,000, 2014 Utility System Revenue & Refunding bonds due in annual
installments through August 15, 2027; interest at 2% to 4% 6,335,000
$13,000,000, 2014 Utility System Revenue bonds due in annual installments
through August 15, 2034; interest at 2% to 4% 10,320,000
$5,350,000, 2014 Utility System Revenue bonds due in annual installments
through August 15, 2031; interest at 1% to 4% 3,800,000
$10,920,000, 2015 Utility System Revenue & Refunding bonds due in annual
installments through August 15, 2035; interest at 3.00% to 3.75% 8,925,000
$9,620,000, 2016 Utility System Revenue bonds due in annual installments
through August 15, 2036; interest at 2.000% to 4.000%. 8,215,000
$6,925,000, 2016 Utility System Revenue bonds due in annual installments
through August 15, 2028; interest at 3.000% to 4.000% 4,410,000
$27,915,000, 2017 Utility System Revenue bonds due in annual installments
through August 15, 2037; interest at 3.000% to 4.000% 24,590,000
$6,510,000, 2018 Utility System Revenue bonds due in annual installments
through August 15, 2038; interest at 2.000% to 4.000% 6,105,000
$14,430,000, 2020 Utility System Revenue bonds due in annual installments
through August 15, 2035; interest at 1.950% 14,430,000
$6,225,000,Utility System Revenue bonds due in annual installments
through August 15, 2029; interest at 1.350% 6,225,000
Total outstanding revenue debt as of September 30, 2020 95,585,000$
City of Georgetown, Texas
Notes to the Financial Statements
63
All net revenues of the electric and water services system are pledged for the payment of debt service
for the revenue bonds. Net revenues, as defined by the various bond ordinances, include income and
revenues derived from the operation of the system, after deduction of the amount necessary to pay all
operating, maintenance, replacement, and betterment charges of the system.
These bond ordinances require that the net revenues, as defined, equal at least 1.35 times the average
annual debt service on all revenue bonds. The City complied with this requirement at September 30, 2020.
Note 7. Defined Benefit Pension Plan
A. Plan Description
The City participates as one of 866 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’s 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, disability, and death benefits. 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 actuarially equivalent 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.
A summary of plan provisions for the City are as follows:
Employee deposit rate 7%
Matching ratio (City to employee) 2 to 1
Years required for vesting 5
Service retirement eligibility 20 years at any age, 5 years
at age 60 and above
Updated Service Credit 100% Repeating
Annuity Increase to retirees 30% of CPU Repeating
City of Georgetown, Texas
Notes to the Financial Statements
64
C. Employees Covered by Benefit Terms
At the December 31, 2019 valuation and measurement date, the following employees were covered by
the benefit terms:
Retirees or beneficiaries currently receiving benefits 211
Inactive employees entitled to but not yet receiving benefits 269
Active employees 697
1,177
D. 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
consulting 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 of Georgetown were required to contribute 7% of their annual gross earnings during
the fiscal year. The contribution rates for the City of Georgetown were 12.54%, 12.36%, and 12.26% in
calendar years 2018, 2019, and 2020 respectively. The City’s contributions to TMRS for the year ended
September 30, 2020 were $5,912,566 and were equal to the required contributions.
E. 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 Net Pension Liability 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
Overall payroll growth 2.75% per year
Investment rate of return 6.75%, net pension plan investment
expense, including inflation
Salary increases are based on a service-related table. Mortality rates for active members are based on the
PUB(10) mortality tables with the Public Safety table used for males and the General Employee table used
for females. Mortality rates for healthy retirees and beneficiaries are based on the Gender-distinct 2019
Municipal Retirees of Texas mortality tables. The rates for actives, healthy retirees and beneficiaries are
projected on a fully generational basis by Scale UMP to account for future mortality improvements. For
disabled annuitants, the same mortality tables for healthy retirees is used with a 4- year set-forward for males
and a 3-year set-forward for females. In addition, a 3.5% and 3.0% minimum mortality rate is applied, for
males and females respectively, to reflect the impairment for younger members who become disabled.
The rates are projected on a fully generational basis by Scale UMP to account for future mortality
improvements subject to the floor.
City of Georgetown, Texas
Notes to the Financial Statements
65
The actuarial assumptions 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 adopted in 2019
and first used in the December 31, 2109 actuarial valuation. The post-retirement mortality assumption for
Annuity Purchase Rates (APRs) is based on the Mortality Experience Investigation Study covering 2009
through 2011 and dated December 31, 2013. Plan assets are managed on a total return basis with an
emphasis on both capital appreciation as well as the production of income in order to satisfy the short-term
and long-term funding needs of TMRS.
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 real rates of return for each major asset class in
fiscal year 2020 are summarized in the following table:
Asset Class
Global equity 30.0% 5.30%
Core fixed income 10.0% 1.25%
Non-core fixed income 20.0% 4.14%
Real return 10.0% 3.85%
Real estate 10.0% 4.00%
Absolute return 10.0% 3.48%
Private equity 10.0% 7.75%
Total 100.0%
Target Allocation
Long-term
Expected Real
Rate of Return
(Arithmetic)
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.
City of Georgetown, Texas
Notes to the Financial Statements
66
Changes in Net Pension Liability
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability
(a) (b) (a) - (b)
Balance at December 31, 2018 154,718,502$ 125,955,474$ 28,763,028$
Changes for the year
Service cost 7,773,892 - 7,773,892
Interest 10,571,618 - 10,571,618
Change of benefit terms - - -
Difference between expected
and actual experience (273,287) - (273,287)
Changes of assumptions 529,624 - 529,624
Contributions - employer - 5,912,566 (5,912,566)
Contributions - employee - 3,384,157 (3,384,157)
Net investment income - 19,503,600 (19,503,600)
Benefit payments, including refund
of employee contributions (3,977,775) (3,977,775) -
Administrative expense - (110,028) 110,028
Other changes - (3,307) 3,307
Net changes 14,624,072 24,709,213 (10,085,141)
Balance at December 31, 2019 169,342,574$ 150,664,687$ 18,677,887$
Increase (Decrease)
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
one-percentage-point lower (5.75%) or one-percentage-point higher (7.75%) than the current rate:
1% Decrease in
Discount Rate
(5.75%)
Discount Rate
(6.75%)
1% Increase in
Discount Rate
(7.75%)
City's net pension liability 45,178,292$ 18,677,886$ (2,976,262)$
F. 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 on the Internet at www.tmrs.com.
City of Georgetown, Texas
Notes to the Financial Statements
67
G. 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 $7,117,547.
At September 30, 2020, the City reported deferred outflows of resources and deferred inflows of resources
related to pensions from the following sources:
Deferred
Outflows of
Resources
Deferred Inflows
of Resources
Differences between expected and
actual economic experience 550,744$ 590,386$
Changes in actuarial assumptions 915,306 -
Difference in projected and actual
investment earnings 7,288,748 11,802,815
Contributions subsequent to the measurement date 4,629,366 -
Total 13,384,164$ 12,393,201$
Deferred outflows of resources related to pensions resulting from contributions subsequent to the
measurement date of $4,629,336 will be recognized as a reduction of the net pension liability for the
measurement year ending December 31, 2020 (i.e. recognized in the city’s financial statements September
30, 2021). Other amounts reported as deferred outflows and inflows of resources related to pensions will be
recognized in pension expense as follows:
Measurement
Years Ended
December 31,
2020 (755,828)$
2021 (964,063)
2022 283,804
2023 (2,210,500)
2024 (13,706)
Thereafter 21,890
(3,638,403)$
City of Georgetown, Texas
Notes to the Financial Statements
68
Note 8. Other Post-Employment Benefits (OPEB)
A. Post-Employment Healthcare Plan
Plan Description and Benefits Provided
In addition to the pension benefits described in the previous note, the City has established a medical
insurance benefit plan for retirees, which is a single-employer defined benefit medical plan (the Retiree
Medical Plan). The Retiree Medical Plan does not issue a publicly available financial report. Eligible retirees
will be provided medical insurance benefits at a set premium rate annually. Eligible retirees may also
cover their eligible dependents. Retirees are responsible for paying the premiums. A retiree is defined as
someone who retires from the City and receives benefit payments. The City will stop insurance coverage
on the retiree and dependent on the last day of the month when one of the following occurs:
1. The retiree reaches age 65; or
2. The retiree fails to submit the required set premium rate.
No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 75.
The following employees were covered by the benefit terms as of December 31, 2019.
Retirees or beneficiaries 13
Inactive employees, nonretired members 0
Active members 688
701
Total OPEB Liability
The City’s total OPEB liability was measured as of December 31, 2019, and was determined by an actuarial
valuation as of December 31, 2019.
Actuarial Assumptions and Other Inputs
The total OPEB liability in the December 31, 2019 actuarial valuation was determined using the following
actuarial assumptions and other inputs, applied to all periods included in the measurement, unless
otherwise specified:
Actuarial cost method Individual entry-age normal
Discount rate 2.75%
Inflation 2.5% per year
Salary increases 3.5% to 11.5%, including inflation
Demographic assumptions
Based on the experience study covering the four-year period
ending December 31, 2018 as conducted for the TMRS.
Mortality 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 improvements rates in the MP tables to account
for future mortality improvements.
Health care trend rates Initial rate of 7% declining to an ultimate rate of 4.15% after
15 years.
Participation rates 25% for retirees with age at least 50 at retirement; 0% for
retirees with age less than 50 at retirement; 20% of retirees
were assumed to elect two-person coverage.
City of Georgetown, Texas
Notes to the Financial Statements
69
Changes in the Total OPEB Liability
Increase
(Decrease) Total
OPEB Liability
Balance at September 30, 2019 2,237,267$
Changes for the year
Service cost 154,054
Interest 84,088
Change of benefit terms -
Difference between expected
and actual experience 65,680
Changes of assumptions 286,037
Benefit payments (95,554)
Net changes 494,305
Balance at September 30, 2020 2,731,572$
Changes of Assumptions
Changes of assumptions and other inputs reflect the effects of changes in the discount rate for each
period. In fiscal year 2020, amounts reflect an increase in the discount rate from the beginning of the year
from 3.71% to 2.75%, revised TMRS demographic assumptions, and updates to the healthcare trend
assumption.
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate and Healthcare Cost Trend Rates
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 or 1 percentage point higher than the current rate.
1% Decrease in
Discount Rate
(1.75%)
Discount Rate
(2.75%)
1% Increase in
Discount Rate
(3.75%)
Total OPEB liability 3,015,469$ 2,731,572$ 2,472,181$
The following presents the total OPEB liability of the City, calculated using the current healthcare cost
trend rates as well as what the City’s total OPEB liability would be if it were calculated using trend rates
that are 1 percentage point lower or 1 percentage point higher than the current trend rates.
1% Decrease in
Healthcare Cost
Rate
Healthcare Cost
Rate
1% Increase in
Healthcare Cost
Rate
Total OPEB liability 2,369,196$ 2,731,572$ 3,167,511$
City of Georgetown, Texas
Notes to the Financial Statements
70
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
OPEB Expense
Year Ended
September 30,
2020
Service cost 154,054$
Interest 84,088
Change of benefit terms -
Difference between expected and
actual experience 65,680
Changes of assumptions 286,037
Benefit payments (95,554)
Expense 494,305$
As of September 30, 2020, the deferred inflows and outflows of resources are as follows:
Deferred
Outflows of
Resources
Deferred Inflows
of Resources
Differences between expected and
actual economic experience 62,999$ -$
Changes in actuarial assumptions 335,652 73,098
Difference in projected and actual
investment earnings - -
Contributions subsequent to the measurement date 71,666 -
Total 470,317$ 73,098$
Amounts currently reported as deferred outflows of resources and deferred inflows of resources related
to other postemployment benefits will be recognized in OPEB expense as follows:
Year Ending
September 30,
2021 34,824$
2022 34,824
2023 34,824
2024 34,824
2025 34,824
Thereafter 151,433
325,553$
B. Life Insurance Benefits
Plan Description and Benefits Provided
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. It is considered to be a single-employer plan. The City elected, by ordinance, to provide
group-term life insurance coverage to both current and retired employees. The City 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.
City of Georgetown, Texas
Notes to the Financial Statements
71
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 OPEB and is a fixed amount
of $7,500. As the SDBF covers both active and retiree participants, with no segregation of assets, the SDBF
is considered to be an unfunded OPEB plan (i.e. no assets are accumulated).
Inactive employees currently receiving benefits 158
Inactive employees entitled to but not yet receiving benefits 84
Active employees 697
939
Contributions
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 employee’s entire
careers. The City’s contributions to the TMRS SDBF for the year ended September 30, 2020 were $4,835,
which equaled the required contributions.
Total OPEB Liability
The City’s total OPEB liability was measured as of December 31, 2019 and was determined by an actuarial
valuation as of that date.
Actuarial Assumptions
The City’s total OPEB liability in the December 31, 2019 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%
Retirees' share of benefit related
costs
$0
Administrative expenses All administrative expenses are paid through the
Pension Trust.
Mortality rates - service retirees 2019 Municipal Retirees of Texas Mortality Tables.
The rates are projected on a fully generational
basis with scale UMP.
Mortality rates - disabled retirees 2019 Municipal Retirees of Texas Mortality Tables
with a 4 year setforward for males and a 3 year set-
forward for females. In addition, a 3.5% and 3%
minimum mortality rate will be applied to reflect
the impairment for younger members who
become disabled for males and females,
respectively. The rates are projected on a fully
generational basis by Scale UMP to account for
future mortality improvements subject to the
floor.
The discount rate was based on the Fidelity Index’s “20-Year Municipal GO AA Index” rate as of
December 31, 2019.
The actuarial assumptions used in the December 31, 2019 valuation were based on the results of an
actuarial experience study for the period December 31, 2014 to December 31, 2018.
City of Georgetown, Texas
Notes to the Financial Statements
72
Changes in the Total OPEB Liability
Increase
(Decrease) Total
OPEB Liability
Balance at December 31, 2018 1,087,308$
Changes for the year
Service cost 72,518
Interest 41,595
Change of benefit terms -
Difference between expected
and actual experience (6,941)
Changes of assumptions 262,118
Benefit payments (4,835)
Net changes 364,455
Balance at December 31, 2019 1,451,763$
Due to the SDBF being considered an unfunded OPEB plan under GASB 75, benefit payments are treated
as being equal to the employer’s yearly contributions for retirees. Changes in assumptions are a result of
the change in municipal bond index rate from the previous year.
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 one
percentage-point lower (1.75%) or one percentage-point higher (3.75%) than the current rate:
1% Decrease in
Discount Rate
(1.75%)
Discount Rate
(2.75%)
1% Increase in
Discount Rate
(3.75%)
Total OPEB liability 1,805,110$ 1,451,763$ 1,181,872$
OPEB Expense and Related Deferred Outflows of Resources and Deferred Inflows of Resources
For the year ended September 30, 2020, the City recognized OPEB expense of $143,164.
At September 30, 2020, the City reported deferred outflows of resources related to OPEB from the
following sources:
Deferred
Outflows of
Resources
Deferred Inflows
of Resources
Differences between expected and
actual economic experience -$ 20,715$
Changes in actuarial assumptions 217,706 -
Difference in projected and actual
investment earnings - -
Contributions subsequent to the measurement date - -
Total 217,706$ 20,715$
City of Georgetown, Texas
Notes to the Financial Statements
73
Amounts reported as deferred outflows and inflows of resources related to OPEB will be recognized in
OPEB expense as follows:
Year Ending
September 30,
2021 29,051$
2022 29,051
2023 29,051
2024 29,051
2025 29,051
Thereafter 51,736
196,991$
Note 9. Risk Management
Health Benefits – On January 1, 2014, the City began a self-funded insurance program for provision of
employee health insurance. In fiscal year 2019, the City made contributions to cover 83% of the
employees’ costs for medical plan premiums. The employees authorized payroll withholdings to pay the
remainder contributions for themselves, and their family members, if elected.
In accordance with state statute, the City maintains a catastrophic loss insurance policy (stop-loss policy),
which reimburses the City for annual claims totaling over $150,000 per covered individual. For the fiscal
year ended 2020, $867,868 in stop-loss payments were received by the City. The City made no significant
reductions in insurance coverage and no settlements have exceeded insurance coverage for the 2020
fiscal year. The City’s contributions for the self-insurance during the year totaled $7,940,475. Estimates of
claims payable and of claims incurred but not reported at September 30, 2020 are reflected as accrued
expenses of the fund. The liabilities include an amount for claims that have been incurred but were not
reported until after September 30, 2020. Because actual claims liabilities depend on such complex factors
such as inflation, changes in legal requirements, and damage awards, the process used in computing
claims liability is an estimate that could materially change when the claims are ultimately finalized.
Analysis of claims liability for the fiscal year 2020 is as follows:
Unpaid claims, beginning of year 580,933$
Incurred claims 7,402,649
Claim payments (7,386,649)
Unpaid claims, end of year 596,933$
Note 10. Deferred Compensation Plan
The City offers its employees a deferred compensation plan 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. Participation in the plan is optional. The deferred compensation is not available to
employees until termination, retirement, death or an unforeseeable emergency.
City of Georgetown, Texas
Notes to the Financial Statements
74
Note 11. Commitments and Contingencies
A. Wholesale Power Agreements
The City has the following long-term agreements, which represent significant commitments:
American Electric Power (AEP), through 2028
Électricité de France Renewable Energy (EDF-RE), through 2035
Clearway Energy, through 2043
Mercuria Energy America (MEA) through 2021
B. Brazos River Authority (BRA) Water Contracts
Effective September 1, 2001, the City revised its previous water availability agreements with the BRA to
further plan for future water needs and to standardize the pricing to a system-wide rate. The effective
system-wide rate for Lake Georgetown Water and Lake Stillhouse Hollow Water fiscal year beginning
September 1, 2020 is $79.00 per acre-foot and for Colorado River Basin for fiscal year beginning September
1, 2020 is $181.25 per acre-foot. The City paid a total of $3,625,861 for water during the fiscal year. The City
has three separate agreements with the BRA as follows:
Lake Georgetown Water – This agreement, effective September 1, 2001 and expiring August 31, 2050,
requires BRA to make available to the City 6,720 acre-feet of water per year at BRA’s system wide rate.
The City paid $531,728 for water under this agreement in fiscal year 2020.
Lake Stillhouse Hollow Water – This agreement, effective September 1, 2001 and expiring August 31,
2040, requires BRA to make available to the City 38,987 acre-feet of water per year at BRA’s system
wide rate. The City paid $3,084,895 for water under this agreement in fiscal year 2020.
Colorado River Basin – This agreement, effective July 1, 2020, and expiring August 31, 2030, requires
BRA to make available to the City 1,200 acre-feet of water per calendar year based on the Total LCRA
Water Rate under the LCRA contract with the BRA. The City paid $9,237 for water under this agreement
in fiscal year 2020.
C. Brazos River Authority – Williamson County Regional Raw Water Line Agreement
The City is a party to an agreement dated June 30, 1986, with the Brazos River Authority (BRA), City of
Round Rock, Jonah Water Special Utility District, and Chisholm Trail Special Utility District (CTSUD). The
Brazos River Authority designed, constructed, owns, and operates a pipeline to transport water from Lake
Stillhouse Hollow to Lake Georgetown to benefit the parties in the agreement. Total project construction
cost for the raw water line was approximately $40,000,000. In 2007, BRA refunded a portion of the original
$89,000,000 in debt, leaving approximately $69,000,000 outstanding debt, including principal and interest.
Each participant agreed to pay for the annual cost of debt and operations of the line. The City’s
obligation is $50,500,000, including principal and interest, to be repaid annually through 2032. The amount
for fiscal year 2020 was $2,371,890.
City of Georgetown, Texas
Notes to the Financial Statements
75
The following schedule reflects the principal portion of the City’s obligation:
Years Ending
September 30,
2021 2,277,352$
2022 2,273,009
2023 2,276,986
2023 2,271,146
2025-2033 15,079,182
24,177,675$
As part of the CTSUD acquisition that occurred on September 12, 2014, the City assumed the ownership
interest and related obligations of CTSUD’s portion of this project.
D. Georgetown Village Public Improvement District
In 1999, the City of Georgetown created the Georgetown Village Public Improvement District No. 1,
pursuant to Chapter 372 of the Texas Local Government Code. The City is required to construct and
provide operation, repair, and maintenance of parks, recreational facilities, alleyways, lighting,
landscaping and related improvements to the district that are above the standards that are met
elsewhere in the City. Property owners are assessed an annual maintenance assessment of $0.14 per $100
valuation. Assessment revenue of $458,669 was recognized for 2020. As of September 30, 2020, $780,381 of
costs associated with the Georgetown Village Public Improvement District have been reimbursed.
E. Cimarron Hills Public Improvement District
In May 2000, the City and Paloma Cimarron Hills, L.P. entered into a development agreement for a 606
home, 813 acre subdivision within the City’s Extraterritorial Jurisdiction (ETJ). As part of this agreement, the
City created the Cimarron Hills PID to reimburse the developer for costs of certain infrastructure
improvements. Each lot within the development is assessed an annual fee based on its type of usage. The
City also collects a per unit transportation fee which will be used to fund necessary roadway improvements
and bridge crossings in the area. PID assessment collection began in 2002. In 2020, no PID assessments
were received. The developer was reimbursed $1,686 from current year collections and available fund
balance. The assessments and related disbursements are recorded in the Agency Funds.
F. Gateway Tax Increment Reinvestment Zone (TIRZ)
This was established in November 2006 to fund improvements needed for redevelopment of the Williams
Drive gateway area. A master plan for the area was developed in 2006, with implementation planned
for future years. For the year ending September 30, 2020, total revenues were $52,471 with no
expenditures.
G. Downtown Tax Increment Reinvestment Zone (TIRZ)
This was established in 2004 to fund improvements in the downtown overlay district to assist in funding the
downtown master plan. For the year ending September 30, 2020, total revenues were $307,300 with total
expenditures of $50,484.
City of Georgetown, Texas
Notes to the Financial Statements
76
H. Rivery Park Tax Increment Reinvestment Zone (TIRZ)
This was established in 2008 to fund a convention center/hotel complex, as well as, an expansion to Rivery
Park. In January 2014, the City entered into agreements for a 220-room Sheraton hotel and conference
center at the 32-acre Rivery site for the development of the Summit at Rivery Park (Rivery) project. This
project includes a 16,000 square-foot conference center that can accommodate up to 4,500 people
and a public parking garage. Plans for the project include future phases with retail stores, restaurant sites,
single-family homes, and multifamily residences for a total project investment of $150,000,000 including
$65,000,000 for the hotel, conference center, and parking garage. Private investors funded most of the
project costs.
A total of $16,800,000 in future City and County property taxes generated at the site will be used to
reimburse the City and the developer for the cost of the hotel and conference center, parking garage,
and other public improvements. This includes $12,500,000 of investments by the City and its related entities
including GEDCO and GTEC.
In December 2014, the city council extended the construction and completion dates for the various
development agreements for the project. Ground breaking occurred in February 2015, while the grand
opening occurred on July 28, 2016.
The City and Williamson County agreed to reimburse up to $25,000,000 for the project. The City will
contribute 100% and Williamson County will contribute 80% of their respective incremental ad valorem
tax valuation generated at the 32-acre site to fund the project. The City will remit half of the 1% City sales
tax generated at the site to Williamson County as part of the agreement. For the year ending
September 30, 2020, total revenues were $754,131 with total expenditures of $606,083.
I. South Georgetown Tax Increment Reinvestment Zone (TIRZ)
In June 2014, the City created the South Georgetown TIRZ on 595 undeveloped acres along
Westinghouse Road near IH-35 to accelerate and ensure quality development and job creation in the
area. This project abuts the high-growth corridor in neighboring Round Rock. The City intends to use this
TIRZ to proactively build infrastructure, including sewer and road improvements, using future TIRZ
revenues to reimburse the City for the costs of these improvements.
The TIRZ is expected to fund up to $50,000,000 of public improvements through December 2044, with an
estimated future assessed valuation within the TIRZ in excess of $573,000,000. The City is currently in
negotiations with landowners and developers in the area to facilitate and leverage the TIRZ
improvements to ensure the success of the project. For the year ending September 30, 2020, total
revenues were $542,807 with expenditures of $500,000.
J. Wolf Lakes Tax Increment Reinvestment Zone (TIRZ)
In December 2018, the City created the Wolf Lakes TIRZ on 164 acres located at the northwest corner of
Interstate 35 and University Ave (SH29), bounded by Wolf Ranch Parkway to the west and the River Hills
subdivision to the north. The purpose of the TIRZ is to provide economic and qualitative benefits by
facilitating a program of public improvements.
The City and Williamson County agreed to reimburse up to $130,000,000 for public improvement projects
in the TIRZ. The City will contribute 70% of their respective incremental ad valorem tax valuation generated
up to $100,000,000 and Williamson County will contribute 50% of their respective incremental ad valorem
tax valuation generated up to $30,000,000.
City of Georgetown, Texas
Notes to the Financial Statements
77
K. Chapter 552 Infrastructure Financing Reimbursement Agreement
In August 2014, the City entered into a Chapter 552 Infrastructure Financing/Reimbursement Agreement
for the Hillwood Wolf Ranch Development Project. This agreement is one of several associated with this
project which included the City’s consent to the creation of an In-City Municipal Utility District (MUD) to
finance the costs of various improvements. This Chapter 552 agreement, allowable under Chapter 552 of
the Local Government Code, facilitates the reimbursement of up to $25,000,000 to the MUD for
construction of specified public improvements within the Hillwood Wolf Ranch development. The annual
repayment amount is funded from City ad valorem tax revenues received by the City for property within
the MUD at a rate of $0.15/per $100 assessed valuation. The terms of this Chapter 552 Agreement continue
until dissolution of the MUD or the date on which the City pays the maximum reimbursement amount of
$25,000,000, whichever occurs first. Reimbursements were made in FY2020 totaling $255,414.
L. Chapter 380 Agreement Sales Tax Grant
In 2017, the City entered into a 380 Agreement with Holt Texas Ltd as part of an economic development
agreement as an incentive for Holt Texas Ltd to expand its investment in infrastructure, land, and other
improvements. As an incentive to expand Holt’s investment, the City agreed to provide five (5) sales tax
grants equal to 50% of the 1% general fund sales taxes collected by the City from Holt sales tax receipts in
a 12 months sales tax reporting period up to a maximum of $2,000,000. Holt Texas Ltd is required to meet a
minimum sale of taxable items of $35,000,000 in each sales tax reporting period in order to be eligible for
the sales tax grant for that year. Holt Texas Ltd will open the expanded facility in the fourth quarter of 2019
with the first reporting period to be in 2020, fiscal year 2021. The agreement expires after the fifth sales tax
grant is issued or the maximum $2,000,000 is met.
M. Garey Park Trust
In June 2014, the City entered into a memorandum of understanding (MOU) whereby Alan Jack Garey
donated his 525-acre ranch and home, on the conditions that the property shall be used exclusively as a
public park and recreational facility for the benefit of all residents of the City of Georgetown and
surrounding areas. The Gareys deeded 321.45 acres of land to the Texas Parks and Recreation
Foundation, in trust for the benefit of the City. All of the land is now in the City of Georgetown’s name. We
have accepted operations and maintenance for the park. Garey Park opened in June 2018.
N. Grants
Amounts received or receivable from grantor agencies, principally the federal government, are
subject to audit and adjustment by the agencies. Any disallowed claims, including amounts already
collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which
may be disallowed by the grantor cannot be determined at this time, although the City expects
such amounts, if any, to be immaterial.
O. Litigation
The City is involved in various legal actions in which claims of varying amounts are being asserted
against the City. The City follows the practice of providing for these claims only when they become
probable and reasonably determinable in amount. In the opinion of City management, these actions
will not result in a significant change in the City's financial position.
P. Construction Contracts
Encumbrances on construction projects in progress as of September 30, 2020 are approximately
$10,439,000 for Governmental Funds and approximately $14,437,000 for Enterprise Funds.
City of Georgetown, Texas
Notes to the Financial Statements
78
Note 12. Financial Hedging
In an effort to mitigate the financial and market risk associated with the purchase of natural gas, energy,
and congestion price volatility, the City has established a Risk Management Policy. This policy was
authorized by the City Council to enter into forward contracts for natural gas, swaps, and congestion
rights for the purpose of reducing exposure to natural gas, energy, and congestion price risk. Use of these
types of instruments for the purpose of reducing exposure to price risk is performed as a hedging activity.
At September 30, 2020, the City had multiple outstanding contracts, with wholesale customers to provide
power supply and/or qualified scheduling entity services. For the power supply customers, the City
charges an energy charge which is based on the quantity of power supplied multiplied by a fixed price,
or multiplied by a fixed heat rate and a fuel index price. In order to hedge the City’s risk, the City has
entered into corresponding power supply agreements with counterparties to hedge against energy price
or heat rate fluctuation in the market. These contracts meet the definition of a derivative instrument as
defined by GASB Statement No. 53, Accounting and Reporting for Derivative Instruments (GASB 53).
However, these contracts meet the normal purchases and sales exemption of GASB 53 as the City intends
to use the physical commodity in its normal utility operations to supply energy to its customers.
Accordingly, these contracts are not within the scope of GASB 53 and are not recorded on the City’s
Statement of Net Position.
At September 30, 2020, the City maintains a $3,000,000 Letter of Credit at the Electric Reliability Council
of Texas (ERCOT) in lieu of maintaining an unsecured deposit with that agency to comply with fiscal surety
requirements.
A. Risks
Credit Risk. The City’s over-the-counter agreements for natural gas and energy expose the City to credit
risk. In the event of default, the City’s operations will not be materially affected. However, the City does
not expect the counterparties to fail to meet their obligations. The City maintains contracts with
contractual provisions under the EEI (Edison Electric Institute) and EPC (Energy Procurement Contract)
agreements.
Termination Risk. Termination risk is the risk that a derivative will terminate prior to its scheduled maturity
date due to a contractual event. Contractual events include illegality, tax and credit events upon merger
and other events. The City’s exposure to termination risk for over-the counter agreements is minimal due
to the high credit rating of the counterparties, and the contractual provisions under the EEI and EPC
agreements applied to these contracts. Termination risk is associated with all of the City’s derivatives up
to their fair value of the instrument.
Netting Arrangements. The City enters into netting arrangements whenever it has entered into more than
one derivative transaction with counterparty. Under the terms of these arrangements, should one party
become insolvent or otherwise default on its obligations, close-out netting provisions permit the non-
defaulting party to accelerate and terminate all outstanding transactions and net the transaction’s fair
values so that a single sum will be owed by or owed to the non-defaulting party.
City of Georgetown, Texas
Notes to the Financial Statements
79
Note 13. Subsequent Events
Due to the major winter storm that hit the State of Texas in February 2021, the price of energy experienced
record price increases for an extended period of time. Due to these price increases, the Georgetown
Electric Fund owes Shell Energy North America, our Qualified Scheduling Entity for the Texas market,
between $45 - $50 million by April 1, 2021. With approval of the City Council, the City of Georgetown is
looking to finance this obligation with tax-supported debt for a ten-year period. The City Council has set
Electric utility rates sufficient to repay this debt obligation. Due to this additional obligation, Standard &
Poor’s lowered the rating on the Utility System Revenue Bonds to A+ as of February 2021.
80
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81
Required Supplementary Information
City of Georgetown, Texas
Required Supplementary Information
For the Fiscal Year Ended September 30, 2020
82
Texas Municipal Retirement System – Schedule of Changes in Net Pension Liability and Related Ratios*
Measurement Measurement Measurement Measurement Measurement Measurement
2019 2018 2017 2016 2015 2014
Total pension liability
Service cost 7,773,892$ 7,418,271$ 6,897,077$ 6,387,917$ 5,660,967$ 4,549,949$
Interest 10,571,618 9,700,878 8,852,731 8,051,567 7,402,393 6,747,717
Changes of benefit terms - - - - - -
Difference between expected and actual
experience (273,287) (511,751) 231,554 486,906 903,470 71,207
Changes of assumptions 529,624 - - - 1,980,757 -
Benefit payments (3,977,775) (3,792,957) (3,560,669) (3,063,090) (2,491,010) (2,652,717)
Net change in total pension liability 14,624,072 12,814,441 12,420,693 11,863,300 13,456,577 8,716,156
Total pension liability - beginning 154,718,502 141,904,061 129,483,368 117,620,068 104,163,491 95,447,335
Total pension liability - ending (a)169,342,574$ 154,718,502$ 141,904,061$ 129,483,368$ 117,620,068$ 104,163,491$
Plan fiduciary net position
Contributions - employer 5,912,566$ 5,725,188$ 5,323,953$ 4,630,015$ 4,371,324$ 3,800,520$
Contributions - employee 3,384,157 3,229,347 3,009,880 2,798,414 2,592,095 2,256,459
Net investment income 19,503,600 (3,736,957) 14,606,240 6,398,399 132,967 4,694,918
Benefit payments (3,977,775) (3,792,957) (3,560,669) (3,063,089) (2,491,010) (2,652,717)
Administrative expense (110,028) (72,138) (75,638) (72,218) (80,978) (49,007)
Other (3,307) (3,767) (3,833) (3,891) (4,000) (4,029)
Net change in plan fiduciary net position 24,709,213 1,348,716 19,299,933 10,687,630 4,520,398 8,046,144
Plan fiduciary net position - beginning 125,955,476 124,606,760 105,306,827 94,619,197 90,098,799 82,052,655
Plan fiduciary net position - ending (b) 150,664,689 125,955,476 124,606,760 105,306,827 94,619,197 90,098,799
Net pension liability - ending (a) - (b)18,677,885$ 28,763,026$ 17,297,301$ 24,176,541$ 23,000,871$ 14,064,692$
Plan fiduciary net position as a
percentage of total pension liability 88.97% 81.41% 87.81% 81.33% 80.44% 86.50%
Covered payroll 48,345,099$ 46,133,526$ 42,892,268$ 39,775,322$ 37,121,089$ 32,235,133$
Net pension liability as a percentage
of covered payroll 38.63% 62.35% 40.33% 60.78% 61.96% 43.63%
*Schedule will include 10 years of information as it becomes available.
City of Georgetown, Texas
Required Supplementary Information – Continued
For the Fiscal Year Ended September 30, 2020
83
Texas Municipal Retirement System – Schedule of Contributions*
September 30, September 30, September 30, September 30, September 30, September 30,
2020 2019 2018 2017 2016 2015
Actuarially determined contribution 5,912,566$ 5,900,133$ 5,682,270$ 5,172,343$ 4,519,980$ 4,165,570$
Contributions in relation to the actuarially
determined contribution 5,912,566 5,900,133 5,682,270 5,172,343 4,519,980 4,165,570
Contribution deficiency (excess)-$ -$ -$ -$ -$ -$
Covered payroll 48,345,099$ 48,020,769$ 45,293,424$ 39,775,322$ 37,121,089$ 32,235,133$
Contributions as a percentage of
covered payroll 12.23% 12.29% 12.55% 13.00% 12.18% 12.92%
*Schedule will include 10 years of information as it becomes available.
City of Georgetown, Texas
Required Supplementary Information – Continued
For the Fiscal Year Ended September 30, 2020
84
Notes to TMRS Schedules
TMRS schedules are intended to show information for ten years, and future years’ information will be
displayed as it becomes available.
Valuation Date
Actuarial determined contribution rates are calculated as of December 31 and become effective in
January, 13 months later.
Methods and Assumptions Used to Determine Contribution Rates:
Actuarial cost method Entry age normal
Amortization method Level percentage of payroll, closed
Remaining amortization
period
26 years
Asset valuation method 10 year smoothed market, 12.00% soft corridor
Inflation 2.50%
Salary increases 3.50% to 11.50%, including inflation
Investment rate of return 6.75%
Retirement age Experience-based table of rates that are specific to
the City's plan of benefits. Last updated for the 2019
valuation pursuant to an experience study of the
period 2014 - 2018.
Mortality Post-retirement: 2019 Municipal Retirees of Texas
Mortality Tables. The rates are projected on a fully
generational basis with scale UMP. Pre-retirement:
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.
There were no benefit changes during the year.
City of Georgetown, Texas
Required Supplementary Information – Continued
For the Fiscal Year Ended September 30, 2020
85
Post-employment Healthcare Plan – Schedule of Changes in the OPEB Liability and Related Ratios*
Measurement Measurement Measurement
2019 2018 2017
Total OPEB liability
Service cost 154,054$ 144,760$ 128,392$
Interest 84,088 73,344 74,997
Changes of benefit terms - - -
Difference between expected and actual
experience 65,680 4,261 -
Changes of assumptions 286,037 (90,006) 106,325
Benefit payments (95,554) (77,104) (63,836)
Net change in total OPEB liability 494,305 55,255 245,878
Total OPEB liability - beginning 2,237,267 2,182,012 1,936,134
Total OPEB liability - ending 2,731,572$ 2,237,267$ 2,182,012$
Covered payroll 48,345,099$ 46,133,526$ 40,193,300$
Total OPEB liability as a percentage
of covered payroll 5.65% 4.85% 5.43%
Life Insurance Benefits – Schedule of Changes in the OPEB Liability and Related Ratios*
Measurement Measurement Measurement
2019 2018 2017
Total OPEB liability
Service cost 72,518$ 83,040$ 64,338$
Interest 41,595 37,420 34,993
Changes of benefit terms - - -
Difference between expected and actual
experience (6,941) (25,887) -
Changes of assumptions 262,118 (93,944) 100,531
Benefit payments (4,835) (4,613) (4,289)
Net change in total OPEB liability 364,455 (3,984) 195,573
Total OPEB liability - beginning 1,087,308 1,091,292 895,719
Total OPEB liability - ending 1,451,763$ 1,087,308$ 1,091,292$
Covered payroll 48,345,099$ 46,133,526$ 42,892,268$
Total OPEB liability as a percentage
of covered payroll 3.00% 2.36% 2.54%
*Schedules will include 10 years of information as it becomes available.
City of Georgetown, Texas
Required Supplementary Information – Continued
For the Fiscal Year Ended September 30, 2020
86
Modified Approach for Streets Infrastructure Capital Assets
GASB Statement 34 allows the City to use the Modified Approach with respect to infrastructure assets
instead of depreciating these assets. The City Council adopted an average PCI level of 85, which is
considered “good” condition for a street. The City’s system for reporting assets is fully discussed in
Note 1(n) of the notes. The following is additional information for the City’s streets infrastructure for fiscal
year 2020. This information is updated every three years and comparative data is included.
Condition Rating Segments
% of
Segments
Area (sq. ft.,
in 000's)
% of
Segments
Excellent 95-100 1,350 33.0% 18,386 29.6%
Good 85-95 1,264 30.9% 16,699 26.9%
Fair 75-85 691 16.9% 8,878 14.3%
Marginal 65-75 348 8.5% 4,425 7.1%
Poor 40-65 348 8.5% 4,707 7.6%
Damaged <40 95 2.3% 8,921 14.4%
4,096 100.0% 62,016 100.0%
2008-2010 2011-2013 2014-2017 2018-2020
Arterial 93.00 89.70 90.00 94.50
Collector 93.75 86.30 86.10 85.80
Local 92.70 87.50 86.50 83.70
Overall network 93.00 87.70 87.30 85.50
Fiscal Years Ending
September 30, 2020 2019 2018 2017 2016 2015
Estimated maintenance cost 6,147,579$ 6,801,616$ 7,544,210$ 4,202,259$ 3,625,000$ 3,570,000$
Budgeted maintenance cost 5,081,762 6,945,399 7,525,408 4,813,259 4,520,000 4,811,850
Actual maintenance cost 4,984,964 4,851,658 4,749,625 4,126,042 4,550,677 4,106,996
Condition Rating Summary
PCI Rating by Functional Class
Costs to Maintain System at Designated Level
87
Combining and Individual Fund Financial
Statements and Schedules
City of Georgetown, Texas
Combining and Individual Fund Financial Statements and Schedules –
Nonmajor Governmental Funds
88
Special Revenue Funds
Special Revenue Funds (SRFs) are used to account for proceeds of specific revenue sources that are
legally restricted to expenditures for specified purposes. The City of Georgetown utilizes multiple SRFs
to provide an extra level of transparency and accountability to the taxpayers.
Council Discretionary – This SRF was created in July 2015 and includes the projected year-end General
Fund balance not allocated in the budget. These funds will be expended at the direction of the City
Council for specific one-time purposes.
Conservation – is dedicated to energy efficiency programs and projects, and is supported solely by the
$.20 Conservation Fee charged monthly to all City of Georgetown electric customers on their utility bills.
This fee is used to maintain compliance with House Bill 3693, which calls for enhancement of existing
energy efficiency programs and strengthening of statutory requirements, as well as, to promote more
electric demand management by customers. Specific programs supported by the Conservation SRF
include Home Energy Audits, Weatherization Programs, and the LED Light Bulb Exchange Program.
Court Fees – includes the following SRFs:
Court Security Fund
Court Technology Fund
Court Child Safety Fund
Juvenile Case Manager Fund
The Court Security Fund is used to account for the receipt and expenditure of court costs related to
security personnel.
The Court Technology Fund is used to finance the purchase or maintenance of technological
enhancements for the Municipal Court.
Court Child Safety Fund is used to fund school crossing guard programs or other safety activities. All
funds are governed by State statute.
The Juvenile Case Manager Fund is used for the receipt and expenditure of a court fee that is collected
for a juvenile case manager. The fund is to finance the salary, benefits, training, travel expenses, office
supplies, and other necessary expenses of the juvenile case manager, as outlined by statute.
Development includes the following SRFs:
Permitting Fund
Community Development Block Grant (CDBG) Fund
Main Street Façade Fund
The Permitting Fund’s source is technology fees charged to builders and property owners. These fees
support the MyPermitNow system which is a comprehensive electronic permit, inspection, and tracking
system for all types of construction projects. This system allows for efficient and improved customer
service for both the internal and external customers by providing real time online permit information to
customers.
The CDBG Fund is financed through the US Department of Housing and Urban Affairs Division. CDBG
funds are administered through Williamson County and fund infrastructure improvements, such as
sidewalks in eligible geographic areas.
City of Georgetown, Texas
Combining and Individual Fund Financial Statements and Schedules –
Nonmajor Governmental Funds – Continued
89
The Main Street Façade Fund accounts for grants distributed by the Main Street Board for the
improvement of commercial facades in the Downtown Overlay District. Revenue sources include
General Fund contributions and fund raising efforts by the Main Street Board.
Fire – includes the following SRFs:
Fire Billing Fund
EMS Paramedic Fund
The Fire Billing Fund’s revenue is derived from inspections and billing insurance carriers for fire protection
services. These funds are used to purchase fire equipment and special needs. Revenues are also used to
help fund fire prevention needs and public education.
Library – accounts for the receipt and expenditure of restricted donations such as memorials and gifts for
a designated library purchase or program.
Parks – includes the following funds:
Tree Fund
Parks Restricted Fund
Parkland Dedication
Cemetery Fund
The Tree Fund is financed by fees assessed when development projects remove trees. These funds are
used to plant, prune, irrigate, maintain, and fund other associated tree activities in City parks, or other City-
owned property.
The Parks Restricted Fund is used to account for transfers in, donations, and grants. Funds are used for
equipment replacement for parks.
The Parkland Dedication Fund was established through the Parkland Dedication Ordinance. When new
residential developments are built, the developer is required to dedicate land or pay a fee in lieu of
dedication. When a fee is paid, the money is set aside to be used in a restricted zone near the
development. The funds must be used for parks and recreation improvements such as new playgrounds,
new parks, new trails, or to buy parkland.
The Cemetery Fund pays for the ongoing maintenance of the City’s cemeteries. Revenues are generated
from plot sales and maintenance fees. In addition, the City Council committed to transfer money in from
the General Fund to plan for long-term maintenance.
PEG Fee – The Public, Education, and Government (PEG) Fund is used to account for the receipt and
expenditure of PEG fees collected through cable providers that are legally restricted for capital
expenditures related to the City's cable access channel.
Police – includes the following funds:
Police Seizures Fund
Abandoned Vehicle Fund
Animal Services Fund
City of Georgetown, Texas
Combining and Individual Fund Financial Statements and Schedules –
Nonmajor Governmental Funds – Continued
90
The Police Seizures Fund is used to account for properties and revenues seized by the Georgetown Police
Department. Federal and Texas State Law requires the funds only be used for a defined set of law
enforcement purposes such as law enforcement training, crime prevention awareness programs, asset
accounting and tracking, and witness-related costs. Purchases of police equipment and facilities
equipment are also permitted under state law.
The Abandoned Vehicle Fund is used to track costs and related revenues for vehicles that have been
impounded and are later auctioned.
The Animal Services Fund accounts for donations received from various sources and is used for items and
projects that are related to the capital and service needs of the animal shelter.
Public Improvement Districts (PIDs) – includes the following funds:
Village PID Fund
Wolf Ranch PID Fund
The Village PID Fund accounts for taxes collected from property assessments in the Georgetown Village
PID Tax District. The revenue is used for basic maintenance of parks and open spaces of less than one
acre. Basic maintenance of parks one acre and larger are maintained by the City of Georgetown and is
not paid for by the PID. Revenue is also used for landscape, nature trails and pedestrian walkways, park
benches, trash containers, and entry signs and other similar signs.
The Wolf Ranch PID Fund was created to account for the collection of debt service incurred by the
issuance of $10,500,000 in sales tax revenue bonds which were used to complete the IH 35 frontage in
front of the Wolf Ranch development site.
Streets Sales Tax – accounts for the receipt and expenditure of revenues collected from the
quarter-cent sales tax approved by the citizens in November 2001 under Texas House Bill 445. The funds
are required to be spent on maintenance of streets that were in existence at the time of adoption of the
tax. This tax was reauthorized by voters in November of 2006, 2010, 2014, and 2018.
Tax Increment Reinvestment Zones (TIRZ) – accounts for public improvements within an area that will
generate private-sector development. The tax base is frozen at a predevelopment level and the
increases in taxes derived from increases in assessed valuations are used to retire bonds originally issued
for the development or to leverage future growth in the assigned areas. TIRZ includes the following funds:
Downtown TIRZ
Rivery TIRZ
Gateway TIRZ
South Georgetown TIRZ
Wolf Lakes TIRZ
The Downtown TIRZ was created by Ordinance No. 2004-77 and covers approximately 66 (+/-) acres,
located entirely in Williamson County and within the corporate limits of the City. This fund is used to account
for the development and redevelopment of downtown Georgetown into a mixed use, pedestrian-
oriented environment, consistent with the goals of the City’s Downtown Master Plan.
The Rivery TIRZ was created by Ordinance No. 2011-91, and the duration is through December 31, 2041.
This fund is to help provide a financing vehicle necessary to facilitate a program of public improvements
to allow and encourage the development of a hotel and conference center, enhance the overall park
experience, the establishment of single and multifamily residential development, and commercial/retail
space.
City of Georgetown, Texas
Combining and Individual Fund Financial Statements and Schedules –
Nonmajor Governmental Funds – Continued
91
The Gateway TIRZ was created by Ordinance No. 2006-204, and the duration is through December 31,
2031. This fund is to help finance a program of public improvements to allow and encourage the
development and redevelopment of the Williams Drive Gateway area into a mixed use, pedestrian
oriented environment, consistent with the goals of the City’s Williams Drive Gateway Redevelopment Plan.
The South Georgetown TIRZ was created by Ordinance No. 2014-31 and the duration is through December
31, 2044. The fund will be used to account for public infrastructure necessary to encourage high quality
commercial/retail development at the intersection of IH-35 and Westinghouse Road, which is seen as the
next major node as growth continues to move north from Round Rock, Texas.
The Wolf Lakes TIRZ was created by Ordinance No. 2018-76 and the duration is through December 31, 2049.
The fund is to provide economic and qualitative benefits by facilitating a program of public improvements
on the northwest corner of IH-35 and its intersection with SH-29.
Tourism – accounts for the receipt and expenditure of funds received by the City from the assessment of
the 7% Hotel Occupancy Tax for hotel stays within the City. Eligible expenses are defined by state law and
include operating a visitor center, promotion of local cultural sites, and historic preservation.
City of Georgetown, Texas
Combining Balance Sheet
Nonmajor Governmental Funds
September 30, 2020
92
Council
Discretionary Development Fire
ASSETS
Cash and cash equivalents 58,811$ 514,836$ 55,052$ 277,259$ 245,961$ 67,378$
Investments 52,154 456,552 48,679 245,871 185,550 59,750
Accounts receivable, net
Property tax - - - - - -
Sales tax - - - - - -
Grants - - - 10,810 - -
Other - - - - 796,431 -
Notes - - - - - -
TOTAL ASSETS 110,965$ 971,388$ 103,731$ 533,940$ 1,227,942$ 127,128$
LIABILITIES AND FUND BALANCE
Accounts payable -$ -$ 3,985$ 20,923$ 48,527$ 12,997$
Due to other funds - - - - - -
Unearned revenue - - - - 794,742 -
Total liabilities - - 3,985 20,923 843,269 12,997
DEFERRED INFLOWS - PROPERTY TAXES - - - - - -
FUND BALANCE
Restricted - - 99,746 - - -
Committed 110,965 971,388 - 513,017 384,673 114,131
Total fund balance 110,965 971,388 99,746 513,017 384,673 114,131
TOTAL LIABILITIES, DEFERRED INFLOWS,
AND FUND BALANCE 110,965$ 971,388$ 103,731$ 533,940$ 1,227,942$ 127,128$
Conservation Court Fees
Library
Restricted
93
Street
Sales
Parks PEG Fees Police Tax Tourism Total
2,531,157$ 118,779$ 183,170$ 460,239$ 2,005,676$ 835,689$ 902,435$ 8,256,442$
2,244,611 105,333 162,575 408,137 1,778,619 741,082 800,272 7,289,185
- - - 677 - - - 677
- - - - 757,252 - - 757,252
- - - - - - - 10,810
- 40,605 - 842,975 - - - 1,680,011
- - - - - - 2,823 2,823
4,775,768$ 264,717$ 345,745$ 1,712,028$ 4,541,547$ 1,576,771$ 1,705,530$ 17,997,200$
24,802$ -$ 3,230$ 213,631$ 1,010,998$ 6,220$ 29,567$ 1,374,880$
- - - 587,299 - - - 587,299
- - - 255,675 - - - 1,050,417
24,802 - 3,230 1,056,605 1,010,998 6,220 29,567 3,012,596
- - - 676 - - - 676
- 264,717 311,310 654,747 3,530,549 1,570,551 1,675,963 8,107,583
4,750,966 - 31,205 - - - - 6,876,345
4,750,966 264,717 342,515 654,747 3,530,549 1,570,551 1,675,963 14,983,928
4,775,768$ 264,717$ 345,745$ 1,712,028$ 4,541,547$ 1,576,771$ 1,705,530$ 17,997,200$
Tax
Increment
Reinvestment
Zones
Public
Improvement
Districts
City of Georgetown, Texas
Combining Statement of Revenues, Expenditures,
and Changes in Fund Balance –
Nonmajor Governmental Funds
For the Fiscal Year Ended September 30, 2020
94
Council
Discretionary Conservation
Court
Fees Development Fire
Library
Restricted
REVENUES
Property tax/assessments -$ -$ -$ -$ -$ -$
Sales tax - - - - - -
Franchise tax - - - - - -
Other taxes - - - - - -
Charges for services - 67,143 - 189,113 142,877 -
Fines and forfeitures - - 34,880 614 - -
Donations and grants - - - 181,678 33,575 178,606
Investment income 1,582 13,922 1,204 5,927 6,013 2,068
Other revenue - - 15,192 58,763 115,357 85
Total revenues 1,582 81,065 51,276 436,095 297,822 180,759
EXPENDITURES
Culture / recreation - - - - - 84,072
Development - - - 62,718 - -
Fire services - - - - 263,885 -
General government - - - 112,516 - -
Highways and streets - - - 3,175 - -
Police - - 16,558 - - -
Environmental services - 87,277 - - - -
Capital outlay - - - 148,017 - -
Total expenditures - 87,277 16,558 326,426 263,885 84,072
EXCESS (DEFICIENCY) OF
REVENUES OVER EXPENDITURES 1,582 (6,212) 34,718 109,669 33,937 96,687
OTHER FINANCING SOURCES (USES)
Transfers in - - - 15,000 - -
Transfers out - - - - - (65,000)
Total other financing sources (uses) - - - 15,000 - (65,000)
Net change in fund balance 1,582 (6,212) 34,718 124,669 33,937 31,687
Fund balances, beginning of period 109,383 977,600 65,028 388,348 350,736 82,444
FUND BALANCES, end of period 110,965$ 971,388$ 99,746$ 513,017$ 384,673$ 114,131$
95
Parks PEG Fees Police
Public
Improvement
Districts
Street
Sales Tax
Tax Increment
Reinvestment
Zones Tourism Total
-$ -$ -$ 458,668$ -$ 1,289,322$ -$ 1,747,990$
- - - - 4,245,662 - - 4,245,662
- 125,073 - - - - - 125,073
- - - - - - 984,760 984,760
517,983 - 1,032 - - - - 918,148
- - - - - - - 35,494
1,087,212 - 61,977 - - - 47,272 1,590,320
54,886 2,388 4,658 16,400 50,115 16,357 21,323 196,843
- - 988 - - 351,032 79,097 620,514
1,660,081 127,461 68,655 475,068 4,295,777 1,656,711 1,132,452 10,464,804
402,977 - - 223,846 - - 979,735 1,690,630
- - - - - - - 62,718
- - - - - - - 263,885
- - - - - 40,372 - 152,888
- - - - 975,529 - - 978,704
- - 171,517 - - - - 188,075
- - - - - - - 87,277
206,231 28,349 - 556,535 3,063,261 10,111 - 4,012,504
609,208 28,349 171,517 780,381 4,038,790 50,483 979,735 7,436,681
1,050,873 99,112 (102,862) (305,313) 256,987 1,606,228 152,717 3,028,123
372,000 - - - - - - 387,000
- - - - - (1,106,083) (28,634) (1,199,717)
372,000 - - - - (1,106,083) (28,634) (812,717)
1,422,873 99,112 (102,862) (305,313) 256,987 500,145 124,083 2,215,406
3,328,093 165,605 445,377 960,060 3,273,562 1,070,406 1,551,880 12,768,522
4,750,966$ 264,717$ 342,515$ 654,747$ 3,530,549$ 1,570,551$ 1,675,963$ 14,983,928$
City of Georgetown, Texas
Council Discretionary Special Revenue Fund
Schedule of Revenues and Expenditures (Budget Basis) –
Budget and Actual (Non-GAAP) – Reconciled to GAAP Basis
For the Fiscal Year Ended September 30, 2020
96
REVENUES
Investment earnings2,500$ 2,500$ 1,582$ (918)$
Total revenues 2,500 2,500 1,582 (918)
EXPENDITURES
Operations - - - -
Capital outlay - - - -
Total expenditures - - - -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 2,500 2,500 1,582 (918)
OTHER FINANCING SOURCES (USES)
Transfer in - - - -
Transfers out - - - -
Total other financing sources (uses) - - - -
EXCESS OF REVENUES
OVER EXPENDITURES AND OTHER
FINANCING SOURCES (USES)2,500 2,500 1,582 (918)
Fund balance, beginning of year 109,415 109,415 109,383 (32)
FUND BALANCE, end of year 111,915$ 111,915$ 110,965$ (950)$
Original
Budget
Variance to
Budget
Final
Budget
Actual
Budgetary Basis
City of Georgetown, Texas
Conservation Special Revenue Fund
Schedule of Revenues and Expenditures (Budget Basis) –
Budget and Actual (Non-GAAP) – Reconciled to GAAP Basis
For the Fiscal Year Ended September 30, 2020
97
Original Budget Final Budget
Actual
Budgetary Basis
Variance
to Budget
REVENUES
Investment earnings 12,000$ 12,000$ 13,922$ 1,922$
Conservation revenue 60,000 60,000 67,143 7,143
Total revenues 72,000 72,000 81,065 9,065
EXPENDITURES
Operations 231,000 231,000 87,277 143,723
Total expenditures 231,000 231,000 87,277 143,723
EXCESS OF REVENUES
OVER EXPENDITURES (159,000) (159,000) (6,212) 152,788
OTHER FINANCING (USES)
Transfers out (4,207) - 4,207
Total other financing (uses) - (4,207) - 4,207
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES AND OTHER
FINANCING (USES)(159,000) (163,207) (6,212) 156,995
Fund balance, beginning of year 847,035 847,035 977,600 130,565
FUND BALANCE, end of period 688,035$ 683,828$ 971,388$ 287,560$
City of Georgetown, Texas
Court Fees Special Revenue Fund
Schedule of Revenues and Expenditures (Budget Basis) –
Budget and Actual (Non-GAAP) – Reconciled to GAAP Basis
For the Fiscal Year Ended September 30, 2020
98
Original Budget Final Budget
Actual Budgetary
Basis
Variance
to Budget
REVENUES
Court fees 34,275$ 25,275$ 34,880$ 9,605$
Investment earnings 1,000 10,000 1,204 (8,796)
Other - 15,757 15,192 (565)
Total revenues 35,275 51,032 51,276 244
EXPENDITURES
Operations 45,500 61,257 16,558 44,699
Total expenditures 45,500 61,257 16,558 44,699
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (10,225) (10,225) 34,718 44,943
OTHER FINANCING SOURCES
Transfers in - - - -
Transfers out - - - -
Total other financing sources - - - -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES AND OTHER
FINANCING SOURCES (USES)(10,225) (10,225) 34,718 44,943
Fund balance, beginning of year 93,723 93,723 65,028 (28,695)
FUND BALANCE, end of period 83,498$ 83,498$ 99,746$ 16,248$
City of Georgetown, Texas
Development Special Revenue Fund
Schedule of Revenues and Expenditures (Budget Basis) –
Budget and Actual (Non-GAAP) – Reconciled to GAAP Basis
For the Fiscal Year Ended September 30, 2020
99
REVENUES
Donations and grants 400,000$ 582,994$ 181,678$ (401,316)$
Charges for services - - 189,113 189,113
Fines and forfeitures - - 614 614
Investment income 4,000 4,000 5,927 1,927
Other revenue 168,000 168,000 58,763 (109,237)
Total revenues 572,000 754,994 436,095 (318,899)
EXPENDITURES
Operations 260,808 311,860 178,409 133,451
Capital outlay 400,000 582,994 148,017 434,977
Total expenditures 660,808 894,854 326,426 568,428
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (88,808) (139,860) 109,669 249,529
OTHER FINANCING SOURCES (USES)
Transfers in 15,000 15,000 15,000 -
Total other financing sources (uses) 15,000 15,000 15,000 -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES AND OTHER
FINANCING SOURCES (USES)(73,808) (124,860) 124,669 249,529
Fund balance, beginning of period 273,144 324,196 388,348 64,152
FUND BALANCE, end of period 199,336$ 199,336$ 513,017$ 313,681$
Original
Budget
Final
Budget
Actual Budgetary
Basis
Variance to
Budget
City of Georgetown, Texas
Fire Special Revenue Fund
Schedule of Revenues and Expenditures (Budget Basis) –
Budget and Actual (Non-GAAP) – Reconciled to GAAP Basis
For the Fiscal Year Ended September 30, 2020
100
REVENUES
Charges for service -$ -$ 33,575$ 33,575$
Investment income 1,000 1,000 6,014 5,014
Donations and grants - - 142,877 142,877
Other revenue 241,000 241,000 115,357 (125,643)
Total revenues 242,000 242,000 297,824 55,824
EXPENDITURES
Operations 334,596 334,596 263,887 70,709
Total expenditures 334,596 334,596 263,887 70,709
EXCESS OF REVENUES
OVER EXPENDITURES (92,596) (92,596) 33,937 126,533
OTHER FINANCING SOURCES
Transfers in - - - -
Total other financing sources - - - -
EXCESS OF REVENUES
OVER EXPENDITURES AND OTHER
FINANCING SOURCES (92,596) (92,596) 33,937 126,533
Fund balance, beginning of year 92,596 92,596 350,736 258,140
FUND BALANCE, end of year -$ -$ 384,673$ 384,673$
ADJUSTMENTS TO GAAP
Original
Budget
Final
Budget
Actual Budgetary
Basis
Variance to
Budget
City of Georgetown, Texas
Library Restricted Special Revenue Fund
Schedule of Revenues and Expenditures (Budget Basis) –
Budget and Actual (Non-GAAP) – Reconciled to GAAP Basis
For the Fiscal Year Ended September 30, 2020
101
REVENUES
Investment income 1,200$ 1,200$ 2,068$ 868$
Donations and grants 165,000 165,000 178,606 13,606
Other revenue - - 85 85
Total revenues 166,200 166,200 180,759 14,559
EXPENDITURES
Operations 125,000 125,000 84,072 40,928
Total expenditures 125,000 125,000 84,072 40,928
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 41,200 41,200 96,687 55,487
OTHER FINANCING SOURCES
Transfers in (65,000) (65,000) (65,000) -
Total other financing sources (65,000) (65,000) (65,000) -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES AND OTHER
FINANCING (USES)(23,800) (23,800) 31,687 55,487
Fund balance, beginning of year 65,659 65,659 82,444 16,785
FUND BALANCE, end of year 41,859$ 41,859$ 114,131$ 72,272$
Original
Budget
Final
Budget
Actual Budgetary
Basis
Variance to
Budget
City of Georgetown, Texas
Parks Special Revenue Fund
Schedule of Revenues and Expenditures (Budget Basis) –
Budget and Actual (Non-GAAP) – Reconciled to GAAP Basis
For the Fiscal Year Ended September 30, 2020
102
REVENUES
Investment income 41,000$ 41,000$ 54,886$ 13,886$
Donations and grants 12,500 12,500 1,087,212 1,074,712
Other 910,650 910,650 517,983 (392,667)
Total revenues 964,150 964,150 1,660,081 695,931
EXPENDITURES
Operations 1,006,000 1,401,586 329,369 1,072,217
Capital outlay 394,000 628,451 279,839 348,612
Total expenditures 1,400,000 2,030,037 609,208 1,420,829
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (435,850) (1,065,887) 1,050,873 2,116,760
OTHER FINANCING SOURCES
Transfers in 372,000 372,000 372,000 -
Total other financing sources 372,000 372,000 372,000 -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES AND OTHER
FINANCING SOURCES (63,850) (693,887) 1,422,873 2,116,760
Fund balance, beginning of year 2,464,462 3,182,102 3,328,093 145,991
FUND BALANCE, end of year 2,400,612$ 2,488,215$ 4,750,966$ 2,262,751$
Original
Budget
Final
Budget
Actual Budgetary
Basis
Variance to
Budget
City of Georgetown, Texas
PEG Fees Special Revenue Fund
Schedule of Revenues and Expenditures (Budget Basis) –
Budget and Actual (Non-GAAP) – Reconciled to GAAP Basis
For the Fiscal Year Ended September 30, 2020
103
Original Budget Final Budget Actual
Budgetary Basis
Variance to
Budget
REVENUES
Investment earnings 1,000$ 1,000$ 2,388$ 1,388$
Franchise taxes - - 125,073 125,073
Other revenue 165,000 165,000 - (165,000)
Total revenues 166,000 166,000 127,461 (38,539)
EXPENDITURES
Capital outlay 20,000 71,000 28,349 42,651
Total expenditures 20,000 71,000 28,349 42,651
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 146,000 95,000 99,112 4,112
OTHER FINANCING SOURCES (USES)
Transfers out - - - -
Total other financing sources (uses) - - - -
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES AND OTHER
FINANCING (USES)146,000 95,000 99,112 4,112
Fund balance, beginning of year 160,153 165,605 165,605 -
FUND BALANCE, end of year 306,153$ 260,605$ 264,717$ 4,112$
City of Georgetown, Texas
Police Special Revenue Fund
Schedule of Revenues and Expenditures (Budget Basis) –
Budget and Actual (Non-GAAP) – Reconciled to GAAP Basis
For the Fiscal Year Ended September 30, 2020
104
Original
Budget
Final
Budget
Actual
Budgetary
Basis
Variance
to Budget
REVENUES
Investment income 3,500$ 3,500$ 4,658$ 1,158$
Donations and grants 40,000 40,000 61,977 21,977
Charges for services - - 1,032 1,032
Other revenue - - 988 988
Total revenues 43,500 43,500 68,655 25,155
EXPENDITURES
Operations 80,000 260,757 171,517 89,240
Capital outlay 9,094 9,050 - 9,050
Total expenditures 89,094 269,807 171,517 98,290
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (45,594) (226,307) (102,862) 123,445
Fund balance, beginning of year 261,601 467,985 445,377 (22,608)
FUND BALANCE, end of year 216,007$ 241,678$ 342,515$ 100,837$
City of Georgetown, Texas
Public Improvement Districts Special Revenue Fund
Schedule of Revenues and Expenditures (Budget Basis) –
Budget and Actual (Non-GAAP) – Reconciled to GAAP Basis
For the Fiscal Year Ended September 30, 2020
105
Original
Budget
Final
Budget
Actual
Budgetary
Basis
Variance
to Budget
REVENUES
Property assessments 452,210$ 452,310$ 458,668$ 6,358$
Investment revenue 5,100 5,000 16,400 11,400
Total revenues 457,310 457,310 475,068 17,758
EXPENDITURES
Operations 300,828 308,102 223,846 84,256
Capital outlay - 725,338 556,535 168,803
Total expenditures 300,828 1,033,440 780,381 253,059
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 156,482 (576,130) (305,313) 270,817
Fund balance, beginning of year 151,636 960,054 960,060 6
FUND BALANCE, end of year 308,118$ 383,924$ 654,747$ 270,823$
City of Georgetown, Texas
Street Sales Tax Special Revenue Fund
Schedule of Revenues and Expenditures (Budget Basis) –
Budget and Actual (Non-GAAP) – Reconciled to GAAP Basis
For the Fiscal Year Ended September 30, 2020
106
Original
Budget
Final
Budget
Actual
Budgetary
Basis
Variance
to Budget
REVENUES
Sales tax 3,968,750$ 3,968,750$ 4,245,662$ 276,912$
Investment income 50,000 50,000 50,115 115
Total revenues 4,018,750 4,018,750 4,295,777 277,027
EXPENDITURES
Operating - 1,508,271 975,529 532,742
Capital outlay 4,281,264 4,639,308 3,063,261 1,576,047
Total expenditures 4,281,264 6,147,579 4,038,790 2,108,789
EXCESS OF REVENUES
OVER EXPENDITURES (262,514) (2,128,829) 256,987 2,385,816
OTHER FINANCING (USES)
Transfers out - - - -
Total other financing (uses)- - - -
EXCESS OF REVENUES
OVER EXPENDITURES AND OTHER FINANCING
SOURCES (USES)(262,514) (2,128,829) 256,987 2,385,816
Fund balance, beginning of year 1,012,514 3,067,145 3,273,562 206,417
FUND BALANCE, end of year 750,000$ 938,316$ 3,530,549$ 2,592,233$
City of Georgetown, Texas
Tax Increment Reinvestment Zones Special Revenue Fund
Schedule of Revenues and Expenditures (Budget Basis) –
Budget and Actual (Non-GAAP) – Reconciled to GAAP Basis
For the Fiscal Year Ended September 30, 2020
107
REVENUES
Property assessments 1,230,084$ 929,178$ 1,289,322$ 360,144$
Investment earnings 4,500 309,406 16,357 (293,049)
Other 279,000 275,000 351,032 76,032
Total revenues 1,513,584 1,513,584 1,656,711 143,127
EXPENDITURES
Operations - 194,250 40,372 153,878
Capital outlay 521,100 339,645 10,111 329,534
Total expenditures 521,100 533,895 50,483 483,412
EXCESS OF REVENUES
OVER EXPENDITURES 992,484 979,689 1,606,228 626,539
OTHER FINANCING SOURCES (USES)
Transfers out (1,273,768) (1,272,768) (1,106,083) 166,685
Total other financing sources (uses)(1,273,768) (1,272,768) (1,106,083) 166,685
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES AND OTHER FINANCING
SOURCES (USES)(281,284) (293,079) 500,145 793,224
Fund balance, beginning of year 973,361 1,031,963 1,070,406 38,443
FUND BALANCE, end of year 692,077$ 738,884$ 1,570,551$ 831,667$
Actual Budgetary
Basis
Final
Budget
Original
Budget
Variance to
Budget
City of Georgetown, Texas
Tourism Special Revenue Fund
Schedule of Revenues and Expenditures (Budget Basis) –
Budget and Actual (Non-GAAP) – Reconciled to GAAP Basis
For the Fiscal Year Ended September 30, 2020
108
REVENUES
Hotel/motel tax 1,300,000$ 1,300,000$ 984,760$ (315,240)$
Investment earnings 36,500 18,000 21,323 3,323
Donations and grants 47,272 47,272
Other 144,283 162,783 79,097 (83,686)
Total revenues 1,480,783 1,480,783 1,132,452 (348,331)
EXPENDITURES
Personnel 413,567 413,567 367,959 45,608
Operations 998,714 1,010,452 611,776 398,676
Total expenditures 1,412,281 1,424,020 979,735 444,285
EXCESS OF REVENUES
OVER EXPENDITURES 68,502 56,763 152,717 95,954
OTHER FINANCING SOURCES (USES)
Transfers out (28,634) (28,634) (28,634) -
Total other financing sources (uses) (28,634) (28,634) (28,634) -
EXCESS OF REVENUES
OVER EXPENDITURES AND OTHER FINANCING
SOURCES 39,868 28,129 124,083 95,954
Fund balance, beginning of year 1,437,144 1,551,889 1,551,880 (9)
FUND BALANCE, end of year 1,477,012$ 1,580,018$ 1,675,963$ 95,945$
Actual Budgetary
Basis Variance to
Budget
Original
Budget
Final
Budget
109
Supplementary Individual Fund
Financial Statements and Schedules –
Major Governmental Funds
City of Georgetown, Texas
General Fund
Schedule of Revenues and Expenditures (Budget Basis) –
Budget and Actual (Non-GAAP) – Reconciled to GAAP Basis
For the Fiscal Year Ended September 30, 2020
110
Actual
Original Final Budgetary Variance
Budget Budget Basis to Budget
REVENUES
Taxes
Property tax 14,900,000$ 14,960,000$ 15,125,579$ 165,579$
Sales tax 17,859,375 17,861,875 19,108,465 1,246,590
Franchise taxes 5,890,270 5,910,270 5,757,843 (152,427)
Other 435,000 435,000 399,896 (35,104)
Total taxes 39,084,645 39,167,145 40,391,783 1,224,638
LICENSES AND PERMITS
Permits and inspection fees 3,343,500 3,969,250 5,434,776 1,465,526
Licenses 750 - - -
Total licenses and permits 3,344,250 3,969,250 5,434,776 1,465,526
CHARGES FOR SERVICES
Library 97,220 45,000 42,971 (2,029)
Animal services 65,000 65,000 82,640 17,640
Parks and recreation 2,833,100 2,656,400 1,475,032 (1,181,368)
Environmental services 10,155,450 9,955,450 10,086,812 131,362
Fire protection 7,176,152 7,156,032 7,366,605 210,573
Police support 532,200 459,800 394,301 (65,499)
Total charges for services 20,859,122 20,337,682 19,448,361 (889,321)
FINES AND FORFEITURES 352,250 352,250 298,524 (53,726)
INTEREST AND OTHER
Investment income 170,000 170,000 244,164 74,164
Rent 165,900 404,340 110,711 (293,629)
Miscellaneous 3,144,080 3,344,580 4,096,670 752,090
Total interest and other 3,479,980 3,918,920 4,451,545 532,625
TOTAL REVENUES 67,120,247 67,745,247 70,024,989 2,279,742
(continued)
City of Georgetown, Texas
General Fund
Schedule of Revenues and Expenditures (Budget Basis) –
Budget and Actual (Non-GAAP) – Reconciled to GAAP Basis – Continued
For the Fiscal Year Ended September 30, 2020
111
Actual
Original Final Budgetary Variance
Budget Budget Basis to Budget
EXPENDITURES
Culture recreation
Downtown & community
service admin
Personnel 264,254$ 264,254$ 267,839$ (3,585)$
Operations 356,639 360,699 333,443 27,256
Total downtown & community
service admin 620,893 624,953 601,282 23,671
Parks
Personnel 2,031,977 2,031,977 1,842,941 189,036
Operations 1,700,078 1,720,979 1,451,697 269,282
Captal outlay - 5,000 8,056 (3,056)
Total parks 3,732,055 3,757,956 3,302,694 455,262
Recreation
Personnel 1,559,194 1,559,194 1,517,375 41,819
Operations 1,194,090 1,239,090 1,141,496 97,594
Total recreation 2,753,284 2,798,284 2,658,871 139,412
Recreation programs
Personnel 941,957 941,957 598,714 343,243
Operations 877,975 893,104 539,899 353,205
Total recreation programs 1,819,932 1,835,061 1,138,613 696,447
Arts & culture
Personnel - - - -
Operations 36,729 36,729 44,405 (7,676)
Capital outlay - - - -
Total arts and culture 36,729 36,729 44,405 (7,676)
Library
Personnel 1,778,768 1,778,769 1,720,337 58,431
Operations 817,662 1,009,745 1,026,889 (17,144)
Capital outlay 182,293 - - -
Total library 2,778,723 2,788,513 2,747,226 41,287
Total culture recreation 11,741,616 11,841,495 10,493,091 1,348,404
(continued)
City of Georgetown, Texas
General Fund
Schedule of Revenues and Expenditures (Budget Basis) –
Budget and Actual (Non-GAAP) – Reconciled to GAAP Basis – Continued
For the Fiscal Year Ended September 30, 2020
112
Actual
Original Final Budgetary Variance
Budget Budget Basis to Budget
Development
Planning
Personnel 1,246,540$ 1,246,540$ 1,179,717$ 66,823$
Operations 456,750 690,649 474,409 216,239
Total planning 1,703,290 1,937,189 1,654,126 283,062
Inspection services
Personnel 1,199,969 1,199,969 1,168,388 31,581
Operations 147,071 147,071 140,938 6,133
Total inspection services 1,347,040 1,347,040 1,309,326 37,714
Code enforcement
Personnel 421,436 421,436 338,769 82,667
Operations 102,947 102,946 77,882 25,064
Capital outlay - - 651 (651)
Total code enforcement 524,383 524,382 417,302 107,080
Total development 3,574,713 3,808,610 3,380,754 427,856
Environmental services
Operations 8,525,875 8,532,355 8,450,680 81,675
Total environmental services 8,525,875 8,532,355 8,450,680 81,675
(continued)
City of Georgetown, Texas
General Fund
Schedule of Revenues and Expenditures (Budget Basis) –
Budget and Actual (Non-GAAP) – Reconciled to GAAP Basis – Continued
For the Fiscal Year Ended September 30, 2020
113
Actual
Original Final Budgetary Variance
Budget Budget Basis to Budget
Fire servicesSupport Services
Personnel 2,011,091$ 2,011,090$ 2,253,131$ (242,041)$
Operations 1,109,254 1,124,533 1,023,708 100,825
Capital outlay - 24,720 16,270 8,450
Total support services 3,120,345 3,160,343 3,293,109 (132,766)
EMS
Personnel 2,133,962 2,133,962 1,676,673 457,289
Operations 713,054 673,154 690,402 (17,248)
Capital outlay - 57,750 5,940 51,810
Total emergency services 2,847,016 2,864,866 2,373,015 491,851
Emergency Services
Personnel 11,906,761 11,906,762 11,937,129 (30,367)
Operations 2,308,902 2,250,190 1,976,606 273,584
Capital outlay 65,000 155,249 90,917 64,332
Total emergency services 14,280,663 14,312,201 14,004,652 307,549
Total fire services 20,248,024 20,337,410 19,670,776 666,634
General government
Operations 3,261,450 3,443,750 4,148,434 (704,684)
Total operations 3,261,450 3,443,750 4,148,434 (704,684)
City council
Personnel 150,434 150,434 141,477 8,957
Operations 27,174 27,174 20,282 6,892
Total city council 177,608 177,608 161,758 15,850
Community services
Personnel 213,587 213,587 219,453 (5,866)
Operations 52,145 52,151 33,127 19,024
Total community services 265,732 265,738 252,580 13,158
City manager's office
Personnel 1,534,786 1,527,785 1,450,332 77,453
Operations 259,520 406,066 284,076 121,990
Total city manager's office 1,794,306 1,933,851 1,734,407 199,443
City secretary
Personnel 512,599 512,599 514,925 (2,326)
Operations 306,684 306,684 219,167 87,517
Total city secretary 819,283 819,283 734,092 85,191
Communication office
Personnel 397,184 397,184 370,292 26,892
Operations 287,269 287,269 131,435 155,834
Capital outlay - - - -
Total communication office 684,453 684,453 501,726 182,726
Total general government 7,002,832 7,324,682 7,532,998 (208,316)
(continued)
City of Georgetown, Texas
General Fund
Schedule of Revenues and Expenditures (Budget Basis) –
Budget and Actual (Non-GAAP) – Reconciled to GAAP Basis – Continued
For the Fiscal Year Ended September 30, 2020
114
Actual
Original Final Budgetary Variance
Budget Budget Basis to Budget
Highways and streets
Transportation admin
Personnel 530,491$ 530,491$ 422,485$ 108,006$
Operations 878,462 928,562 617,893 310,669
Capital outlay 60,100 10,000 294 9,706
Total transportation admin 1,469,053 1,469,053 1,040,671 428,381
Streets
Personnel 1,358,332 1,358,332 1,114,165 244,167
Operations 1,410,818 2,094,697 1,658,161 436,536
Capital outlay 1,630,887 1,807,984 994,708 813,276
Total streets 4,400,037 5,261,012 3,767,034 1,493,979
Total highways and streets 5,869,090 6,730,065 4,807,705 1,922,360
Police services
Organization and administration
Personnel 555,439 555,439 586,394 (30,955)
Operations 1,872,223 2,077,223 1,825,603 251,620
Total organization and
administration 2,427,662 2,632,662 2,411,997 220,665
Field operations bureau
Personnel 12,178,480 12,178,480 11,942,576 235,904
Operations 1,625,177 1,536,588 1,348,930 187,658
Capital outlay 18,000 106,697 96,895 9,802
Total field operations bureau 13,821,657 13,821,765 13,388,401 433,364
Animal services
Personnel 696,530 696,529 670,010 26,519
Operations 276,988 292,978 243,767 49,211
Total animal services 973,518 989,507 913,776 75,730
Municipal court
Personnel 554,170 554,170 495,729 58,442
Operations 109,893 109,893 75,936 33,957
Total municipal court 664,063 664,063 571,665 92,398
Total police services 17,886,900 18,107,997 17,285,839 822,158
TOTAL EXPENDITURES 74,849,050 76,682,615 71,621,844 5,060,771
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (7,728,803) (8,937,368) (1,596,855) 7,340,512
(continued)
City of Georgetown, Texas
General Fund
Schedule of Revenues and Expenditures (Budget Basis) –
Budget and Actual (Non-GAAP) – Reconciled to GAAP Basis – Continued
For the Fiscal Year Ended September 30, 2020
115
Actual
Original Final Budgetary Variance
Budget Budget Basis to Budget
OTHER FINANCING SOURCES (USES)
Transfers in 8,363,634$ 8,433,100$ 8,877,033$ 443,933$
Transfers out (524,860) (524,860) (524,860)-
Total other financing sources (uses)7,838,774 7,908,240 8,352,173 443,933
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES AND OTHER
FINANCING SOURCES (USES) -
BUDGETARY BASIS 109,971 (1,029,128) 6,755,318 7,784,445
Fund balance, beginning of year 10,463,385 14,263,750 14,441,292 177,542
FUND BALANCE, end of year 10,573,356$ 13,234,622$ 21,196,610$ 7,961,987$
City of Georgetown, Texas
Georgetown Transportation Enhancement Corporation (GTEC)
Schedule of Revenues and Expenditures (Budget Basis) –
Budget and Actual (Non-GAAP) – Reconciled to GAAP Basis
For the Fiscal Year Ended September 30, 2020
116
Original
Budget
Final
Budget
Actual
Budgetary Basis
Variance to
Budget
REVENUES
Sales tax 7,937,500$ 7,937,500$ 8,491,328$ 553,828$
Grants - - - -
Investment earnings 230,000 230,000 272,223 42,223
Total revenues 8,167,500 8,167,500 8,763,551 596,051
EXPENDITURES
Operations 410,223 410,223 470,487 (60,264)
Capital outlay 13,234,375 15,259,855 370,569 14,889,286
Principal, interest and fiscal charges 3,333,921 4,916,725 879,100 4,037,625
Total expenditures 16,978,519 20,586,803 1,720,156 18,866,647
EXCESS (DEFICIENCY) OF
REVENUES OVER EXPENDITURES (8,811,019) (12,419,303) 7,043,395 19,462,698
OTHER FINANCING SOURCES (USES)
Issuance of bonds 4,700,000 4,700,000 4,740,000 40,000
Transfers out - (2,401,571) (2,403,361) (1,790)
Total other financing sources (uses) 4,700,000 2,298,429 2,336,639 38,210
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITURES AND OTHER FINANCING
SOURCES (USES) - BUDGETARY BASIS (4,111,019) (10,120,874) 9,380,034 19,500,908
Fund balance, beginning of year 17,130,653 21,649,666 21,649,666 -
FUND BALANCE, end of year 13,019,634$ 11,528,792$ 31,029,700$ 19,500,908$
City of Georgetown, Texas
Debt Service Fund
Schedule of Revenues and Expenditures (Budget Basis) –
Budget and Actual (Non-GAAP) – Reconciled to GAAP Basis
For the Fiscal Year Ended September 30, 2020
117
Original Budget
Final
Budget
Actual
Budgetary
Basis
Variance to
Budget
REVENUES
Ad valorem taxes 17,000,000$ 17,000,000$ 17,000,000$ -$
Investment earnings 150,000 150,000 72,575 (77,425)
Total revenues 17,150,000 17,150,000 17,072,575 (77,425)
EXPENDITURES AND OTHER
Principal, interest and fiscal charges (20,027,904) (20,461,720) (20,246,153) 215,567
OTHER FINANCING SOURCES (USES)
Transfers in 3,381,759 3,381,759 3,076,444 (305,315)
Premium on issuance of bonds - - -
Refunding bonds issued - - -
Payment to refunding escrow agent - - -
Total other financing sources (uses) 3,381,759 3,381,759 3,076,444 (305,315)
EXCESS (DEFICIENCY) OF REVENUES OVER
EXPENDITURES AND OTHER FINANCING
SOURCES (USES) - BUDGETARY BASIS 503,855 70,039 (97,134) (167,173)
Fund balances, beginning of year 1,950,739 1,950,950 2,004,196 53,246
FUND BALANCE, end of year 2,454,594$ 2,020,989$ 1,907,062$ (113,927)$
City of Georgetown, Texas
General Capital Projects Fund
Schedule of Revenues and Expenditures (Budget Basis) –
Budget and Actual (Non-GAAP) – Reconciled to GAAP Basis
For the Fiscal Year Ended September 30, 2020
118
Original
Budget
Final
Budget
Actual
Budgetary
Basis
Variance to
Budget
REVENUES
Investment earnings 640,000$ 640,000$ 547,254$ (92,746)$
Other 110,000 110,000 26,582 (83,418)
Total revenues 750,000 750,000 573,836 (176,164)
EXPENDITURES
Operations - - 35,755 (35,755)
Capital outlay 20,660,000 53,893,889 18,111,164 35,782,725
Bond issuance cost 689,504 560,504 126,558 433,946
Total expenditures 21,349,504 54,454,393 18,273,477 36,180,916
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (20,599,504) (53,704,393) (17,699,641) 36,004,752
OTHER FINANCING SOURCES (USES)
Issuance of bonds 18,575,200 14,766,000 14,895,000 129,000
Transfers in 1,250,000 1,262,000 1,262,000 -
Transfers out (3,186,200) (3,227,692) (3,204,546) 23,146
Total other financing sources (uses) 16,639,000 12,800,308 12,952,454 152,146
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES AND OTHER
FINANCING SOURCES (USES) -
BUDGETARY BASIS (3,960,504) (40,904,085) (4,747,187) 36,156,898
Fund balances, beginning of period 6,854,520 43,198,383 43,083,283 (115,100)
FUND BALANCE, end of year 2,894,016$ 2,294,298$ 38,336,096$ 36,041,798$
119
Combining Financial Statements –
Nonmajor Proprietary Funds
City of Georgetown, Texas
Combining Financial Statements
Nonmajor Proprietary Funds
120
Enterprise Funds – The City's utilities are accounted for and operated in a manner similar to private business
enterprises. Each utility accounted for as an independent entity, is an enterprise fund. Enterprise fund
accounting is used where the intent of the City Council is to finance or recover the costs of providing
goods or services to the general public on a continuing basis primarily through user charges or when the
City Council has decided that periodic determination of net income is appropriate for accountability
purposes.
Airport Fund – used to account for revenues and expenses related to the operation and maintenance
of the City's airport.
Stormwater Drainage Fund – used to account for revenues and expenses related to the operations,
capital projects, and debt service of the stormwater drainage facilities.
Internal Service Funds – This fund is used to account for services performed by one government
organization or department for others.
Fleet Services Fund – The City uses this fund to purchase and account for all major equipment and
vehicles. Each item is assigned annual lease and maintenance values which the leasing department
pays to the Internal Service Fund. The annual lease value is determined by the projected replacement
cost divided by the years of useful life of the item. The lease and maintenance payments made by
the departments enable the Internal Service Fund to replace equipment and vehicles on a
pre-planned schedule to minimize maintenance costs and reduce safety risks due to worn out
equipment and vehicles. The fund also provides maintenance for all vehicles through the Vehicle
Service Center.
Joint Services Fund – The Joint Services Fund is composed of departments which provide services to
more than one city fund. Charges for services provided are determined by allocating each specific
department's cost to the using fund.
Facilities Maintenance Fund – The City uses this fund to account for janitorial service, light
maintenance, painting, landscape maintenance and roofing and air conditioning repairs for all City
buildings. Each building is assigned an annual maintenance cost, which is paid to the Internal Service
Fund by the occupying departments, based on square footage occupied. The payments made by
the departments enable the Internal Service Fund to provide major and minor facility repairs on a
preplanned schedule to minimize maintenance costs and provide preventative care to reduce long-
term maintenance and replacement costs.
Information Technology Fund – The City uses this fund to account for purchases and maintenance of
the City's computer systems. Each department pays an annual predetermined lease payment, based
upon the equipment the department has. These payments enable the fund to replace older
equipment and upgrade the City's computer resources and provide assistance in maintenance of
equipment. This fund also provides for the management of the City's computer systems through
personnel in the Information Services department.
Self-Insurance Fund – The City uses this account for its self-insurance program providing health
insurance to employees and their family members.
City of Georgetown, Texas
Combining Statement of Net Position
Nonmajor Enterprise Funds
September 30, 2020
121
Stormwater Total Nonmajor
Airport Drainage Enterprise
Fund Fund FundsASSETS
Current assets
Cash and cash equivalents 675,098$ 1,234,461$ 1,909,559$
Cash and cash equivalents - restricted 56,681 857,319 914,000
Investments 598,687 1,094,931 1,693,618
Accounts receivable
Services (net of allowance for uncollectibles)88,859 595,819 684,678
Grants 1,433 4,864 6,297
Other 49,103 (14,736) 34,367
Prepaid expenses 209,067 - 209,067
Inventories 38,090 - 38,090
Total current assets 1,717,018 3,772,658 5,489,676
Noncurrent assets
Long-term note receivables 826 1,802 2,628
Capital assets
Land 641,536 - 641,536
Land rights 391,868 1,111,670 1,503,538
Buildings 3,856,218 - 3,856,218
Furniture, machinery, and equipment 366,452 55,436 421,888
Vehicles - 14,050 14,050
Distribution system 10,354,295 66,538,318 76,892,613
Improvements 5,838,519 - 5,838,519
Construction in progress - 391,963 391,963
Less accumulated depreciation (9,086,952) (14,657,153) (23,744,105)
Total capital assets
(net of accumulated depreciation)12,361,936 53,454,284 65,816,220
Total noncurrent assets 12,362,762 53,456,086 65,818,848
TOTAL ASSETS 14,079,780 57,228,744 71,308,524
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflow related to pension 133,842 133,842 267,684
Deferred charge on refunding 9,997 15,824 25,821
Total deferred outflows of resources 143,839 149,666 293,505
TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES 14,223,619$ 57,378,410$ 71,602,029$
LIABILITIES
Current liabilities
Accounts payable 131,905$ 132,049$ 263,954$
Accrued employee benefits 11,088 23,863 34,951
Due to other funds 10,964 - 10,964
Unearned revenue - 22,070 22,070
Current portion of long-term debt 89,813 319,356 409,169
Accrued interest 6,702 20,688 27,390
Customer deposits 6,046 - 6,046
Total current liabilities 256,518 518,026 774,544
Noncurrent liabilities
Accrued employee benefits 15,058 28,894 43,952
Long-term debt payable 1,435,973 4,515,685 5,951,658
Net pension liability 186,779 186,779 373,558
Total noncurrent liabilities 1,637,810 4,731,358 6,369,168
Total liabilities 1,894,328 5,249,384 7,143,712
DEFERRED INFLOWS OF RESOURCES
Deferred inflow related to pension 123,932 123,932 247,864
Total deferred inflow of resources 123,932 123,932 247,864
Net position
Net investment in capital assets 10,846,147 48,635,067 59,481,214
Unrestricted 1,359,212 3,370,027 4,729,239
Total net position 12,205,359 52,005,094 64,210,453
TOTAL LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND NET POSITION 14,223,619$ 57,378,410$ 71,602,029$
City of Georgetown, Texas
Combining Statement of Revenues, Expenses
and Changes in Fund Net Position
Nonmajor Enterprise Funds
For the Fiscal Year Ended September 30, 2020
122
Total
Stormwater Nonmajor
Airport Drainage Enterprise
Fund Fund Funds
OPERATING REVENUES 3,227,141 4,158,550$ 7,385,691$
Total operating revenues 3,227,141 4,158,550 7,385,691
OPERATING EXPENSES
Depreciation 829,261 1,556,239 2,385,500
Other 3,077,265 2,335,557 5,412,822
Total operating expenses 3,906,526 3,891,796 7,798,322
NET OPERATING INCOME (LOSS)(679,385) 266,754 (412,631)
NONOPERATING REVENUES (EXPENSES)
Investment income 18,272 35,478 53,750
Donations and grants 129,190 1,280 130,470
Interest and fiscal charges (57,632) (160,407) (218,039)
Gain on asset disposal - 450 450
Other 57,588 - 57,588
Total nonoperating revenues (expenses) 147,418 (123,199) 24,219
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS (531,967) 143,555 (388,412)
CONTRIBUTIONS AND TRANSFERS
Capital contributions - 13,460,732 13,460,732
Transfers out - (428,606) (428,606)
Total contributions and transfers - 13,032,126 13,032,126
CHANGE IN NET POSITION (531,967) 13,175,681 12,643,714
Total net position, beginning of period 12,737,326 38,829,413 51,566,739
TOTAL NET POSITION, end of period 12,205,359$ 52,005,094$ 64,210,453$
City of Georgetown, Texas
Combining Statement of Cash Flows
Nonmajor Enterprise Funds
For the Fiscal Year Ended September 30, 2020
123
Stormwater Total
Airport Drainage Nonmajor
Fund Fund Enterprise Funds
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers 3,218,465$ 3,058,435$ 6,276,900$
Payments to suppliers (2,580,934) (891,122) (3,472,056)
Payments to employees for services (326,026) (402,677) (728,703)
Net cash provided by operating activities 311,505 1,764,636 2,076,141
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Transfers out - (428,606) (428,606)
Net cash provided by (used in) noncapital
financing activities - (428,606) (428,606)
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Acquisition of capital assets (89,118) (1,042,720) (1,131,838)
Donations, grants, and other 129,190 1,280 130,470
Proceeds from issuance of long-term debt - 607,171 607,171
Principal paid on revenue and certificates of obligation bonds (91,865) (240,485) (332,350)
Interest paid on revenue and certificates of obligation bonds (58,957) (159,917) (218,874)
Net cash used in capital and related
financing activities (110,750) (834,671) (945,421)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 18,272 35,478 53,750
Change in temporary investments (143,007) (63,474) (206,481)
Net cash used in investing activities (124,735) (27,996) (152,731)
Net change in cash and cash equivalents 76,020 473,363 549,383
Cash and cash equivalents, beginning of year 655,759 1,618,417 2,274,176
CASH AND CASH EQUIVALENTS, end of year 731,779$ 2,091,780$ 2,823,559$
NON-CASH DISCLOSURE OF CAPITAL ACTIVITY
DEVELOPER CONTRIBUTIONS -$ 13,460,732$ 13,460,732$
NONCASH GRANTS RECEIVED 5,876,282$ -$ 5,876,282$
Operating income (loss) (679,385)$ 266,754$ (412,631)$
Adjustments to reconcile operating income (loss) to
cash provided by (used in) operating activities
Depreciation 829,261 1,556,239 2,385,500
Other income 57,588 450 58,038
Decrease (increase) in accounts receivable (72,310) (169,156) (241,466)
Decrease (increase) in prepaid expenses 88,859 - 88,859
Decrease (increase) in inventories (392) - (392)
Increase (decrease) in accounts payable 57,787 96,022 153,809
Increase (decrease) in deposits 6,046 - 6,046
Increase (decrease) in due to other funds 10,964 - 10,964
Increase (decrease) in unearned revenue - - -
Increase (decrease) in net pension liability 11,822 17,137 28,959
Increase (decrease) in accrued employee benefits 1,265 (2,810) (1,545)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 311,505$ 1,764,636$ 2,076,141$
City of Georgetown, Texas
Combining Statement of Net Position
Internal Service Funds
September 30, 2020
124
Fleet Joint Facilities Information Self
Services Services Maintenance Technology Insurance
Fund Fund Fund Fund Fund Total
ASSETS
Current
Cash and cash equivalents 3,182,862$ 1,364,276$ 1,600,651$ 1,532,170$ 2,969,032$ 10,648,991$
Investments 2,822,536 1,209,830 1,419,445 1,358,717 2,632,916 9,443,444
Prepaid expense - 211,146 - 1,657 168,000 380,803
Accounts receivable 283,285 183,372 62,265 359 - 529,281
Inventories - 611,835 - - - 611,835
Total current assets 6,288,683 3,580,459 3,082,361 2,892,903 5,769,948 21,614,354
Noncurrent
Long-term note receivables 5,990 52,191 3,731 14,671 - 76,583
Property and equipment
Land 481,927 214,066 - - - 695,993
Buildings 13,500 432,955 63,666 - - 510,121
Furniture, machinery, and
equipment 1,649,319 1,232,943 1,534,149 7,703,410 - 12,119,821
Vehicles 37,278,627 - - - - 37,278,627
Distribution system - - - 1,701,989 - 1,701,989
Improvements 12,681 33,300 1,115,252 - - 1,161,233
Total property and
equipment cost 39,436,054 1,913,264 2,713,067 9,405,399 - 53,467,784
Less accumulated depreciation (22,902,537) (1,698,774) (2,390,011) (7,875,989) - (34,867,311)
Net property and equipment 16,533,517 214,490 323,056 1,529,410 - 18,600,473
TOTAL ASSETS 22,828,190$ 3,847,140$ 3,409,148$ 4,436,984$ 5,769,948$ 40,291,410$
LIABILITIES AND NET POSITION
Liabilities
Current liabilities
Accounts payable 85,788$ 1,421,213$ 192,887$ 585,039$ 686,442$ 2,971,369$
Accrued employee benefits 20,960 - 17,568 84,058 - 122,586
Unearned revenue - - - - - -
Due to other funds - - - - - -
Total current liabilities 106,748 1,421,213 210,455 669,097 686,442 3,093,955
Noncurrent liabilities
Accrued employee benefits 27,546 - 21,472 106,578 - 155,596
Total liabilities 134,294 1,421,213 231,927 775,675 686,442 3,249,551
Net position
Net investment in capital assets 16,533,517 214,490 323,056 1,529,410 - 18,600,473
Unrestricted 6,160,379 2,211,437 2,854,165 2,131,899 5,083,506 18,441,386
Total net position 22,693,896 2,425,927 3,177,221 3,661,309 5,083,506 37,041,859
TOTAL LIABILITIES AND NET POSITION 22,828,190$ 3,847,140$ 3,409,148$ 4,436,984$ 5,769,948$ 40,291,410$
City of Georgetown, Texas
Combining Statement of Revenues, Expenses and
Changes in Fund Net Position
Internal Service Funds
For the Fiscal Year Ended September 30, 2020
125
Fleet Joint Facilities Information Self
Services Services Maintenance Technology Insurance
Fund Fund Fund Fund Fund Total
OPERATING REVENUES
Charges for services 3,035,135$ 17,275,170$ 3,505,776$ 7,644,778$ 10,004,722$ 41,465,581$
OPERATING EXPENSES
Administration - - - - - -
Accounting - 1,100,196 - - - 1,100,196
Business Improvement Process (BIP)- 287,241 - - - 287,241
City wide HR services - 1,001,744 - - - 1,001,744
Conservation - 589,662 - - - 589,662
Customer care - 5,016,033 - - - 5,016,033
Economic development administration - 568,546 - - - 568,546
Engineering support - 1,047,469 - - - 1,047,469
Facilities maintenance contracts - - 2,145,667 - - 2,145,667
Facilities maintenance services - - 691,261 - - 691,261
Finance and administration - 941,310 - - - 941,310
Fleet services operations 1,992,481 - - - - 1,992,481
Human resources - 1,324,175 - - - 1,324,175
Information technology - - - 6,146,929 - 6,146,929
IT capital replacement and contracts - - - 691,011 - 691,011
Joint services contracts - 1,435,607 - - - 1,435,607
Legal services - 1,030,141 - - - 1,030,141
Main street - - - - - -
Medical insurance - - - - 8,941,188 8,941,188
Purchasing - 877,266 - - - 877,266
Service center - - - - - -
Systems engineering - 2,289,074 - - - 2,289,074
Depreciation 2,624,141 10,261 239,758 435,065 - 3,309,225
Total operating expenses 4,616,622 17,518,725 3,076,686 7,273,005 8,941,188 41,426,226
NET OPERATING INCOME (LOSS)(1,581,487) (243,555) 429,090 371,773 1,063,534 39,355
NONOPERATING REVENUES (EXPENSES)
Investment income 53,776 20,038 32,507 21,005 57,580 184,906
Other 733,463 683,482 65,502 1,711 46,101 1,530,259
Total nonoperating
revenues (expenses) 787,239 703,520 98,009 22,716 103,681 1,715,165
INCOME (LOSS) BEFORE
CONTRIBUTIONS AND TRANSFERS (794,248) 459,965 527,099 394,489 1,167,215 1,754,520
CONTRIBUTIONS AND TRANSFERS
Transfers in 3,582,200 313,405 - 53,860 - 3,949,465
Transfers out (562,000) (129,171) - (586,329) - (1,277,500)
Total contributions and transfers 3,020,200 184,234 - (532,469) - 2,671,965
CHANGE IN NET POSITION 2,225,952 644,199 527,099 (137,980) 1,167,215 4,426,485
Net position, beginning of period 20,467,944 1,781,728 2,650,122 3,799,289 3,916,291 32,615,374
NET POSITION, end of period 22,693,896$ 2,425,927$ 3,177,221$ 3,661,309$ 5,083,506$ 37,041,859$
City of Georgetown, Texas
Combining Statement of Cash Flows
Internal Service Funds
For the Fiscal Year Ended September 30, 2020
126
Fleet Joint Facilities Information Self
Services Services Maintenance Technology Insurance
Fund Fund Fund Fund Fund Total
CASH FLOWS FROM OPERATING ACTIVITIES
Department contributions 3,488,453$ 17,913,987$ 3,516,924$ 7,655,370$ 10,050,823$ 42,625,557$
Payments to suppliers (1,475,623) (16,363,012) (2,481,314) (4,055,582) (8,869,311) (33,244,842)
Payments to employees for services (588,371) (649,373) (343,810) (2,047,177) - (3,628,731)
Net cash provided by (used in)
operating activities 1,424,459 901,602 691,800 1,552,611 1,181,512 5,751,984
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers in 3,582,200 313,405 - 53,860 - 3,949,465
Transfers out (562,000) (129,171) - (586,329) - (1,277,500)
Net cash provided by (used in) noncapitalfinancing activities 3,020,200 184,234 - (532,469) - 2,671,965
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Acquisition of capital assets (4,263,677) - (89,063) (814,177) - (5,166,917)
Net cash provided by (used in) capital and
related financing activities (4,263,677) - (89,063) (814,177) - (5,166,917)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 53,776 20,038 32,507 21,005 57,580 184,906
Change in temporary investments (456,576) (607,857) (443,857) (159,657) (844,146) (2,512,093)
Net cash provided by (used in)
investing activities (402,800) (587,819) (411,350) (138,652) (786,566) (2,327,187)
Net increase (decrease) in cash (221,818) 498,017 191,387 67,313 394,946 929,845
Cash and cash equivalents, beginning of year 3,404,680 866,259 1,409,264 1,464,857 2,574,086 9,719,146
CASH AND CASH EQUIVALENTS, end of year 3,182,862$ 1,364,276$ 1,600,651$ 1,532,170$ 2,969,032$ 10,648,991$
NON-CASH DISCLOSURE
DEVELOPER CONTRIBUTIONS RECEIVED -$ -$ -$ -$ -$ -$
OPERATING INCOME (LOSS)(1,581,487)$ (243,555)$ 429,090$ 371,773$ 1,063,534$ 39,355$
Adjustments to reconcile operating income (loss) to
cash provided by (used in) operating activities:
Depreciation 2,624,141 10,261 239,758 435,065 - 3,309,225
Other income 733,463 683,482 65,502 1,711 46,101 1,530,259
Decrease (increase) in prepaid expenses - (174,589) - 269,412 (33,000) 61,823
Decrease (increase) in inventories - 234,281 - - - 234,281
Decrease (increase) in accounts receivable (280,145) 186,184 (54,354) 8,881 - (139,434)
Increase (decrease) in accounts payable (72,552) 436,387 (1,816) 393,884 104,877 860,780
Increase (decrease) in unearned revenue - (230,849) - - - (230,849)
Increase (decrease) in accrued
employee benefits 1,039 - 13,620 71,885 - 86,544
NET CASH PROVIDED BY (USED IN)
OPERATING ACTVITIES 1,424,459$ 901,602$ 691,800$ 1,552,611$ 1,181,512$ 5,751,984$
127
Supplementary Individual Fund
Financial Statements
City of Georgetown, Texas
Agency Funds
Statement of Changes in Assets and Liabilities
For the Fiscal Year Ended September 30, 2020
128
Balance Balance
October 1, September 30,
2019 Additions Deductions 2020
CAFETERIA PLAN-FLEX SPENDING
ASSETS
Cash and cash equivalents 26,742$ 344,860$ 327,054$ 44,548$
TOTAL ASSETS 26,742$ 344,860$ 327,054$ 44,548$
LIABILITIES
Accounts payable 26,742$ 408,037$ 390,231$ 44,548$
TOTAL LIABILITIES 26,742$ 408,037$ 390,231$ 44,548$
PUBLIC IMPROVEMENT DISTRICTS
Assets
Cash and cash equivalents 398,429$ 874,645$ 911,834$ 361,240$
TOTAL ASSETS 398,429$ 874,645$ 911,834$ 361,240$
Liabilities
Accounts payable 379,653$ 386,570$ 404,983$ 361,240$
TOTAL LIABILITIES 379,653$ 386,570$ 404,983$ 361,240$
TOTAL AGENCY FUNDS
Assets
Cash and cash equivalents 425,171$ 1,219,505$ 1,238,888$ 405,788$
TOTAL ASSETS 425,171$ 1,219,505$ 1,238,888$ 405,788$
Liabilities
Accounts payable 406,395$ 794,607$ 795,214$ 405,788$
TOTAL LIABILITIES 406,395$ 794,607$ 795,214$ 405,788$
129
Statistical Section
(Unaudited)
130
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City of Georgetown, Texas
Statistical Section (Unaudited)
131
This part of the City of Georgetown's comprehensive annual financial report presents detailed information
as a context for understanding what the information in the financial statements, note disclosures, and
required supplementary information says about the government's overall financial health.
Contents:
Financial Trend ......................................................................................................................................................... 132
These schedules contain trend information to help the reader understand how the government's financial
performance and well-being have changed over time.
Revenue Capacity ................................................................................................................................................. 142
These schedules contain information to help the reader assess the government's most significant local
revenue source, the property tax.
Debt Capacity ......................................................................................................................................................... 152
These schedules present information to help the reader assess the affordability of the government's
current levels of outstanding debt and the government's ability to issue additional debt in the future.
Demographic and Economic Information ......................................................................................................... 166
These schedules offer demographic and economic indicators to help the reader understand the
environment within which the government's financial activities take place.
Operating Information ........................................................................................................................................... 170
These schedules contain service and infrastructure data to help the reader understand how the
information in the government's financial report related to the services the government provides and the
activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for
the relevant year.
City of Georgetown, Texas
Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
132
2020 2019 2018 2017 2016
Governmental activities
Net investment in capital assets 334,866,278$ 314,793,619$ 276,645,061$ 266,518,836$ 254,289,833$
Restricted 10,217,761 5,992,268 7,677,564 6,423,693 4,958,105
Unrestricted 42,054,620 39,926,307 47,211,812 35,069,898 27,598,778
Total governmental activities net position 387,138,659$ 360,712,194$ 331,534,437$ 308,012,427$ 286,846,716$
Business-type activities
Net investment in capital assets 474,482,607 421,399,112 361,380,352 374,238,275 380,034,944
Unrestricted 121,502,015 89,621,895 98,787,599 63,291,864 27,740,653
Total business-type activities net position 595,984,622$ 511,021,007$ 460,167,951$ 437,530,139$ 407,775,597$
Primary government
Net investment in capital assets 809,348,885$ 736,192,731$ 638,025,413$ 640,757,111$ 634,324,777$
Restricted 10,217,761 5,992,268 7,677,564 6,423,693 4,958,105
Unrestricted 163,556,635 129,548,202 145,999,411 98,361,762 55,339,431
Total primary government net position 983,123,281$ 871,733,201$ 791,702,388$ 745,542,566$ 694,622,313$
133
20152014201320122011
239,377,879$ 211,305,899$ 174,798,105$ 144,196,394$ 138,536,744$
3,958,088 824,704 1,109,220 26,064,001 30,407,806
20,056,114 33,401,250 40,995,207 28,542,479 21,859,346
263,392,081$ 245,531,853$ 216,902,532$ 198,802,874$ 190,803,896$
328,886,853 287,569,126 230,939,554 220,809,992 210,252,907
48,127,105 57,575,322 36,040,786 37,049,395 30,771,961
377,013,958$ 345,144,448$ 266,980,340$ 257,859,387$ 241,024,868$
568,264,732$ 498,875,025$ 405,737,659$ 365,006,386$ 348,789,651$
3,958,088 824,704 1,109,220 26,064,001 30,407,806
68,183,219 90,976,572 77,035,993 65,591,874 52,631,307
640,406,039$ 590,676,301$ 483,882,872$ 456,662,261$ 431,828,764$
City of Georgetown, Texas
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
134
2020 2019 2018 2017 2016
EXPENSES
Governmental activities
Culture-recreation 15,598,354$ 13,872,915$ 13,151,439$ 11,904,166$ 12,128,222$
Development 4,293,027 3,465,789 3,356,356 2,561,792 2,805,625
Fire 24,264,619 19,530,308 17,642,881 16,113,850 15,089,501
General government 6,844,030 5,684,392 4,989,778 5,959,340 6,348,544
Police 21,710,738 17,528,376 17,174,693 16,537,297 15,938,090
Streets 7,923,523 9,651,202 12,773,454 7,376,116 8,270,333
Environmental services 10,686,467 8,357,796 8,246,680 6,325,688 5,964,867
Interest on long-term debt 7,306,732 7,095,415 7,172,983 5,826,012 4,455,057
Total governmental activities expenses 98,627,490 85,186,193 84,508,264 72,604,261 71,000,239
Business-type activities
Airport 79,179,630 4,306,091 3,675,044 3,123,008 2,655,035
Electric 56,354,897 81,228,070 77,960,552 66,383,559 59,649,218
Stormwater 3,964,161 3,723,377 3,707,981 3,882,824 3,844,129
Water 4,052,203 45,506,608 42,004,858 39,960,102 36,679,504
Total business-type activities expenses 143,550,891 134,764,146 127,348,435 113,349,493 102,827,886
Total primary government expenses 242,178,381$ 219,950,339$ 211,856,699$ 185,953,754$ 173,828,125$
PROGRAM REVENUES
Governmental activities
Charges for services
Culture-recreation 1,918,354$ 3,012,266$ 3,255,788$ 2,534,735$ 2,781,283$
Development 5,622,473 4,434,081 3,169,625 2,653,201 2,666,369
Fire 2,806,272 7,641,026 4,538,006 4,116,783 3,718,280
General government 1,032,226 45,532 365,766 356,455 1,155,218
Police 478,602 992,621 1,004,922 743,304 200,276
Streets - - - 4,124,813 843,386
Environmental services 10,218,066 9,284,703 8,782,764 7,329,850 7,380,876
Operating grants and contributions 5,900,401 225,105 1,560,956 470,604 397,920
Capital grants and contributions 11,142,679 9,890,127 15,480,125 5,612,025 12,784,076
Total governmental activities
program revenues 39,119,073 35,525,461 38,157,952 27,941,770 31,927,684
Business-type activities
Charges for services
Airport 3,284,729 3,376,373 3,500,244 3,318,983 2,905,729
Electric 94,842,210 86,335,438 73,419,224 70,109,269 66,916,207
Stormwater 4,159,000 3,618,468 3,571,582 3,409,626 3,277,508
Water 82,288,865 65,693,605 65,542,222 42,729,980 45,485,151
Operating grants and contributions 132,671 - - - -
Capital grants and contributions 51,190,822 31,949,771 11,757,245 32,180,271 25,104,637
Total business-type activities
program revenues 235,898,297 190,973,655 157,790,517 151,748,129 143,689,232
Total primary government program revenues 275,017,370$ 226,499,116$ 195,948,469$ 179,689,899$ 175,616,916$
Net (expense)/revenue
Governmental activities (59,508,417)$ (49,660,732)$ (46,350,312)$ (44,662,491)$ (39,072,555)$
Business-type activities 92,347,406 56,209,509 30,442,082 38,398,636 40,861,346
Total primary government net expense 32,838,989$ 6,548,777$ (15,908,230)$ (6,263,855)$ 1,788,791$
135
2015 2014 2013 2012 2011
11,003,525$ 10,438,052$ 9,775,209$ 9,328,048$ 9,393,530$
2,317,907 2,037,449 1,650,530 2,284,858 2,374,321
11,731,142 10,378,471 9,144,092 8,634,002 8,110,294
5,435,195 5,239,050 6,447,308 4,851,250 5,293,370
13,284,900 12,862,736 12,042,349 11,522,334 11,029,444
6,463,416 9,486,497 5,459,183 5,564,690 6,522,933
5,700,681 5,097,618 4,855,404 4,830,921 4,339,101
5,061,021 5,738,394 3,806,106 4,375,653 3,656,673
60,997,787 61,278,267 53,180,181 51,391,756 50,719,666
2,838,401 3,289,827 3,171,550 3,012,745 3,751,193
59,043,948 60,073,430 46,543,022 56,407,348 54,289,631
2,983,286 2,638,430 2,204,172 1,905,019 1,970,307
33,360,468 24,158,727 22,844,363 21,597,278 22,224,364
98,226,103 90,160,414 74,763,107 82,922,390 82,235,495
159,223,890$ 151,438,681$ 127,943,288$ 134,314,146$ 132,955,161$
2,506,592$ 3,146,318$ 2,425,587$ 2,285,209$ 2,252,608$
2,510,092 1,942,914 1,659,670 1,668,635 905,118
1,740,719 1,200,894 1,433,679 1,137,982 1,032,663
1,321,261 1,474,961 1,261,561 1,206,994 435,926
831,461 805,728 959,027 895,703 1,009,004
625 1,021 1,125 - -
6,811,773 5,266,815 6,059,904 5,491,495 5,116,570
642,448 286,431 256,593 956,438 962,183
17,701,672 23,901,801 5,999,666 2,431,374 4,422,720
34,066,643 38,026,883 20,056,812 16,073,830 16,136,792
2,631,211 3,254,368 2,906,267 2,881,144 3,388,816
63,197,781 60,319,235 54,743,979 59,344,615 58,535,067
2,638,945 2,487,548 2,206,108 2,132,810 2,036,047
43,488,320 33,659,956 27,244,363 26,596,509 27,142,648
25,056 25,056 25,589 147,601 127,051
9,405,360 76,095,951 4,558,296 3,917,721 2,062,382
121,386,673 175,842,114 91,684,602 95,020,400 93,292,011
155,453,316$ 213,868,997$ 111,741,414$ 111,094,230$ 109,428,803$
(26,931,144)$ (23,251,384)$ (33,123,369)$ (35,317,926)$ (34,582,874)$
23,160,570 85,681,700 16,921,495 12,098,010 11,056,516
(3,770,574)$ 62,430,316$ (16,201,874)$ (23,219,916)$ (23,526,358)$
City of Georgetown, Texas
Changes In Net Position
Last Ten Fiscal Years – Continued
(Accrual Basis Of Accounting)
136
2020 2019 2018 2017 2016
GENERAL REVENUES AND OTHER
CHANGES IN NET POSITION
Governmental activities
Property tax 33,731,126$ 30,784,640$ 27,118,902$ 24,734,830$ 22,815,206$
Sales tax 31,845,454 27,647,382 25,036,952 23,008,606 21,556,336
Franchise taxes 5,882,916 5,646,479 5,274,758 4,973,295 4,926,315
Taxes - other 1,384,656 1,833,555 1,663,994 3,027,357 2,459,912
Investment income 1,514,798 2,687,704 1,518,679 731,135 398,206
Other 2,633,974 2,631,661 - 164,835 -
Transfers 8,941,958 7,607,068 9,259,037 9,188,144 10,371,215
Total governmental activities 85,934,882$ 78,838,489$ 69,872,322$ 65,828,202$ 62,527,190$
Business-type activities
Investment income 1,558,167$ 2,250,615$ 1,454,767$ 544,050$ 271,508$
Other - - - - -
Transfers (8,941,958) (7,607,068) (9,259,037) (9,188,144) (10,371,215)
Total business-type activities (7,383,791) (5,356,453) (7,804,270) (8,644,094) (10,099,707)
Total primary government 78,551,091$ 73,482,036$ 62,068,052$ 57,184,108$ 52,427,483$
CHANGES IN NET POSITION
Governmental activities 26,426,465$ 29,177,757$ 23,522,010$ 21,165,711$ 23,454,635$
Business-type activities 84,963,615 50,853,056 22,637,812 29,754,542 30,761,639
Total primary government 111,390,080$ 80,030,813$ 46,159,822$ 50,920,253$ 54,216,274$
137
2015 2014 2013 2012 2011
20,650,114$ 18,984,850$ 17,037,036$ 15,751,826$ 14,362,895$
19,165,963 18,655,801 17,002,757 15,045,592 14,148,242
4,925,043 4,478,899 4,471,487 3,924,052 3,874,815
2,118,567 1,939,217 1,331,281 1,143,217 1,100,490
201,492 169,477 241,449 230,788 187,314
82,963 36,854 1,129,389 710,403 590,398
4,904,089 7,615,607 11,719,799 6,511,026 6,871,447
52,048,231$ 51,880,705$ 52,933,198$ 43,316,904$ 41,135,601$
167,866$ 98,015$ 126,322$ 156,329$ 171,947$
- - 4,919,258 4,003,968 2,971,392
(4,904,089) (7,615,607) (11,719,799) (6,511,026) (6,871,447)
(4,736,223) (7,517,592) (6,674,219) (2,350,729) (3,728,108)
47,312,008$ 44,363,113$ 46,258,979$ 40,966,175$ 37,407,493$
25,117,087$ 28,629,321$ 19,809,829$ 7,998,978$ 6,552,727$
18,424,347 78,164,108 10,247,276 9,747,281 7,328,408
43,541,434$ 106,793,429$ 30,057,105$ 17,746,259$ 13,881,135$
City of Georgetown, Texas
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
138
2020 2019 2018 2017 2016
General fund
Nonspendable 245,067$ 454,443$ 231,057$ 246,648$ 507,929$
Committed
Contingency 11,414,340 9,977,771 8,500,000 7,925,000 7,925,000
Economic stability - - 1,150,000 1,150,000 -
Benefit payout 340,000 170,000 252,000 222,000 -
Assigned - 1,011,219 682,350 919,906 1,502,188
Unassigned 9,197,203 2,827,859 1,131,340 2,862,071 2,561,845
Total general fund 21,196,610$ 14,441,292$ 11,946,747$ 13,325,625$ 12,496,962$
Other governmental funds
Nonspendable 20,930$ -$ -$ -$ -$
Restricted
Debt service 1,907,062 2,004,196 2,110,421 1,938,926 1,867,190
Bond funds 38,315,166 32,713,686 29,208,307 17,258,365 23,602,097
Hotel/motel tax 1,675,963 1,551,880 1,301,053 853,337 499,231
Street maintenance tax 3,530,549 1,558,875 3,301,181 3,422,465 2,388,379
Other purposes 2,901,071 638,729 547,157 762,196 692,834
Committed
Other capital projects 31,029,700 20,821,652 16,896,037 11,556,682 10,985,484
Other purposes 6,876,345 6,747,159 7,723,610 5,405,555 3,324,663
Assigned - 13,469,490 17,529,424 22,456,924 26,160,650
Unassigned - - (228,267) (495,350) (105,707)
Total all other
governmental funds 86,256,786$ 79,505,667$ 78,388,923$ 63,159,100$ 69,414,821$
Note: City of Georgetown first applied GASB Statement No. 54 in fiscal year 2011; therefore, the new fund balance distinctions for years prior to fiscal
year 2011 are not available.
139
2015 2014 2013 2012
66,702$ 22,810$ 18,697$ 2,110$
7,695,000 7,500,000 7,400,000 7,000,000
- - - -
- - - -
1,835,134 1,755,953 1,631,482 1,210,247
2,407,019 2,893,916 3,999,924 2,419,053
12,003,855$ 12,172,679$ 13,050,103$ 10,631,410$
-$ -$ -$ -$
1,489,314 1,268,186 1,109,220 1,749,324
15,336,646 14,840,447 15,438,897 18,112,419
544,252 579,118 515,525 526,488
2,534,655 2,773,940 5,029,263 4,205,153
344,436 352,032 188,072 244,969
8,489,829 12,386,987 12,292,845 8,770,010
4,202,843 4,009,871 2,174,368 2,293,194
7,606,841 13,385,685 25,444,232 8,891,080
(663,535) - - -
39,885,281$ 49,596,266$ 62,192,422$ 44,792,637$
2011
General fund
Reserved 1,894,618$
Unreserved 8,260,029
Total general fund 10,154,647$
Other governmental funds
Reserved 31,712,735$
Unreserved, reported in
Special revenue funds -
Capital projects funds 10,682,665
Total all other
governmental funds 42,395,400$
City of Georgetown, Texas
Changes In Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
140
2020 2019 2018 2017 2016
REVENUES
Property taxes 33,808,581$ 30,854,570$ 28,636,709$ 26,109,522$ 25,276,211$
Sales tax and other taxes 33,230,110 29,480,937 26,700,946 24,588,124 21,556,336
Franchise taxes 5,882,916 5,646,479 5,274,758 4,973,295 4,926,315
Licenses and permits 3,435,817 3,756,125 2,747,720 2,652,279 2,113,126
Charges for service 18,241,169 19,299,458 16,126,270 14,273,666 12,512,232
Fine and forfeitures 399,007 473,251 457,279 500,577 525,510
Donations and grants 7,107,087 1,263,616 7,108,038 5,231,886 6,852,346
Investment income 1,329,892 2,379,050 1,322,819 672,070 356,761
Other revenue 746,569 2,082,621 2,883,871 1,875,015 3,207,387
Total revenues 104,181,148 95,236,107 91,258,410 80,876,434 77,326,224
EXPENDITURES
Culture / recreation 12,175,658 13,051,248 12,804,253 11,362,281 11,144,256
Development 3,443,205 3,260,516 3,222,862 2,517,985 5,565,942
Fire services 19,821,262 18,373,565 16,079,479 14,848,470 13,823,467
General government 5,413,335 5,347,716 5,276,868 4,791,467 3,361,740
Highways and streets 4,852,090 9,079,580 12,271,033 6,992,059 7,794,109
Police 17,376,416 16,490,203 15,935,637 14,737,071 13,876,795
Environmental services 8,537,957 7,862,780 7,911,890 6,328,860 5,951,829
Capital outlay 23,707,970 32,473,431 28,581,061 39,219,989 23,482,464
Debt service
Principal retirement 13,484,534 12,600,418 11,062,889 10,372,836 8,860,415
Interest and fiscal charges 7,767,277 7,454,605 6,724,766 5,808,925 4,931,447
Total expenditures 116,579,704 125,994,062 119,870,738 116,979,943 98,792,464
Excess (deficiency) of revenues
over expenditures (12,398,556) (30,757,955) (28,612,328) (36,103,509) (21,466,240)
OTHER FINANCING SOURCES (USES)
Transfers in 13,602,477 12,093,253 16,406,657 15,963,898 14,712,268
Transfers out (7,332,484) (6,939,985) (9,893,720) (10,046,733) (7,421,944)
Premiums on issuance of bonds - 2,489,315 3,837,621 1,799,286 1,831,554
Sale of property - 2,631,661 - - -
Payment to refunding escrow agent - - (15,027,285) - (7,877,733)
Bonds issued 19,635,000 24,095,000 47,140,000 22,960,000 50,244,742
Total other financing sources (uses) 25,904,993 34,369,244 42,463,273 30,676,451 51,488,887
NET CHANGE IN FUND BALANCES 13,506,437$ 3,611,289$ 13,850,945$ (5,427,058)$ 30,022,647$
Debt service as a percentage of noncapital
expenditures 22.9% 21.4% 19.5% 20.8% 18.3%
141
2015 2014 2013 2012 2011
22,721,315$ 20,938,464$ 17,584,750$ 16,236,905$ 14,904,657$
19,165,963 18,655,801 17,790,450 15,698,207 14,724,741
4,925,043 4,478,899 4,471,487 3,924,052 3,874,815
2,002,380 1,932,563 1,536,660 1,236,478 890,948
10,671,299 9,762,561 9,479,669 8,493,243 8,199,073
586,853 668,566 739,556 682,760 810,950
1,435,279 8,236,215 3,979,292 1,687,184 4,121,625
172,952 152,252 212,629 230,788 187,313
2,106,152 1,474,961 2,960,559 2,870,008 1,735,082
63,787,236 66,300,282 58,755,052 51,059,625 49,449,204
10,448,536 9,613,918 9,262,282 8,377,084 8,229,049
2,322,321 2,299,379 1,626,315 2,155,243 2,195,537
11,513,926 9,748,456 8,804,938 8,253,567 7,725,794
4,115,280 3,412,293 3,144,173 3,178,251 3,595,481
6,075,407 8,810,437 3,422,340 5,061,214 6,044,755
13,010,497 11,875,081 11,677,968 10,577,384 10,221,220
5,703,227 5,092,327 4,857,396 4,823,170 4,321,888
24,006,253 32,164,540 16,760,621 15,938,457 12,604,835
7,868,518 7,765,414 6,452,644 5,533,987 4,998,369
4,595,331 4,449,327 3,771,791 4,094,247 3,686,318
89,659,296 95,231,172 69,780,468 67,992,604 63,623,246
(25,872,060) (28,930,890) (11,025,416) (16,932,979) (14,174,042)
10,972,315 12,570,645 13,969,841 9,734,354 7,915,723
(9,313,269) (7,506,242) (4,331,850) (5,492,299) (2,654,379)
1,001,947 - - - -
- 3,550,000 - - -
(14,098,445) (11,911,063) (11,356,689) (3,416,787) -
27,429,703 18,753,970 32,562,592 18,981,711 21,650,000
15,992,251 15,457,310 30,843,894 19,806,979 26,911,344
(9,879,809)$ (13,473,580)$ 19,818,478$ 2,874,000$ 12,737,302$
19.0% 19.4% 19.3% 18.5% 17.0%
City of Georgetown, Texas
Property Tax Rates, Levies and Collections
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
142
Interest
and Current Percent
Fiscal Tax General Sinking Total Tax of Levy
Year Rate Fund Fund Tax Levy Collections Collected
2011 0.3562 0.2199 0.1363 15,098,808 14,635,299 96.93%
2012 0.3875 0.2229 0.1646 16,444,180 16,050,914 97.61%
2013 0.4100 0.2364 0.1736 17,806,346 17,384,594 97.63%
2014 0.4395 0.2160 0.2235 19,697,573 19,270,107 97.83%
2015 0.4340 0.2074 0.2266 21,383,874 20,968,385 98.06%
2016 0.4340 0.2072 0.2268 23,803,581 23,354,913 98.12%
2017 0.4240 0.1967 0.2273 25,551,262 25,470,885 99.69%
2018 0.4200 0.1927 0.2273 28,043,693 27,622,737 98.50%
2019 0.4200 0.1996 0.2205 30,490,501 30,291,980 99.35%
2020 0.4200 0.1955 0.2245 33,674,169 33,495,990 99.47%
Source: City of Georgetown Tax Assessor.
143
Total Outstanding
Collections Delinquent
Delinquent as a Percent Outstanding Taxes as a
Tax Total Tax of Current Delinquent Percent of
Collections Collections Levy Taxes Current Levy
120,092 14,755,391 97.73% 343,417 2.27%
44,797 16,095,711 97.88% 349,082 2.12%
76,902 17,461,496 98.06% 344,851 1.94%
81,450 19,351,557 98.24% 346,016 1.76%
36,825 21,005,210 98.23% 378,664 1.77%
71,125 23,426,038 98.41% 377,543 1.59%
(6,876) 25,464,009 99.66% 452,566 1.77%
89,789 27,712,526 98.82% 581,133 2.07%
69,555 30,361,535 99.58% 509,410 1.67%
52,780 33,548,770 99.63% 429,275 1.27%
City of Georgetown, Texas
Assessed and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
144
Personal Property
Estimated Estimated
Fiscal Assessed Actual Assessed Actual
Year Value (1)Value Value (1)Value
2011 3,786,177,221 3,786,177,221 269,771,730 269,771,730
2012 3,885,150,718 3,885,150,718 311,033,417 311,033,417
2013 4,033,324,389 4,033,324,389 382,683,621 382,683,621
2014 4,227,513,729 4,227,513,729 370,699,347 370,699,347
2015 4,801,066,109 4,801,066,109 326,852,517 326,852,517
2016 5,460,868,492 5,460,868,492 372,206,180 372,206,180
2017 6,055,421,970 6,055,421,970 426,545,483 426,545,483
2018 6,547,754,115 6,547,754,115 542,912,696 542,912,696
2019 7,402,055,252 7,402,055,252 428,295,165 428,295,165
2020 8,112,088,405 8,112,088,405 569,752,477 569,752,477
Real Property
Source: Williamson County Appraisal District Tax Assessor/Collector.
(1) Net of exemptions.
145
Total Total Ratio of Total
Estimated Direct Assessed Value
Assessed Actual Tax to Total Estimated
Value (1)Value Rate Actual Value
4,055,948,951 4,055,948,951 0.3562 100.00%
4,196,184,135 4,196,184,135 0.3875 100.00%
4,416,008,010 4,416,008,010 0.4100 100.00%
4,598,213,076 4,598,213,076 0.4395 100.00%
5,127,918,626 5,127,918,626 0.4340 100.00%
5,838,074,672 5,838,074,672 0.4340 100.00%
6,481,967,453 6,481,967,453 0.4240 100.00%
7,090,666,811 7,090,666,811 0.4200 100.00%
7,830,350,417 7,830,350,417 0.4200 100.00%
8,681,840,882 8,681,840,882 0.4200 100.00%
City of Georgetown, Texas
Property Tax Rates – Direct and Overlapping Governments
(Per $100 of Assessed Value)
Last Ten Fiscal Years
146
Debt Georgetown
Fiscal General Service Total Independent Williamson
Year Fund Fund City School District County Total
2011 0.21 0.14 0.35 1.36 0.49 2.20
2012 0.22 0.16 0.38 1.40 0.49 2.27
2013 0.24 0.17 0.41 1.40 0.49 2.30
2014 0.22 0.22 0.44 1.40 0.49 2.33
2015 0.21 0.23 0.44 1.40 0.49 2.33
2016 0.21 0.23 0.44 1.40 0.48 2.32
2017 0.21 0.22 0.42 1.41 0.48 2.31
2018 0.19 0.23 0.42 1.41 0.46 2.29
2019 0.20 0.22 0.42 1.41 0.46 2.29
2020 0.20 0.22 0.42 1.34 0.46 2.22
City of Georgetown
Source: Information furnished by respective tax assessors.
City of Georgetown, Texas
Principal Property Taxpayers
Current Year and Nine Years Ago
147
Percentage Percentage
of Total of Total
Type of Assessed Assessed Assessed Assessed
Taxpayer Business Value Rank Value (1)Value Rank Value (1)
Citicorp North America Development 203,336,161$ 1 2.34% 41,714,222$ 3 1.03%
WPG Wolf Ranch LLC Development 89,994,394 2 1.04% 55,874,164 1 1.38%
Citigroup Technology Inc Development 82,650,000 3 0.95%
BT-JV VG LLC Development 77,471,609 4 0.89%
Carroll at Rivery Ranch LLC Apartments 46,598,805 5 0.54%
LG WR1 LLC Development 42,545,746 6 0.49%
St. David's Healthcare Partnership Hospital 42,325,855 7 0.49%
Water's Edge Luxury Apartments LLC Apartments 42,006,832 8 0.48% 41,949,819 2 1.03%
MRP Wolf Ranch LP Development 38,711,340 9 0.45%
PBH Georgetown Apts LLC Apartments 37,000,000 10 0.43%
The Bassham Trust Development 23,620,874 4 0.58%
Citicorp North America Inc 3375 Development 22,530,014 5 0.56%
South Austin Ave Prof Bldg Hospital 18,086,744 6 0.45%
Wal-Mart Real Estate Bus Trust Grocer 16,241,376 7 0.40%
Del Webb Texas Ltd Development 12,859,498 8 0.32%
Republic Square K/C Ltd Development 12,500,000 9 0.31%
Hewlett Holdings Ltd Automobile Dealer 12,059,642 10 0.30%
Total 702,640,742$ 8.09% 257,436,353$ 6.35%
2020 2011
Source: City Tax Assessor/Collector. (1) The total assessed valuation for the fiscal year ended September 30, 2020 was certified at $8,681,840,882.
*Per certified roll. Does not include some major property owners whose property is under protest as of date of certification.
City of Georgetown, Texas
Taxable Sales by Category
Last Ten Fiscal Years
148
NAICS Sectors 2020* 2019 2018 2017 2016
Agriculture/Forestry/Fishing/Hunting -$ -$ -$ -$ -$
Mining, quarrying, oil & gas extraction - - - - -
Utilities 35,016,212 43,667,940 30,132,050 24,653,363 24,509,458
Construction 33,901,554 40,056,047 25,020,124 24,798,897 18,369,915
Manufacturing 123,745,096 115,742,117 120,869,078 82,046,181 7,590,482
Wholesale trade 27,978,783 27,804,152 24,744,056 24,816,039 21,912,478
Retail trade 599,889,893 549,216,372 534,956,456 525,453,413 552,269,512
Transportation, warehousing 4,564,338 3,677,032 3,834,944 3,219,999 2,159,562
Information 76,362,611 77,390,775 62,540,410 47,709,743 51,059,437
Finance, insurance 2,632,221 2,612,369 3,303,579 3,557,444 3,357,319
Real estate, rental, leasing 3,827,475 3,444,769 3,364,139 3,387,155 3,393,642
Professional, scientific, technical svcs 12,500,619 9,757,092 9,359,072 8,624,509 8,189,352
Management of companies, enterprises 604,538 638,249 180,993 - 315,805
Admin, support, waste mgmt, remediation svcs 10,492,522 12,919,075 10,208,258 8,787,903 8,131,282
Educational svcs 356,809 540,780 645,249 479,225 538,758
Healthcare, social assistance 585,190 734,147 546,285 607,795 439,596
Arts, entertainment, recreation 9,140,944 12,786,896 12,774,273 13,139,889 12,251,028
Accommodation, food services 155,984,061 152,328,276 141,635,730 134,051,840 127,069,718
Other svcs (except public administration)79,418,380 40,019,932 30,602,131 27,870,439 26,724,994
Public administration - 1,027 57,786 31,743 18,245
Other - - - 2,613 -
Total 1,177,001,246$ 1,093,337,047$ 1,014,774,613$ 933,238,189$ 868,300,583$
City direct sales tax rate 2.00% 2.00% 2.00% 2.00% 2.00%
Source: Window on State Government - Glenn Hegar, Texas Comptroller of Public Accounts website.
Amounts subject to sales tax have been restated by the state since the 2012 comprehensive annual financial report release.
Notes: All reporting is by North American Industry Classification System (NAICS) sector. Standard Industrial
Classification (SIC) Codes are no longer being assigned to taxpayers.
*2020 is projected as 4th Quarter actuals were not in at time of update.
149
2015 2014 2013 2012 2011
-$ 448$ -$ 4,825$ -$
- - - - -
23,612,396 21,368,744 19,031,408 19,253,904 18,628,820
33,485,247 33,585,485 5,384,717 4,967,279 4,002,432
5,902,324 5,486,476 8,554,720 4,585,577 5,873,390
16,065,173 14,122,397 16,091,304 16,186,257 14,174,184
514,459,509 468,668,683 446,244,500 405,055,103 378,427,824
1,202,760 1,316,100 1,218,175 1,242,589 1,061,271
43,345,486 40,292,168 33,781,552 30,485,692 29,916,065
1,009,355 578,893 563,947 482,899 424,931
2,719,424 3,000,201 2,370,540 2,165,251 3,781,875
7,915,851 7,237,174 8,234,560 7,522,451 5,292,086
- - - - -
7,493,100 4,548,385 4,190,713 3,601,364 3,359,965
349,784 344,038 359,795 372,185 154,882
504,981 279,142 213,183 308,645 444,834
12,529,599 11,347,603 11,787,222 11,914,044 11,362,973
116,778,321 104,451,832 97,227,191 86,308,956 81,339,685
28,398,634 28,483,626 24,097,238 18,603,403 16,990,190
32,673 31,222 53,482 20,023 31,428
- - - - 1,198
815,804,617$ 745,142,617$ 679,404,247$ 613,080,447$ 575,268,033$
2.00% 2.00% 2.00% 2.00% 2.00%
City of Georgetown, Texas
Direct and Overlapping Sales Tax Rates
Last Ten Fiscal Years
150
City
Fiscal Direct State of
Year Rate Texas
2011 2% 6.25%
2012 2% 6.25%
2013 2% 6.25%
2014 2% 6.25%
2015 2% 6.25%
2016 2% 6.25%
2017 2% 6.25%
2018 2% 6.25%
2019 2% 6.25%
2020 2% 6.25%
Source: Information furnished by City of Georgetown.
City of Georgetown, Texas
Sales Tax Revenue Payers by Industry
Fiscal Years 2020 and 2011
151
Number Percent Tax Percent
NAICS Sectors of Filers of Total Liability of Total
Agriculture/Forestry/Fishing/Hunting 10.05% -$ -$ 0.00%
Mining, quarrying, oil & gas extraction 2 0.10% - - 0.00%
Utilities 6 0.31% 35,660,320 713,206 3.00%
Construction 179 9.32% 35,781,396 715,628 3.01%
Manufacturing 136 7.08% 122,576,987 2,451,540 10.31%
Wholesale trade 70 3.65% 27,880,477 557,610 2.35%
Retail trade 642 33.44% 607,273,044 12,145,461 51.09%
Transportation, warehousing 12 0.63% 4,530,240 90,605 0.38%
Information 40 2.08% 77,367,465 1,547,349 6.51%
Finance, insurance 16 0.83% 2,640,367 52,807 0.22%
Real estate, rental, leasing 40 2.08% 3,867,843 77,357 0.33%
Professional, scientific, technical svcs 142 7.40% 12,564,144 251,283 1.06%
Management of companies, enterprises 5 0.26% 618,621 12,372 0.05%
Admin, support, waste mgmt, remediation svcs 100 5.21% 10,475,575 209,511 0.88%
Educational svcs 16 0.83% 364,484 7,290 0.03%
Healthcare, social assistance 44 2.29% 622,333 12,447 0.05%
Arts, entertainment, recreation 58 3.02% 9,589,139 191,783 0.81%
Accommodation, food services 224 11.67% 157,410,584 3,148,212 13.24%
Other svcs (except public administration)145 7.55% 79,452,500 1,589,050 6.68%
Public administration 3 0.16% - - 0.00%
Other 39 2.03% - - 0.00%
Totals 1,920 100.00% 1,188,675,519$ 23,773,510$ 100.00%
Number Percent Tax Percent
NAICS Sectors of Filers of Total Liability of Total
Agriculture/Forestry/Fishing/Hunting 00.00% -$ -$ 0.00%
Mining, quarrying, oil & gas extraction 5 0.34% - - 0.00%
Utilities 7 0.44% 17,151,900 343,038 2.98%
Construction 104 6.55% 3,233,450 64,669 0.56%
Manufacturing 104 6.57% 5,926,500 118,530 1.03%
Wholesale trade 63 3.95% 10,540,450 210,809 1.83%
Retail trade 591 37.22% 386,600,025 7,732,000 67.15%
Transportation, warehousing 20 1.26% 1,160,500 23,210 0.20%
Information 31 1.96% 29,951,650 599,033 5.20%
Finance, insurance 10 0.61% 426,650 8,533 0.07%
Real estate, rental, leasing 25 1.59% 3,726,150 74,523 0.65%
Professional, scientific, technical svcs 135 8.48% 5,080,350 101,607 0.88%
Management of companies, enterprises 1 0.06% - - 0.00%
Admin, support, waste mgmt, remediation svcs 95 5.98% 3,200,650 64,013 0.56%
Educational svcs 10 0.65% 137,000 2,740 0.02%
Healthcare, social assistance 23 1.47% 501,700 10,034 0.09%
Arts, entertainment, recreation 44 2.79% 11,167,200 223,344 1.94%
Accommodation, food services 144 9.05% 81,149,925 1,622,998 14.09%
Other svcs (except public administration)144 9.05% 15,801,000 316,020 2.74%
Public administration 6 0.40% - - 0.00%
Other 25 1.57% - - 0.00%
Totals 1,588 100.00% 575,755,099$ 11,515,102$ 100.00%
2020*
2011
Source: Window on State Government.
Notes: The City direct sales tax rate for both 2019 and 2010 is 2%. Due to confidentiality issues, the names of the ten largest revenue payers are
not available. The categories presented are intended to provide alternative information regarding the sources of the City's revenue. All reporting
is now by North American Industry Classification System (NAICS) sectors. Standard Industrial Classification (SIC) Codes are no longer being
assigned to taxpayers, and data on SIC filers is no longer available.
* 2020 is projected as 4th quarter actuals were not available at the time of update.
City of Georgetown, Texas
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
152
General Sales Tax General
Fiscal Obligation Revenue Related Revenue Obligation Related
Year Bonds Bonds Premiums * Bonds Bonds Premiums *
2011 89,613,941$ 9,870,000$ -$ 55,945,000$ 12,981,059$ -$
2012 100,356,664 9,420,000 - 51,425,000 11,618,336 -
2013 116,738,088 8,955,000 - 48,090,268 14,551,893 -
2014 116,200,602 8,470,000 - 61,885,000 13,884,399 -
2015 122,965,751 7,755,000 - 67,910,000 16,414,254 -
2016 154,191,338 7,225,000 4,596,657 72,545,000 15,286,384 2,943,619
2017 170,194,599 6,685,000 6,020,112 92,730,000 13,865,309 5,152,405
2018 192,278,643 6,125,000 9,391,939 93,335,000 12,491,356 5,043,308
2019 204,223,234 5,555,000 11,175,985 87,295,000 12,336,775 4,778,117
2020 210,843,700 4,960,000 10,360,307 100,220,124 12,066,301 4,925,077
Governmental Activities Business-Type Activities
Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements.
* The City began including premiums related to debt for the 2016 presentation.
153
Total Percentage
Primary of Personal Per
Government Income Capita
168,410,000$ 11.63% 3,444$
172,820,000 11.97% 3,469
188,335,249 11.84% 3,728
200,440,001 11.15% 3,839
215,045,005 10.28% 3,786
256,787,998 10.25% 4,373
294,647,425 9.56%4,859
318,665,246 9.88% 5,040
325,364,111 11.12% 4,802
338,450,432 8.82% 4,685
City of Georgetown, Texas
Ratios of Net General Obligation Bonded Debt to Assessed
Value and Net General Obligation Bonded Debt Per Capita
Last Ten Fiscal Years
154
Taxable
Assessed Gross Less Debt
Fiscal Assessed Valuation Bonded Service Funds
Year Population Value (1)Per Capita Debt (2)Available
2011 48,902 4,055,948,951$ 82,940$ 102,595,000$ 1,976,586$
2012 49,543 4,196,184,135 84,698 111,975,000 1,749,324
2013 50,513 4,416,008,010 87,423 131,190,000 1,109,220
2014 52,214 4,598,213,076 88,065 130,085,001 1,268,186
2015 56,798 5,127,918,626 90,283 139,380,005 1,489,313
2016 58,723 5,838,074,672 99,417 169,477,722 1,867,190
2017 60,642 6,481,967,453 106,889 184,059,908 1,946,870
2018 63,227 7,090,666,811 112,146 204,770,000 2,113,651
2019 67,756 7,830,350,417 115,567 216,560,000 2,242,784
2020 72,243 8,681,840,882 120,176 222,910,000 2,195,384
Sources: WCAD
Notes: Details regarding the City's outstanding debt can be found in the notes to the financial statements.
(1) Net of exemptions.
(2) Includes all long-term general obligation debt. Beginning in 2019, related premiums and discounts are also included.
(3) Less debt service funds available.
155
Ratio of Net Ratio of Gross
Net Bonded Debt Bonded Debt Net Bonded Total Bonded
Bonded to Assessed to Assessed Debt Per Debt Per
Debt Value (3)Value (3)Capita (3)Capita (3)
73,396,051$ 1.81% 2.48% 1,501$ 2,058$
83,698,631 1.99% 2.63% 1,689 2,225
101,604,245 2.30% 2.95% 2,011 2,575
128,816,815 2.80% 2.80% 2,467 2,467
137,890,692 2.69% 2.69% 2,428 2,428
167,610,532 2.87% 2.87% 2,854 2,854
182,113,038 2.81% 2.81% 3,003 3,003
202,656,349 2.86% 2.86% 3,205 3,205
214,317,216 2.74% 2.74% 3,163 3,163
220,714,616 2.54% 2.54% 3,055 3,055
City of Georgetown, Texas
Computation of Direct and Estimated Overlapping Bonded Debt
Last Ten Fiscal Years
156
Debt
Per
Taxing Body Amount As of Percent Amount Capita (1)
ESTIMATED OVERLAPPING DEBT
Georgetown I.S.D. 417,470,000$ 09/30/2020 66.21% 276,406,887$ 2,588$
Austin CCD 386,625 09/30/2020 0.03% 116 0
Jarrell ISD 99,305,000 09/30/2020 33.05% 32,820,303 2,563
Southeast Williamson County 17,925,000 09/30/2020 100.00% 17,925,000 248
Williamson County 1,010,794,956 09/30/2020 12.40% 125,338,575 212
Williamson Co MUD #28 27,250,000 09/30/2020 100.00% 27,250,000 377
Total estimated overlapping debt 1,554,819,956 29.70% 461,815,764 5,989
DIRECT DEBT - City of Georgetown 228,295,000 09/30/2020 100.00% 228,295,000 3,160
DIRECT AND ESTIMATED OVERLAPPING DEBT 1,783,114,956$ 690,110,764$ 9,149$
RATIO OF DIRECT AND OVERLAPPING TAX SUPPORTED
DEBT TO TAXABLE ASSESSED VALUATION
City's Share (2)
Source: Municipal Advisory Council of Texas and entities listed.
(1) GISD taxypayer population – 106,800
Williamson County population – 590,551
Jarrell ISD taxpayer poplulation – 12,806
City of Georgetown population – 72,243
Williamson Co. MUD #28 population – 690
(2) Information represents the share of the respective debt which are obligations of the citizens of the City of Georgetown.
157
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City of Georgetown, Texas
Computation of Legal Debt Margin
Last Ten Fiscal Years
158
2020 2019 2018 2017 2016
DEBT LIMIT 97,670,710$ 97,670,710$ 79,770,002$ 72,922,134$ 65,678,340$
Total net debt applicable to limit (1)13,940,000 12,502,643 12,725,000 10,354,174 9,082,545
LEGAL DEBT MARGIN 83,730,710$ 85,168,067$ 67,045,002$ 62,567,960$ 56,595,795$
Total net debt applicable to limit
as a percentage of debt limit 14.27%12.80% 15.95%14.20%13.83%
ASSESSED VALUATION MINUS EXEMPTIONS 2020 8,681,840,882$
Allowable tax levy for annual debt service purpose:
$1.25 per $100 of assessed valuation, assuming 90% collection rate 97,670,710$
2020 annual debt service requirements
for general obligation debt:
Principal 20,943,695
Interest and fiscal charges 11,176,562 32,120,257
Legal margin for annual debt service requirements 65,550,453$
Note: All taxable property within the City is subject to the assessment levy and collection by the City of a continuing, direct annual ad valorem
tax sufficient to provide for the payment of principal and interest on the Bonds within the limits prescribed by law. Article XI, Section 5, of the Texas
Constitution is applicable to the City, and limits the maximum ad valorem tax rate to $2.50 per $100 assessed valuation (for all City purposes). The Charter of the City adopts the provisions of the constitution without further limitation. Under rules promulgated by the Office of the Attorney
General of Texas, such office will not approve tax bonds of the City unless the City can demonstrate its ability to pay debt service requirements
on all outstanding City tax bonds, including the issue to be approved, from a tax levy of $1.25 per $100 of valuation, based on 90% collection of
tax.
(1) The legal margin computation includes the general obligation debt that will be repaid by self-supporting sources such as the Airport, Stormwater Drainage, Water, Electric, and Georgetown Transportation Enhancement Corporation (GTEC) funds.
159
2015 2014 2013 2012 2011
57,689,085$ 51,729,897$ 49,680,090$ 47,207,072$ 45,629,426$
6,652,866 6,521,597 8,570,145 7,350,236 8,640,634
51,036,219$ 45,208,300$ 41,109,945$ 39,856,836$ 36,988,792$
11.53% 12.61% 17.25% 15.57% 18.94%
City of Georgetown, Texas
Revenue Bond Coverage
Utility Funds (1)
Last Ten Fiscal Years
160
Operating
Expenses Net Revenue
Fiscal Eligible Interest (Excluding Available for
Year Revenues Earnings Depreciation) Debt Service
2011 88,605,410$ 159,888$ 65,271,517$ 23,493,781$
2012 89,907,801 144,460 66,531,990 23,520,271
2013 86,876,459 118,277 58,803,394 28,191,342
2014 93,979,191 93,850 72,927,251 21,145,790
2015 106,686,101 164,921 78,010,309 28,840,713
2016 112,401,358 263,279 82,451,857 30,212,780
2017 126,705,643 529,545 91,766,018 35,469,170
2018 138,961,446 1,421,310 103,030,548 37,352,208
2019 152,029,043 2,185,604 107,422,916 46,791,731
2020 175,502,680 2,185,604 119,498,271 58,190,013
Source: Finance and Administration Division.
Notes: (1) Electric, Water, and Wastewater only.
161
Debt Service Requirements
Interest and Times
Principal Fiscal Charges Total Coverage
3,880,000$ 1,859,107$ 5,739,107$ 4.09
4,255,000 1,742,974 5,997,974 3.92
3,970,000 1,963,653 5,933,653 4.75
4,716,977 2,231,375 6,948,352 3.04
5,421,104 2,100,147 7,521,251 3.83
5,227,329 2,738,792 7,966,121 3.79
5,845,826 2,931,943 8,777,769 4.04
6,717,094 3,433,854 10,150,948 3.68
6,982,358 3,681,909 10,664,267 4.39
7,660,031 3,314,390 10,974,421 5.30
City of Georgetown, Texas
Utility System Condensed Statement of Operations (1)
For the Last Ten Fiscal Years
162
2020 2019 2018 2017 2016 2015
REVENUES
Water System 49,491,109$ 44,271,022$ 41,055,098$ 37,776,171$ 34,861,125$ 26,358,532$
Electric System 85,733,317 80,255,956 69,170,339 65,001,374 61,570,922 60,870,094
Miscellaneous other 8,516,124 6,447,569 6,348,385 5,661,272 5,107,307 14,746,510
Interest Earnings 1,504,417 2,185,604 1,421,310 529,545 263,279 164,921
Total revenues 145,244,967 133,160,151 117,995,132 108,968,362 101,802,633 102,140,057
EXPENSES (1)
Water System 29,882,636 24,329,664 22,201,454 21,485,743 13,520,486 11,885,339
Electric System 16,563,721 18,713,967 18,876,347 16,712,384 14,623,945 8,259,062
Utility Contracts 66,283,879 61,833,672 59,621,450 53,567,891 51,999,930 55,419,233
Total expenses 112,730,236 104,877,303 100,699,251 91,766,018 80,144,361 75,563,634
NET AVAILABLE FOR
DEBT SERVICE 32,514,731$ 28,282,848$ 17,295,881$ 17,202,344$ 21,658,272$ 26,576,423$
Notes:
(1) Excluding depreciation costs & plant management cost
(2) Electric, Water & Wastewater only
Information provided to comply with continuing disclosure requirements of SEC Rule 15c2-12.
Average Annual Principal and Interest Requirements, 2021-2040 $ 6,742,175
Coverage of Average Requirements by Fiscal Year 2020 Net Income 4.82
Maximum Principal and Interest Requirements, 2021 $10,931,978
Coverage of Maximum Requirements by Fiscal Year 2020 Net Income 2.97
163
2014 2013 2012 2011
24,953,208$ 24,930,408$ 25,026,601$ 25,896,644$
58,017,664 53,780,319 58,403,735 57,694,311
4,997,415 4,888,117 3,966,677 2,927,695
93,850 118,277 144,460 159,888
88,062,137 83,717,121 87,541,473 86,678,538
8,561,671 7,737,541 7,053,864 7,708,924
7,056,224 7,265,433 8,828,039 5,554,896
55,147,284 43,800,420 50,650,087 52,007,697
70,765,179 58,803,394 66,531,990 65,271,517
17,296,958$ 24,913,727$ 21,009,483$ 21,407,021$
City of Georgetown, Texas
Utility System Condensed Statement of System Equity (2)
For the Last Ten Fiscal Years
164
2020 2019 2018 2017 2016 2015
Utility system (1)645,250,729$ 611,718,902$ 553,287,525$ 525,643,929$ 494,823,457$ 457,712,841$
Less: accumulated
depreciation (183,285,833) (162,305,826) (146,759,978) (133,268,971) (121,636,964) (110,006,443)
Net value of system 461,964,896 449,413,076 406,527,547 392,374,958 373,186,493 347,706,398
Plus: Construction fund 20,817,803 9,721,532 12,635,837 7,358,762 12,759,150 5,468,908
Net plant 482,782,699 459,134,608 419,163,384 399,733,720 385,945,643 353,175,306
Plus: Working capital 149,323,989 93,607,376 93,545,021 93,642,260 62,636,620 65,108,279
Total 632,106,688 552,741,984 512,708,405 493,375,980 448,582,263 418,283,585
Revenue bond debt (2)95,585,000 87,295,000 98,311,788 99,715,131 84,655,583 79,967,207
CITY'S EQUITY IN SYSTEM 536,521,688$ 465,446,984$ 414,396,617$ 393,660,849$ 363,926,680$ 338,316,378$
PERCENTAGE CITY'S
EQUITY IN SYSTEM 84.88% 84.21% 80.83% 79.79% 81.13% 80.88%
Notes:
(1) Electric, Water and Wastewater funds only
(2) Changes in bond ordinances no longer require reservation of interest and sinking or reserve funds for utility revenue debt.
Information provided to comply with continuing disclosure requirements of SEC Rule 15c2-12.
165
2014 2013 2012 2011
424,822,231$ 338,199,636$ 313,923,709$ 306,424,774$
(99,974,691) (91,339,365) (82,719,027) (76,797,760)
324,847,540 246,860,271 231,204,682 229,627,014
4,910,605 12,193,462 22,866,932 11,692,027
329,758,145 259,053,733 254,071,614 241,319,041
51,655,164 35,992,864 33,419,764 35,700,091
381,413,309 295,046,597 287,491,378 277,019,132
74,051,097 59,028,078 59,050,004 64,540,000
307,362,212$ 236,018,519$ 228,441,374$ 212,479,132$
80.59% 79.99% 79.46% 76.70%
City of Georgetown, Texas
Demographic and Economic Statistics
Last Ten Fiscal Years
166
Per
Capita
Fiscal Personal Personal School Unemployment
Year Population Income Income Enrollment Rate
2011 48,902 1,959,356,434$ 40,067$ 10,470 7.08%
2012 49,543 2,090,070,541 42,187 10,396 7.08%
2013 50,513 2,097,602,838 41,526 10,396 5.70%
2014 52,214 2,234,028,204 42,786 10,582 5.30%
2015 56,798 2,211,600,524 38,938 10,924 3.70%
2016 59,134 2,572,210,732 43,498 11,452 4.00%
2017 60,642 2,709,423,918 44,679 11,444 2.90%
2018 63,227 3,040,649,657 48,091 11,512 2.90%
2019 67,756 3,440,378,656 50,776 11,804 3.40%
2020 72,243 3,839,354,235 53,145 11,827 6.70%
Sources:
Population: City of Georgetown Planning and Development Division.
Per Capita Personal Income: U.S. Dept. of Commerce / Bureau of Economic Analysis School Enrollment: Georgetown Independent School District.
Unemployment Rate: Texas Workforce Commission, Labor Market and Career Information TRACER.
Notes:
Per capita personal income is for Williamson County and reflects estimates available as of January 1, 2020.
Population for 2020 reflects city's population estimate for month ending Sep 30, 2020. Personal income calculated using city's population estimate and per capita income data.
Unemployment rate reflects estimate for month ending Sep 30, 2020.
City of Georgetown, Texas
Principal Employers
Current Year and Nine Years Ago
167
Percentage Percentage
of Total City of Total City
Employer Employees Rank Employment Employees Rank Employment
Georgetown ISD 1,911 1 2.74% 1,700 1 3.74%
Williamson County Govt 1,785 2 2.56% 1,500 2 3.30%
City of Georgetown 876 3 1.25% 531 4 1.17%
Airborn, Inc 602 4 0.86% 550 3 1.21%
St. David's Hospital 457 5 0.65% 441 6 0.97%
Southwestern University 436 6 0.62% 507 5 1.12%
Wesleyan Homes 392 7 0.56% 301 7 0.66%
Caring Home Health 310 8 0.44% 269 8 0.59%
Smile Doctors 300 9 0.43% 0.00%
Lone Star Cirlce of Care 256 10 0.37% 0.00%
Sun City (Del Webb) 0.00% 260 9 0.57%
Home Depot 0.00% 249 10 0.55%
Totals 7,325 10.49% 6,308 13.88%
2020 2011
Source: Economic Development Department
City of Georgetown, Texas
Full Time Equivalent City Government Employees by Function
Last Ten Fiscal Years
168
2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
Function
General Government
Culture & Recreation
Administration 2 2 2 2 - 5 4 4 3 -
CVB 5 5 5 5 ------
Parks 28 29 28 20 21 22 21 21 23 23
Recreation 26 25 25 23 27 42 39 39 39 39
Rec. Programs 6 6 6 6 6 4 4 4 3 3
Library 24 24 24 24 23 22 22 22 23 22
Development
Administration -------2
Planning 13 13 12 11 10 9 8 8 11 11
Inspection Svcs.15 15 14 14 13 10 10 10 12 13
Code Enforcement 6 5 5 5 5 5 4 4 4 6
Environmental
Environmental Svcs.1 1 1 1 1 1 1 1 1 1
Fire Services
Fire Based Paramedic Program 23 23 23 19 15 15 ----
Support Svcs.15 15 14 14 14 13 7 6 7 6
Emergency Svcs.106 106 88 88 84 81 86 84 84 81
General Government
General Government 4 3 3 3 2 3 2 2 2 2
City Secretary 2 6 6 5 5 5 4 - - -
City Council 6 - - - - - - 3 3 2
City Manager's Office -9 9 10 10 4 5 6 4 6
Highways / Streets
Transportation Admin.4 3 3 4 2 3 3 2 2 1
Streets 19 20 20 19 19 19 19 19 19 19
Police Services
Administration 4 4 4 4 4 4 4 4 5 5
Field Operations 117 111 110 106 103 102 98 98 99 99
Animal Svcs.12 12 11 11 11 11 11 9 9 9
Municipal Court 7 7 7 7 7 7 7 6 7 7
Fleet Services 10 10 9 9 9 8 8 8 7 6
Facilities Maintenance 6 6 6 7 7 7 7 6 7 7
Information Technology 25 25 23 22 18 18 16 13 13 13
Joint Svcs.110 110 109 104 101 92 87 82 78 76
Water 60 57 52 58 51 37 19 19 19 20
Sewer 7 7 7 7 7 14 14 14 14 14
Electric 74 77 77 67 73 60 57 54 49 44
Other Enterprises 15 15 14 15 14 13 13 11 11 11
Total 764 746 710 690 658 632 575 555 553 544
Source: City Finance and Administration Division
Notes: A full-time employee is scheduled to work 2,080 hours per year (including vacation and sick leave).
Full-time equivalent employment is calculated by dividing total labor hours by 2,080.
169
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City of Georgetown, Texas
Operating Indicators by Functions
Last Ten Fiscal Years
170
Function 2020 2019 2018 2017 2016
Culture and recreation
Recreation Center memberships 11,713 13,127 13,001 12,433 12,944
CVB number of visitor inquiries 39,063 78,857 77,119 75,302 69,108
Library
Circulation 430,995 547,279 498,281 533,602 513,725
Number of patrons added 3,025 4,791 4,100 3,529 3,818
Economic Development
Number of proposals generated 68 61 68 62 51
Community Development
Inspections/Code Enforcement
Number of inspections 75,520 61,741 55,702 41,834 40,500
New residential permits issued 1,882 1,334 1,193 728 703
New commercial permits issued/TFO/Industrial 70 48 66 85 66
Number of code enforcement violations 13,838 17,687 18,777 8,702 13,784
Planning and Development Services
Development applications filed 600 530 430 408 385
Annexations (in acres)75 428 962 649 246
Fire Services
Number of calls for service 10,613 10,539 10,070 9,362 8,510
General Govt
Bond rating - S&P AA+ AA+ AA+ AA+ AA+
City Manager's Office
Number of public information requests processed 2,493 2,028 1,818 1,589 1,290
Police Services
Number of calls for service 35,090 33,618 30,307 25,803 24,704
Number of traffic accidents 2,244 2,534 2,358 2,145 2,156
Animal Services
Number of pets impounded 1,384 1,358 1,462 1,533 1,891
Number of adoptions 783 803 888 1,028 872
Municipal Court
Number of court cases 3,397 4,406 3,925 4,797 4,905
Number of warrants served 170 150 146 225 278
Utility Office
Number of utility customers 54,206 50,539 46,534 43,281 40,372
Water
Number of new connects 4,003 3,065 4,446 2,351 1,532
Average daily water treated (million gallons)22.5 19 20 19 13
Average daily consumption (million gallons)22.5 19 18 16 16
Sewer
Number of new connects 1,827 2,873 2,355 2,006 1,221
Average daily wastewater treated (million gallons)5.4 6 5 4 5
Electric
kWhs consumed 664,967,846 643,472,635 649,208,058 621,464,114 605,019,836
Number of new connects 1,501 1,102 1,254 581 315
AMR
Total number of work orders completed 38,205 9,237 5,203 3,677 3,223
Total reads by AMR 852,737 1,064,472 741,638 723,463 694,802
Other Enterprises
Stormwater & Drainage
Number of detention ponds cleaned 318 600 600 552 456
Number of work orders 225 340 263 233 242
Airport
Gallons of fuel sold 793,970 732,974 759,400 866,833 778,328
Sources: Various City departments and City-Monthly Activity Indicators Report.
171
2015 2014 2013 2012 2011
11,604 9,901 10,678 13,769 16,044
55,156 54,188 50,617 42,901 35,749
527,987 559,209 550,683 552,032 527,746
3,428 2,161 2,446 2,526 2,184
56 44 48 38 36
31,828 29,818 30,282 21,270 18,383
718 701 777 664 509
92 92 61 89 97
14,052 16,213 15,225 11,535 11,090
373 370 313 290 284
2,022 152 161 61 703
7,084 6,250 6,153 5,706 5,674
AA+ AA+ AA+ AA+ AA+
1,129 871 678 759 835
24,744 23,044 22,747 23,018 22,161
2,091 1,940 1,888 1,679 1,525
1,889 1,860 1,664 1,670 1,560
983 904 690 822 686
5,641 7,658 7,833 7,347 8,902
374 349 398 313 587
38,450 28,400 27,559 26,345 25,563
1,909 1,455 909 705 530
16 16 16 15 17
16 13 13 13 14
1,154 1,295 955 939 523
5 4 4 4 4
590,029,360 565,518,133 544,339,879 537,985,801 547,475,852
1,230 598 484 226 477
1,489 1,554 1,113 826 2,419
568,896 542,058 616,296 - -
454 422 404 372 372
489 530 710 552 196
636,128 648,065 565,851 581,450 765,839
City of Georgetown, Texas
Capital Assets by Functions
Last Ten Fiscal Years
172
Function 2020 2019 2018 2017 2016
Culture and recreation
Parks (developed acres)1,084 1,054 1,054 494 480
Recreation Centers 1 1 1 1 1
Senior Centers 1 1 1 1 1
Libraries 1 1 1 1 1
Fire Services
Fire stations 5 5 5 5 5
Fire vehicles 48 43 38 36 36
Highways and streets
Center line miles 397 438 327 326 324
Police Services
Police stations 1 1 1 1 1
Police vehicles 99 97 92 91 88
Police motorcycle units 4 6 6 6 6
Electric
Meters 28,562 27,660 26,558 25,607 24,881
Sources: Various City departments and City budget document.
173
2015 2014 2013 2012 2011
480 473 473 473 473
1 1 1 1 1
1 1 1 1 1
1 1 1 1 1
5 5 5 5 4
34 29 25 22 18
312 310 310 305 295
1 1 1 1 1
84 84 87 87 93
6 6 4 4 4
24,147 22,918 22,660 22,504 22,090
City of Georgetown, Texas
Ten Largest Electric Customers
For the Fiscal Year Ended September 30, 2020
174
% of Total
Customer Electric Usage
CITICORP OF N AMERICA, IN 9.60%
CITY OF GEORGETOWN 5.86%
SOUTHWESTERN UNIVERSITY 2.72%
WILLIAMSON COUNTY 2.63%
SCOTT & WHITE MEDICAL CENTER 1.74%
GEORGETOWN INDEPENDENT SCHOOL DISTRICT 1.74%
ROUND ROCK PREMIUM OUTLETS 1.49%
HEB GROCERY CO 1.31%
ST DAVIDS GTWN HOSPTAL 1.10%
R&D MOULDERS 1.01%
TOTAL 29.20%
Source: City of Georgetown Customer Care.
City of Georgetown, Texas
Water Usage (Gallons)
Last Ten Fiscal Years
175
Fiscal Average
Year Day Peak Day Total
Ended Usage Production Usage
September 30, (000s) (000s) (000s)
2011 14,024 26,778 5,955,541
2012 16,152 30,058 5,748,912
2013 15,976 28,818 5,121,278
2014 15,987 28,687 4,750,902
2015 15,875 35,394 5,794,201
2016 15,603 34,712 5,695,453
2017 15,815 38,003 5,772,395
2018 17,304 41,217 6,316,003
2019 19,130 41,692 6,449,467
2020 19,629 42,870 7,184,253
Source: City of Georgetown
City of Georgetown, Texas
Ten Largest Water Customers
For the Fiscal Year Ended September 30, 2020
176
Water Usage% of Total
Customer (1,000 Gallons) Water Usage
CITY OF GEORGETOWN 57,029 0.79%
GEORGETOWN INDEPENDENT SCHOOL DISTRICT 52,546 0.73%
SOUTHWESTERN UNIVERSITY 51,281 0.71%
N3 OWNER LP 43,031 0.60%
SUN CITY TX COMM ASSOC 41,207 0.57%
CITY OF LEANDER 35,195 0.49%
CITICORP OF N AMERICA, IN 35,037 0.49%
WILLIAMSON COUNTY 34,137 0.48%
WESLEYAN HOMES 32,069 0.45%
CYPRESS CREEK AT RIVER BEND 26,264 0.37%
TOTAL 407,796 5.68%
Source: City of Georgetown Customer Care.
City of Georgetown, Texas
Daily Flow (Wastewater Treatment)
Last Ten Fiscal Years
177
Fiscal
Year Gallons
2011 3,327,000
2012 3,594,000
2013 3,641,000
2014 4,260,000
2015 4,607,964
2016 4,871,523
2017 4,068,219
2018 4,517,592
2019 6,433,000
2020 6,216,592
Average Daily Wastewater Flow
Source: City of Georgetown
City of Georgetown, Texas
Ten Largest Wastewater Customers
For the Fiscal Year Ended September 30, 2020
178
Volume
Customer (1,000 Gallons) % of Total
Georgetown Independent School District 41,561 1.83%
CITICORP OF N AMERICA, IN 31,164 1.37%
SOUTHWESTERN UNIVERSITY 30,862 1.36%
WILLIAMSON COUNTY 26,983 1.19%
CYPRESS CREEK AT RIVER BEND 25,386 1.12%
N3 OWNER LP 18,751 0.83%
PULTE HOMES OF TEXAS LP 17,118 0.75%
ST DAVIDS GTWN HOSPTAL 15,455 0.68%
City of Georgetown 14,865 0.66%
INDIAN CREEK APTS 14,793 0.65%
236,937 10.44%
Source: City of Georgetown
City of Georgetown, Texas
Valuation, Exemptions and Ad Valorem Tax Debt
For the Fiscal Year Ended September 30, 2020
179
2019/20 Market Valuation Established by Williamson Central Appraisal District
(excluding totally exempt property)9,138,263,855
Less Exemptions/Reductions at 100% Market Value: (456,422,973)
2019/20 Taxable Assessed Valuation 8,681,840,882
City Funded Debt Payable from Ad Valorem Taxes (1)202,620,000$
The Bonds 9,080,000
The Certificates 11,210,000
Total Debt Payable from Ad Valorem Taxes (1)222,910,000
Interest and Sinking Fund (2,195,384)
Net Debt Payable from Ad Valorem Taxes 220,714,616
Ratio of Net Tax Supported Debt to Taxable Assessed Valuation (1)2.33%
2020 Estimated Population - 72,944
Per Capita Taxable Assessed Valuation - $119,020.63
Per Capita Net Ad Valorem Tax Debt Payable from Ad Valorem Taxes - $3,025.81
Notes:
(1) Includes $5,792,554 of self-supporting debt paid from Stormwater and Airport revenues and $6,544,222 of self-supporting debt
paid from Electric and Water revenues. Includes $21,910,010 of self-supporting debt paid from the City's sales tax levied for economic
development pursuant to an interlocal agreement with the City's Type B Corporation (GTEC). There is also $9,720,000 of self-
supporting debt paid from ad valorem tax revenues within the Rivery and Downtown TIRZs.
City of Georgetown, Texas
Taxable Assessed Valuations by Category
Last Ten Fiscal Years
180
Category Amount % of Total Amount % of Total
Real, Residential, Single-Family 6,186,218,922$ 64.77% 5,771,630,770$ 66.32%
Real, Residential, Multi-Family 553,433,317 5.79% 392,904,514 4.51%
Real, Vacant Lots/Tracts 132,587,985 1.39% 126,008,013 1.45%
Real, Acreage (Land Only)376,424,722 3.94% 380,712,227 4.37%
Real, Farm and Ranch Improvements 94,432,830 0.99% 86,900,050 1.00%
Real, Commercial/industrial 1,376,948,403 14.42% 1,327,848,862 15.26%
Real and Intangible, Personal, Utilities, Other 69,585,049 0.73% 65,072,520 0.75%
Tangible Personal, Commercial 462,417,703 4.84% 316,561,698 3.64%
Tangible Personal, Industrial - 0.00% - 0.00%
Tangible Personal, Other, Inventory 298,544,512 3.13% 235,348,599 2.70%
Total Appraisal Value Before Exemptions 9,550,593,443$ 100.00% 8,702,987,253$ 100.00%
Less: Total Exemptions/Reductions 868,752,561 872,636,836
Taxable Assessed Value 8,681,840,882$ 7,830,350,417$
Category Amount % of Total Amount % of Total
Real, Residential, Single-Family 3,919,149,977$ 41.04% 3,383,707,151$ 65.32%
Real, Residential, Multi-Family 180,615,033 1.89% 141,539,008 2.73%
Real, Vacant Lots/Tracts 107,717,396 1.13% 105,728,114 2.04%
Real, Acreage (Land Only)329,513,434 3.45% 274,265,523 5.29%
Real, Farm and Ranch Improvements 10,841,218 0.11% 9,762,143 0.19%
Real, Commercial/industrial 959,342,874 10.04% 852,941,178 16.46%
Real and Intangible, Personal, Utilities, Other 51,686,900 0.54% 41,161,229 0.79%
Tangible Personal, Commercial 234,873,665 2.46% 294,627,224 5.69%
Tangible Personal, Industrial - 0.00% - 0.00%
Tangible Personal, Other, Inventory 93,708,389 0.98% 76,722,581 1.48%
Total Appraisal Value Before Exemptions 5,887,448,886$ 61.64% 5,180,454,151$ 100.00%
Less: Total Exemptions/Reductions 759,530,260 582,241,075
Taxable Assessed Value 5,127,918,626$ 4,598,213,076$
2015
2020 2019
2014
Source: Williamson County Appraisal District
181
Amount % of Total Amount % of Total Amount % of Total
5,269,955,833$ 60.55% 4,843,150,575$ 66.57% 4,461,872,364$ 66.73%
321,729,040 3.70% 301,347,956 4.14% 244,374,369 3.65%
113,986,653 1.31% 102,618,534 1.41% 109,578,980 1.64%
413,248,527 4.75% 392,906,486 5.40% 400,074,586 5.98%
12,051,614 0.14% 11,464,706 0.16% 10,959,024 0.16%
1,090,806,455 12.53% 1,119,423,577 15.39% 1,018,036,078 15.22%
55,881,385 0.64% 20,955,168 0.29% 39,895,007 0.60%
441,440,286 5.07% 365,113,563 5.02% 294,660,363 4.41%
- 0.00% - 0.00% - 0.00%
120,423,148 1.38% 118,430,638 1.63% 107,456,924 1.61%
7,839,522,941$ 90.08% 7,275,411,203$ 100.00% 6,686,907,695$ 100.00%
748,856,130 793,443,750 848,833,023
7,090,666,811$ 6,481,967,453$ 5,838,074,672$
Amount % of Total Amount % of Total Amount % of Total
3,212,802,019$ 64.13% 3,051,782,791$ 62.49% 2,951,917,721$ 62.66%
136,323,871 2.72% 134,630,205 2.76% 136,781,699 2.90%
110,691,837 2.21% 112,194,608 2.30% 117,503,406 2.49%
287,098,365 5.73% 277,760,619 5.69% 280,860,043 5.96%
9,458,303 0.19% 7,749,074 0.16% 7,748,104 0.16%
838,635,946 16.74% 873,539,170 17.89% 827,031,630 17.55%
45,546,793 0.91% 47,029,662 0.96% 45,209,184 0.96%
302,428,949 6.04% 315,920,307 6.47% 278,224,342 5.91%
- 0.00% 2,281,333 0.05% 2,234,106 0.05%
67,225,632 1.34% 60,766,941 1.24% 63,594,310 1.35%
5,010,211,715$ 100.00% 4,883,654,710 100.00% 4,711,104,545 99.99%
594,203,705 687,470,575 655,155,594
4,416,008,010$ 4,196,184,135$ 4,055,948,951$
2012 2011
2017 20162018
2013
City of Georgetown, Texas
Authorized but Unissued General Obligation Bonds
September 30, 2020
182
Authorization
Date Amount Amount Being Unissued
Purpose Authorized Authorized Issued Used Balance
Roads 11/04/2008 46,000,000$ 25,050,000$ -$ 20,950,000$
Parks & recreation 11/04/2008 35,500,000 22,710,000 - 12,790,000
Roads 05/09/2015 105,000,000 53,670,000 - 51,330,000
Total 186,500,000$ 101,430,000$ -$ 85,070,000$
183
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City of Georgetown, Texas
General Fund Revenues and Expenditure History
Last Ten Fiscal Years
184
2020 2019 2018 2017 2016
Revenues:
Taxes 40,326,794$ 36,564,950$ 33,892,988$ 31,618,006$ 29,675,061$
Licenses and Permits 3,435,817 3,756,125 2,747,720 2,652,279 2,113,126
Charges for Services 17,296,439 19,138,571 13,488,592 11,838,632 10,676,249
Fines and Forfeitures 363,513 348,353 352,296 453,675 476,138
Miscellaneous and Interest 5,883,819 1,511,303 1,082,940 825,006 1,074,393
Total Revenues 67,306,382 61,319,302 51,564,536 47,387,598 44,014,967
Expenditures:
General Government 4,815,269 4,914,894 4,913,556 4,436,866 3,237,092
Development Services 3,380,104 3,126,561 2,910,130 2,389,998 2,297,979
Culture / Recreation 10,485,028 10,994,484 10,319,911 9,552,133 9,447,132
Fire Services 19,557,377 18,113,884 13,526,334 12,500,721 11,806,803
Police Services 17,188,341 16,295,091 15,804,410 14,471,049 13,778,073
Environmental Services / Streets 12,263,385 12,294,557 12,663,901 10,310,775 10,333,422
Capital outlay 1,213,733 - - - -
Total Expenditures 68,903,237 65,739,471 60,138,242 53,661,542 50,900,501
Excess (Deficiency) of
Revenues Over Expenditures (1,596,855) (4,420,169) (8,573,706) (6,273,944) (6,885,534)
Transfers In 8,877,033 7,686,360 9,165,637 9,592,342 8,909,975
Transfers Out (524,860) (771,646) (1,970,809) (2,489,735) (1,531,334)
Net Increase (Decrease) 6,755,318 2,494,545 (1,378,878) 828,663 493,107
Fund Balance, Beginning of Year 14,441,292 11,946,747 13,325,625 12,496,962 12,003,855
Fund Balance, End of Year 21,196,610$ 14,441,292$ 11,946,747$ 13,325,625$ 12,496,962$
Fiscal Year Ending September 30,
Source: City's Audited Financial Statements.
185
2015 2014 2013 2012 2011
27,331,498$ 25,293,544$ 24,522,441$ 22,013,241$ 21,335,893$
2,002,380 1,932,563 1,536,660 1,236,478 890,948
10,556,447 9,682,702 9,302,816 8,268,169 8,082,889
529,920 598,717 670,582 616,815 762,923
722,772 682,447 1,460,008 579,060 614,138
41,143,017 38,189,973 37,492,507 32,713,763 31,686,791
3,762,714 3,013,544 2,908,971 2,992,852 3,384,950
2,148,991 2,003,688 1,579,575 1,890,481 2,195,537
9,156,876 8,401,551 7,945,906 7,183,369 7,289,676
10,595,388 9,455,714 8,638,166 7,590,667 7,011,366
12,899,092 11,687,498 11,471,418 10,498,193 10,060,311
9,281,051 9,435,835 8,236,375 8,247,315 7,347,201
- - - - -
47,844,112 43,997,830 40,780,411 38,402,877 37,289,041
(6,701,095) (5,807,857) (3,287,904) (5,689,114) (5,602,250)
7,720,944 6,964,508 6,655,673 6,200,518 6,079,801
(1,188,673) (2,034,075) (949,076) (34,641) (85,022)
(168,824) (877,424) 2,418,693 476,763 392,529
12,172,679 13,050,103 10,631,410 10,154,647 9,762,118
12,003,855$ 12,172,679$ 13,050,103$ 10,631,410$ 10,154,647$
Fiscal Year Ending September 30,
City of Georgetown, Texas
Municipal Sales Tax History – General Fund
Last Ten Fiscal Years
186
Fiscal
Year % of Equivalent of
Ended Total Ad Valorem Ad Valorem Per Tax
September 30, Collected Tax Levy Tax Rate Capita Levy Rate
2011 7,803,863$ 52.41% 0.1867 160 14,889,961$ 0.3562
2012 8,277,502 49.10% 0.1903 167 16,856,914 0.3875
2013 9,326,554 50.78% 0.2082 185 18,367,332 0.4100
2014 10,984,723 53.24% 0.2340 210 20,632,709 0.4395
2015 11,296,645 49.55% 0.2150 199 22,799,091 0.4340
2016 12,679,188 54.22% 0.2353 216 23,384,947 0.4340
2017 13,595,005 53.21% 0.2256 232 25,551,262 0.4240
2018 14,827,612 52.87% 0.2221 235 28,043,693 0.4200
2019 16,581,705 54.38% 0.2284 245 30,490,501 0.4200
2020 19,108,465 56.75% 0.2383 265 33,674,169 0.4200
City of Georgetown, Texas
Monthly and Volumetric Water Rates
For the Fiscal Year Ended September 30, 2020
187
Customer Meter Size Inside City Outside City
5/8 inch $15.50 $18.50
3/4 inch 23.00 27.50
1 inch 38.50 46.00
1 1/2 inch 76.50 91.50
2 inch 153.50 183.50
3 inch 368.00 440.00
4 inch 644.00 770.00
6 inch 1,410.00 1,686.00
8 inch 2,450.00 2,929.50
Residential Water Rates
1,000
Gallons
Volumetric
Rate
0 - 10 $1.75
11 - 20 2.40
21 - 40 4.00
41 - 60 6.50
61 and over 8.50
Nonresidential Water Rates
Cost per thousand gallons, Tier 1 $2.40
Cost per thousand gallons, Tier 2 6.50
Irrigation Meter, cost per
thousand gallons, Tier 1 4.00
Irrigation Meter, cost per
thousand gallons, Tier 1 8.50
Customer Charge per Month
Source: City of Georgetown
Note: Rates effective January 1, 2019
City of Georgetown, Texas
Monthly Wastewater Rates
For the Fiscal Year Ended September 30, 2020
188
Net Monthly Rate:
Flat Rate Inside City Limits: $32.00 per month
*
Flat Rate Outside City Limits: $36.75 per month
*
* Low income residential discount: 20% below current
flat rate for qualifying households
Net Monthly Rate:
a. Inside City Limits
1. Customer Charge $48.40 per month
*
2. Volumetric Charge*$2.75 per 1,000 gallons
b. Outside City Limits
1. Customer Charge $55.65 per month
2. Volumetric Charge*$3.15 per 1,000 gallons
Net Monthly Rate:
a. Inside City Limits
1. Customer Charge $85.95 per month
2. Volumetric Charge*$2.75 per 1,000 gallons
b. Outside City Limits
1. Customer Charge $98.85 per month
2. Volumetric Charge*$3.15 per 1,000 gallons
Net Monthly Rate:
a. Inside City Limits
1. Customer Charge $48.4 per month
2. Volumetric Charge*$4.50 per 1,000 gallons
b. Outside City Limits
1. Customer Charge $55.65 per month
2. Volumetric Charge*$5.20 per 1,000 gallons
Net Monthly Rate:
a. Inside City Limits
1. Customer Charge $114.95 per month
2. Volumetric Charge*$2.75 per 1,000 gallons
b. Outside City Limits
1. Customer Charge $132.20 per month
2. Volumetric Charge*$3.15 per 1,000 gallons
Commercial
Large Commercial
High Strength Commercial
Multifamily
Residential and Small Commercial
* The volumetric charges are calculated using the actual water consumption billed per month.
Source: City of Georgetown
Notes: Rates effective October 1, 2019
City of Georgetown, Texas
Monthly Electric Rates
For the Fiscal Year Ended September 30, 2020
189
All Customers
Purchased Power Cost Adjustment: $0.02375 per kWh
Transmission Cost of Service: $0.0000 per kWh
Residential Sales Tax: 2.00% of total electric charges; outside City limits: None
Commercial Sales Tax: 8.25% of total electric charges; outside City limits: 6.25%
Residential Service
Customer Charge: $24.80 per month
Energy Charge: $0.0958 per kWh
Small General Service
Customer Charge: $50.00 per month
Energy Charge: $0.0902 per kWh
School Charge
Customer Charge: $200.00 per month
Energy Charge: $0.1150 per kWh
Water & Wastewater Pumping Service
Customer Charge: $195.00 per month
Demand Charge: $19.58 per kWh
Energy Charge: $0.04504 per kWh
Large General Service
Customer Charge: $175.00 per month
Demand Charge: $11.00 per kWh (50 kW minimum)
Energy Charge: $0.06543 per kWh
Minimum Bill: $725.00
Industrial
Customer Charge: $350.00 per month
Demand Charge: $16.00 per kWh (500 kW minimum)
Energy Charge: $0.05648 per kWh
Minimum Bill: $8,350.00
Large Industrial Service
Customer Charge: $510.00 per month
Demand Charge: $19.25 per kWh (2000 kW minimum)
Energy Charge: $0.05317 per kWh
Minimum Bill: $39,010.00
Municipal Service
Customer Charge: $132.00 per month
Energy Charge: $0.0700 per kWh
Lighting Service High Pressure
Sodium
Municipal
Street
Retail
Street
100 Watt per light (35 kWh) $8.50 per month $5.09 per month $5.26 per month
200 Watt per light (71 kWh) $14.50 per month $9.29 per month $9.75 per month
250 Watt per light (86 kWh) $16.70 per month $11.13 per month $11.64 per month
400 Watt per light (137 kWh) $23.50 per month $17.33 per month $18.17 per month
Source: City of Georgetown
Effective January 7, 2019
PCA effective February 1, 2019
190
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191
Compliance Section
192
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Weaver and Tidwell, L.L.P. 1601 South MoPac Expressway, Suite D250 | Austin, Texas 78746
Main: 512.609.1900 | Fax: 512.609.1911
CPAs AND ADVISORS | WEAVER.COM
193
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
To the Honorable Mayor and
Members of the City Council
City of Georgetown, 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, the discretely presented component unit, each major fund, and the
aggregate remaining fund information of the City of Georgetown, 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 31, 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 opinion 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 over financial reporting 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
financial reporting 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 material
weaknesses. However, material weaknesses may exist that were not identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City’s financial statements are free from
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
Members of the City Council
City of Georgetown, Texas
194
Purpose of the 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 entity’s internal control and compliance. Accordingly,
this communication is not suitable for any other purpose.
WEAVER AND TIDWELL, L.L.P.
Austin, Texas
March 31, 2021
Weaver and Tidwell, L.L.P. 1601 South MoPac Expressway, Suite D250 | Austin, Texas 78746
Main: 512.609.1900 | Fax: 512.609.1911
CPAs AND ADVISORS | WEAVER.COM
195
Independent Auditor’s Report on Compliance for Each
Major Federal Program and Report on Internal Control over Compliance
in Accordance with the Uniform Guidance
To the Honorable Mayor and
Members of the City Council
City of Georgetown, Texas
Report on Compliance for Each Major Federal Program
We have audited the City of Georgetown, 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 the federal statutes, regulations, and 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
Members of the City Council
City of Georgetown, Texas
196
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.
WEAVER AND TIDWELL, L.L.P.
Austin, Texas
March 31, 2021
City of Georgetown, Texas
Schedule of Findings and Questioned Costs
Fiscal Year Ended September 30, 2020
197
Section 1. Summary of Auditor’s Results
Financial Statements
An unmodified opinion was issued on the financial statements.
Internal control over financial reporting:
Material weakness(es) identified? Yes X No
Significant deficiencies identified that are not
considered to be material weakness(es)? _ Yes X None reported
Noncompliance material to financial statements noted? _Yes X No
Federal Awards
Internal control over major programs:
Material weakness(es) identified? _ Yes X No
Significant deficiencies identified that are not
considered to be material weakness(es)? _ Yes X None reported
An unmodified opinion was issued on compliance for major programs.
Any audit findings disclosed that are required to be
reported in accordance with Section 2 CFR 200.516(a)? _Yes X No
Identification of major programs:
97.083 FEMA SAFER Grant
Dollar threshold used to distinguish between type A and type B
programs? $750,000
Auditee qualified as low-risk auditee? _Yes X No
City of Georgetown, Texas
Schedule of Findings and Questioned Costs – Continued
Fiscal Year Ended September 30, 2020
198
Section 2. Financial Statement Findings
None
Section 3. Federal Award Finding
None
City of Georgetown, Texas
Schedule of Expenditures of Federal Awards
Fiscal Year Ended September 30, 2020
The Notes to the Schedule of Expenditures of Federal Awards are an integral part of this statement.
199
Federal Grantor/ Federal Pass-Through Federal
Pass-Through Grantor/ CFDA Entity Identifying Program
Program Title Number Number Expenditures
DEPARTMENT OF JUSTICE
Direct Program
Bulletproof Vest Program 16.607 1,554$
Equitable Sharing Funds 16.922 73,562
Total Department of Justice 75,116
DEPARTMENT OF TREASURY
Direct Program
Equitable Sharing Funds 21.016 6,372
Total direct programs 6,372
Passed through Williamson County
Wilco Forward Phase II
CARES COVID-19 Relief Fund 21.019 COVID-19 108,399
Total passed through programs 108,399
Total Department of Treasury 114,771
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Passed through Williamson County
CDBG (17th Street Sidewalk)14.218 B-17-UC-48-0502 149,738
CDBG (Home Repair)14.218 B-19-UC-48-0502 31,940
Total Department of Housing and Urban Development 181,678
DEPARTMENT OF TRANSPORTATION
Passed through Texas Parks and Wildlife
National Recreational Trails Fund 20.219 RT-017010 183,760
Total Department of Transportation 183,760
DEPARTMENT OF HOMELAND SECURITY
Passed through Federal Emergency
Management Agency
SAFER 97.083 EMW-2017-FH-00496 718,167
TIFMAS - Hurricane Laura Deployment 97.036 TX-TIFMAS-200013 10,817
Total Department of Homeland Security 728,984
Total Expenditures of Federal Awards 1,284,309$
City of Georgetown, Texas
Notes to the Schedule of Expenditures of Federal Awards
Fiscal Year Ended September 30, 2020
200
Note 1. General
The accompanying schedule of expenditures of federal awards presents the activity of all applicable
federal awards of the City of Georgetown, Texas (the City). The City’s reporting entity is defined in
Note 1 to the City’s financial statements. Federal awards received directly from federal agencies as well
as federal awards passed through other government agencies are included in the respective schedule.
The City has not elected to use the 10% de minimis indirect cost rate.
Note 2. Basis of Accounting
The accompanying schedule of expenditures of federal awards is presented using the modified accrual
basis of accounting, which is described in Note 1 to the City’s financial statements.
Note 3. Relationship to Federal Financial Reports
Grant expenditures reports as of September 30, 2020, which have been submitted to grantor agencies
will, in some cases, differ slightly from amounts disclosed herein. The reports prepared for grantor agencies
are typically prepared at a later date and often reflect refined estimates of year-end accruals. The reports
will agree at termination of the grant, as the discrepancies noted are timing differences.
201