HomeMy WebLinkAbout2017 Annual Reportf
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City of Georgetown I Popular Annual Financial Report
Fiscal Year 2017
October 1, 2016 - September 30, 2017
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THE MAYOR'S MESSAGE
On behalf of the Georgetown City Council, I am honored to present
the City's Popular Annual Financial Report for the fiscal year that
spanned Oct. 1, 2016, through Sept. 30, 2017. Two years ago, the
Census Bureau found that Georgetown was the fastest -growing city
in the U.S. with a population above 50,000. Last year, we were the
fifth fastest -growing city.
Thoughtfully managing growth is always a challenge, especially when
Georgetown is perennially highlighted as one of the fastest growing
cities in the nation. The City is preparing for the growth that is coming.
In total, all the road, park, and utility projects underway amount to
more than $200 million in new projects under construction. This
includes the largest water and transportation upgrades in the City's
history.
However, City Council is committed to preserving Georgetown's unique
charm and character —from the San Gabriel River, to Southwestern
University, to having the Most Beautiful Town Square in Texas, to our
great school district —these are the reasons why people choose to
make Georgetown their home. This year, the Georgetown City Council
confirmed a new vision statement for the city. "Georgetown: A caring
community honoring our past and innovating for the future" was
approved as the statement to express the city's identity and aspirations.
The City has worked very hard to make Georgetown the community it
is today, and will continue to do so, while at the same time planning,
preparing, and innovating for the future.
Top to bottom; Left to right: City Council members; Anna Eby, Valeria
Nicholson, John Hesser, Steve Fought, Ty Gipson, Rachael Jonrowe, Tommy
Gonzalez, Mayor Dale Ross
The annual report is divided into four sections: Planting the Seed,
Working the Soil, Green Shoots, and Enjoying the Fruits. Each section
is designed to reflect upon the accomplishments of the City for the
2017 fiscal year. Broadly, this was a fruitful year for the City, with
the groundbreaking for Garey Park, which will be the City's largest
park upon completion; or the opening of Mays Street, a critical north -
south arterial; or the transition to 100 percent renewable energy
which received a good deal of attention this year. In addition to news
stories on NBC Nightly News and on international TV networks,
Georgetown's move to wind and solar energy was featured in
three films: "From the Ashes" on the National Geographic Channel,
"Happening" on HBO, and "An Inconvenient Sequel!
Financial data is also provided. The data conforms to generally
accepted accounting principles. More detailed financial information
can be found in the City's Comprehensive Annual Financial Report on
the City's website at Georgetown.org.
Georgetown and the Central Texas region will continue to grow
rapidly. Georgetown continues to have the lowest tax rate in our
region, and we are committed to continuing to provide high -quality,
cost-effective services that %A
community in Texas.
1
PLANTING THE SEED 4
GREEN SHOOTS
FINANCIAL REPORT
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14
POPULAR ANNUAL FINANCIAL REPORT 2017
History
Founded in 1848, Georgetown, the county seat for Williamson County,
was originally the agricultural trade center for the area. After the
Civil War, reconstruction brought prosperity to Georgetown through
four main industries -- cattle, cotton, the railroad, and Southwestern
University. Georgetown has enjoyed consistent growth and development
through the years. The City of Georgetown's estimated Fiscal Year 2017
population is 61,915 within the city limits, with an estimated population
of 84,902 in the extraterritorial jurisdiction. Georgetown is a Home
Rule Charter City and operates under the council-manager form of
government. The mayor is elected at -large and seven council members
are elected from single -member districts and serve staggered, three-
year terms.
CITY OF GEORGETOWN I A BLOOMING CITY
Culture
The Georgetown historic and cultural district includes the 40-block area
of downtown, centered by the Williamson County Courthouse and town
square. Arts and cultural attractions in the district include The Palace
Theatre, The Williamson Museum, Georgetown Public Library, Grace
Heritage Center, Georgetown Art Center, downtown art galleries, and
shops with hand-crafted items. Other artistic and cultural elements
in the district include the Victorian -era architecture throughout the
Square and outdoor public art. Georgetown's Town Square, named "the
Most Beautiful Town Square in Texas," is truly is a great public space.
The historic Square is the focal point for community events and heritage
preservation efforts, which provide opportunities for small business and
restaurants to thrive in a vibrant pedestrian environment.
The Texas Legislature recognized Georgetown as the Red Poppy Capital
of Texas. Red poppies have been a part of Georgetown's landscape for
more than seventy years. During World War I, Henry Purl Compton (aka
"Okra") who served in the American Expeditionary Forces, sent seeds
from poppies to his mother. The seeds were then spread over much of
Old Town. Red poppies now grow naturally in yards, in vacant lots, and
park lands. Georgetown is one of the few locations in the United States
where red poppies reseed themselves from year to year. Each April as
the poppies bloom, Georgetown celebrates with the annual Red Poppy
Festival, held on the beautiful historic downtown Square. Festival
activities include live entertainment, arts and crafts, food, a children's
center, a car show, and a parade. More than 45,000 people attend the
festival over the course of the weekend and the economic impact exceeds
$2 million.
Georgetown is also home to Inner Space Caverns. Among the wonderful
natural featuresfound intheTexas Hill Countryare incredible living caves
and caverns. Discovered during the construction of Interstate 35, Inner
Space is a living cave, which means that its formations are continuing to
develop and take shape. For more than 80,000 years the cavern has been
constantly changing, allowing for such spectacular displays as the "Soda
Straws" and the "Ivory Falls" formations. More than 130,000 people visit
the caverns each year.
2
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70,000 Population
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Education
Georgetown is the home of Southwestern University. Southwestern
University is an independent, selective four-year undergraduate
college, offering traditional liberal arts and sciences education, with a
student population of approximately 1,500. It was the first institution
of higher learning in Texas, chartered by the Republic of Texas in 1840,
and has received national recognition for its academic program and
cost-effectiveness.
Georgetown ISD serves approximately
11,500 students at ten elementary schools,
four middle schools and two high schools.
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Georgetown Independent School District is a Texas Education Agency
Recognized school district and serves a diverse population of Williamson
County students from pre-K to 12th grade. Georgetown ISD serves
approximately 11,500 students at nine elementary schools, four middle
schools and two high schools.
3
The population grew by 3.8
percent in 2017. The 10-year
percent change in population is
36.9 percent.
Economy
The City was named the fifth fastest -growing City in America with a
population more than 50,000. In 2016, the City issued more than 700
single-family residential permits. The total appraised value is $7.3
billion (up from $6.7 billion), the average home value is $266,598 (up
from $253,320), and the total City operating budget is $299 million (up
from $228 million). The City collected $23.689 million in sales tax, up
from $21.193 million in 2016. The property tax rate for the City is $0.42
per $100 of valuation (down from $0.424). The top five employers in
Georgetown are Williamson County (1,603 employees), Georgetown
ISD (1,543 employees), the City of Georgetown (757 employees - up
from 682), St. David's Hospital (485 employees), and Airborn Inc (500
employees). The average unemployment rate is 2.9 percent.
Georgetown's transition to 100 percent renewable energy continues to
garner interest from the news media and filmmakers. The Spinning Spur
3 wind farm owned by EDF Renewable Energy has been Georgetown's
primary energy source since it came online in October of 2015. The
wind farm is located west of Amarillo. The Buckthorn solar plant owned
by NRG Energy and located near Fort Stockton is set to start sending
electricity to Georgetown in the summer of 2018.
After their first year in business, Rentsch Brewery at 2500 NE Inner
Loop completed a major expansion to keep up with demand. The larger
facility triples the size of the brewery and allows for a ten -fold increase in
production, including the first Rentsch beers sold in cans. The expansion
also included a larger tasting room and an outdoor beer garden with
a stage for outdoor performances. The expansion included electric
and water utility upgrades that allow the beer to be brewed using 100
percent renewable energy, which is noted on Rentsch beer cans.
POPULAR ANNUAL FINANCIAL REPORT 2017
Georgetown: A caring community
honoring our past and innovating
for the future.
A Vision for the Future
"Georgetown: A caring community honoring our past and innovating
for the future" was approved this year by the City Council as a new
community vision statement. Ideas for the vision statement came from
resident surveys conducted in September and October of 2017.
The City Council also created nine strategies to support the community
vision. The strategies include:
1. Become a destination for unique experiences
2. Create a strategy to increase mobility
3. Promote greater diversity in our population and our
businesses
4. Create and maintain outstanding aesthetics and a
welcoming appearance and spirit
5. Refine an annexation and MUD strategy
6. Monitor, promote, and communicate a long-term water and
utilities plan and strategy
7. Expand on our reputation as a City of Innovation
8. Increase our influence with state government
9. Expand our role to develop collaborative strategies with
Georgetown ISD, Southwestern University, and other entities
The vision and strategies serve as a starting point for an update to the
City's comprehensive plan, which will begin next year. They also serve as
a framework for future projects, programs, budgets, and other initiatives
by the City of Georgetown.
AUSTIN AVENUE BRIDGES
Work continued on developing options for repairing or replacing
the Austin Avenue bridges that span the north and south forks of
the San Gabriel River. Based on feasibility and impacts to ecological,
community, and historic resources, the project team narrowed the
alternatives to five options. These include a no build option, three
variations for rehabilitating the bridges and adding a pedestrian and
bike lane, and a fifth option to demolish the bridges and build new
ones. During the construction phase in all of the options, one lane of
traffic in each direction would be maintained. Additional analysis will
lead to a preferred alternative to be presented in 2018.
WILLIAMS DRIVE STUDY
The City of Georgetown partnered with the Capital Area Metropolitan
Planning Organization on the Williams Drive Study in 2016-17. After a
series of public workshops for community input, the study team created
a plan of action to enhance safety, traffic flow, land use, community
needs, and the economic growth along the Williams Drive corridor.
Afinal report and implementation plan includes short-term, medium -
term, and long-term projects. The annual capital improvements
process will consider this plan in future budgets. Some of the projects
identified such as the Rivery Boulevard Extension and the Northwest
Boulevard bridge over 1-35 are already underway.
TARGET INDUSTRY AND WORKFORCE ANALYSIS
An Economic Development Target Industry and Workforce Analysis was
completed in 2017. The goals of the report were to help in diversifying
the local economy, increase business investment throughout the city,
and fully leverage hometown talent. The analysis identified three target
industries for Georgetown: advanced manufacturing, life sciences,
and professional services. The report provides focus for economic
development efforts for the city.
RETAIL STRATEGY AND RECRUITMENT PLAN
The purpose of the Retail Strategy and Recruitment Plan was to develop a
comprehensive strategyfor increasing opportunities for retail businesses
and create a more diversified retail environment in Georgetown. The
report identified a total unmet retail demand of more than 1 million
square feet of retail in 2016. Key retail categories for recruitment
include specialty food stores, sporting goods, book stores, department
stores, and full -service restaurants. The City's Economic Development
Department will use the plan to recruit and retain retail businesses to
Georgetown. The City's Economic Development Department will use the
plan to recruit and retain retail businesses to Georgetown.
CITY OF GEORGETOWN I A BLOOMING CITY 4
Garey Park
Groundbreaking
The City broke ground on Garey Park on March 31, 2017. The 525-
acre ranch, which is located along the South San Gabriel River, was
donated by Jack and Cammy Garey in 2004 along with $5 million for
park development. In 2008 voters approved a bond for an additional
$10 million for the park's construction. Upon completion, Garey Park
will become the City's largest park, which is roughly 1.5 times the size of
Zilker Park in Austin.
Amenities at the park will include a playground, a splash pad, a dog park,
an equestrian arena, the Garey House event space, pavilions, and more
than 6 miles of hiking and equestrian trails. Other facilities include an
entry gate, restrooms and a maintenance facility. Construction of the
park is expected to be completed in early 2018 with the park opening in
spring 2018.
City Council approved a $10.7 million contract Feb.14with Ritter-Botkin
Prime Construction Co. of Pflugerville for the Garey House renovation
and park construction. Austin -based Halff Associates completed the
park's design. The total budget for the project is $13.5 million.
CITY OF GEORGETOWN I A BLOOMING CITY 6
San Gabriel
Park Renovation
The City broke ground on Phase 1 of improvements to San Gabriel Park
on March 24, 2017. The project includes a new playground, improved
entry and directional signage, and the restoration of the spring habitat to
its natural state through the re-establishment of the spring channel and
native vegetation.
Other improvements will include parking, roadway, utility and drainage
improvements; realignment of the Morrow Street and Chamber Way
intersection; additional restrooms and pavilions; upgraded parkfurnishings
throughout; and trail and accessibility improvements throughout the park.
The approximately $2.5 million project was approved by voters in a 2008
bond package. The San Gabriel Park Master Plan, which was completed
in June 2015, identified improvements to be completed in phases to limit
park disruptions.
Work Continues
on the Southwest Bypass
I n 2016, the City broke ground on its largest transportation project to
date. The Southwest Bypass is an $18.3 million road that will connect
Hwy. 29 at D.B. Wood Road to Leander Road to provide north -south
mobility on the west side of the City. The new road is one of 20 projects
approved by Georgetown voters in the May 2015 bond election, and
is scheduled to be completed in 2018. In 2017, Williamson County
broke ground on a 1.25-mile segmentfrom Leander Road to Interstate
35. Upon completion Southwest Bypass will connect with Inner Loop
on the east and DB Wood Road on the west to provide a continuous
arterial around the south and west sides of the city.
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The new road is one of 20 projects
approved by Georgetown voters in the May
2015 bond election, and is scheduled to be
completed in 2018.
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Improvements
A number of major utility upgrades were started in FY 2017.
west side of Georgetown including Sun City, Georgetown Village,
and much of the Williams Drive corridor. Pecan Branch will also be
the ultimate terminus of the proposed Berry Creek Interceptor and
serve any future development along Airport Road. After the $10.5
million project is complete, the treatment plant will be able to handle
3 million gallons per day, or double its current capacity.
The Cedar Breaks elevated storage tank was completed in 2017. The
new 2-million-gallon tank provides system capacity on the west side
of the city. Cedar Breaks is the second tank to be completed in a series
of recently approved tanks. Last year, the Rabbit Hill storage tank was
brought online to serve the southeastern portion of the City. In 2018,
work will begin on another 2 million gallon tank to serve Sun City in
northwest Georgetown.
POPULAR ANNUAL FINANCIAL REPORT 2017
Economic Development
Symposium
The City's Economic Development Department created the annual
Economic Development Symposium and hosted the first event Nov.
29, 2016, with featured speaker economist Christine Chmura.
The event was created as a way to share the City's story with leaders in
the region, and more than 100 regional commercial brokers, business
leaders, and government officials from the Austin area attended the
inaugural symposium.
Chmura spoke about The Election Economy and offered an insightful
look at the future of the national and local economies to help provide an
understanding of what to expect from anew administration in Washington.
CITY OF GEORGETOWN I A BLOOMING CITY
GoGeo
The City's first fixed -route bus system was approved by City Council as
part of the City's Transit Development Plan in fall 2016, and the system
was launched in August 2017 after more than two years of planning.
GoGeo has four routes serving Lone Star Circle of Care, Wolf Ranch,the
Rivery, City Lights Theatres, Southwestern University, the Georgetown
Recreation Center, apartment complexes and other locations from the
central transit hub at the Georgetown Public Library. Service hours are
from 7 a.m. to 7 p.m. on Monday through Friday and 8 a.m. to 6 p.m.
on Saturday.
The system also includes GoGeo paratransit service in Georgetown
for those who are disabled.
The transit system is funded by rider fares as well as funds from the City
of Georgetown, Georgetown Health Foundation, and Capital Metro.
8
PulsePoint is a new
life-saving app for
your smartphone
that will help in a
cardiac emergency
situation.
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Pulse Point and Smart 911
The Georgetown Fire/Medical Department started using two new apps to
help members of the public save lives, including PulsePoint and Smart911.
PulsePoint is a new life-saving app for your smartphone that will help
in a cardiac emergency situation. The PulsePoint app is integrated in
the 911 system and alerts CPR -trained bystanders in the immediate
vicinity of a cardiac emergency. Once alerted, they can start CPR in the
critical minutes before emergency medical services arrives. PulsePoint
also shows someone where the nearest AED is located.
Another new tool allows residents to provide information to 911
operators so that first responders are better prepared to help when they
arrive at the scene of an emergency.
With Smart911, citizens can link mobile phone numbers to home
and work addresses, which can be passed on to responders in the
field for a more rapid response. A safety profile for a resident's home
automatically populates for 911 operators when they receive a call
from that phone number. Information provided can include names
of all, physical descriptions, and photos of household members;
information about pets, vehicle details and emergency contacts; as
well as information on medications and medical conditions of family
members; and address and location information such as gate codes,
hidden driveways, locations of utility shutoffs, and a house floor plan.
All information in the safety profile is optional.
The information you provide in your safety profile is securely stored
and only available to 911 call -takers if you call 911.
%4 A
Police Fitness
Police fitness
and CrossFit gym
With the completion of the Public Safety Operations Training Center
tactical building used fortraining, the Georgetown Police Department
created a functional fitness area that is utilized by officers and other
city employees.
In 2016 the department entered into an agreement to become part of
the CrossFit community. The CrossFit Adherence gym in the tactical
building is a morale booster for employees and allows for additional
community engagement opportunities. The department has five
certified -fitness trainers, two of which are certified CrossFit trainers.
Swim with Santa
The Georgetown Parks and Recreation Department offers a number of
new programs each year, including Swim with Santa, which debuted in
2016. The program invites families to grab their swim suits and cameras
and swim with Santa Claus at the recreation centers indoor pool.
Medical Collection Box
The City began disposing of unwanted or expired medications on a
year-round basis with a secure medications collection box through a
grant from the Capital Area Council of Governments. The box, located
in the lobby of the Public Safety Operations and Training Center at
3500 DB Wood Road, is available for unwanted or expired prescription
medicines, over-the-counter drugs, supplements, or pet medicines. The
Georgetown Police Department is the first police station in Williamson
County to offer controlled substance collection via a collection box.
tT Collecting unwanted drugs keeps them from being poured down a drain,
flushed down a toilet, or put in the household trash. Pharmaceuticals put
in our wastewater system can affect water quality and aquatic life in our
creeks, rivers, and lakes.
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VFW Park reopens April 6
After a 12-month renovation, VFW Park at the corner of Second and
College streets, reopened in April 2017. The $1.4 million park renovation
included a complete reconstruction of three softball fields, a concession
stand, and restrooms as well as parking improvements, field lighting, a
batting cage, bleachers, and a playground.
At the reopening, Mayor Dale Ross threw out the first pitch and unveiled
a "First Purple Heart City in Texas" sign and a plaque dedicated to Purple
Heart Medal recipients. The fields are home to the Georgetown Youth
Girls Softball Association.
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Renewable Energy Move
Georgetown's transition to 100 percent renewable energy in 2018
continued to garner interest from the news media and filmmakers
in 2017. The Spinning Spur 3 wind farm owned by EDF Renewable
Energy has been Georgetown's primary energy source since it came
online in October of 2015. The wind farm is located west of Amarillo.
The Buckthorn solar plant owned by NRG Energy and located near
Fort Stockton is set to start sending electricity to Georgetown in the
summer of 2018.
News coverage of Georgetown as one of the only cities in the U.S. to
be powered by renewable energy led to stories on CBC Radio Canada,
NBC Nightly News, ARD German TV, and NHK Japan Broadcasting. In
addition, three documentaries released this year included segments
on Georgetown: "From the Ashes" that aired on the National
Geographic channel in June, "An Inconvenient Sequel" that opened in
theaters in August, and "Happening: A Clean Energy Revolution" that
premiered on HBO in December.
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News coverage of Georgetown as one of
the only cities in the U.S. to be powered
by renewable energy led to stories on CBC
Radio Canada, NBC Nightly News, ARD
German TV, and NHK Japan Broadcasting.
1.9
11
POPULAR ANNUAL FINANCIAL REPORT 2017
Rentsch Brewery Expands
After their first year in business, Rentsch Brewery at 2500 NE Inner
Loop completed a major expansion to keep up with demand. The
larger facility triples the size of the brewery and allows for a ten -fold
increase in production, including the first Rentsch beers sold in cans.
The expansion also included a larger tasting room and an outdoor
beer garden with a stage for outdoor performances. The expansion
included electric and water utility upgrades that allow the beer to
be brewed using 100 percent renewable energy, which is noted on
Rentsch beer cans.
Mays Street extension
The Cities of Georgetown and Round Rock opened the Mays Street
extension in September. The $6.4 million four -lane arterial was a joint
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CITY OF GEORGETOWN I A BLOOMING CITY 12
Mesquite Creek Outfitters
wins statewide award
Mesquite Creek Outfitters, a downtown bar in Georgetown that sells
apparel, won a statewide award at the Texas Downtown Association
annual conference in November 2017. Mesquite Creek Outfitters
received the award for the best downtown business for cities with
a population above 50,000. The business was chosen as the winner
from 115 entries across the state.
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Great Places in
Texas Award
The Georgetown Square was designated a Great Public Space in April
2017 by the Texas Chapter of the American Planning Association. The
Square was one of six places designated in the first Great Places in
Texas program. According to the Texas APA, the Great Places in Texas
designation recognizes unique and authentic characteristics found in
three essential components of all communities —streets, neighborhoods
and public spaces.
13
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POPULAR ANNUAL FINANCIAL REPORT 2017
FINANCIAmmim
IN Am
The followingfinancial information comes from the City's Comprehensive
Annual Financial Report (CAFR). The entire report is available at finance.
georgetown.org/financial-transparency/. The statements from the
CAFR conform to accounting principles generally accepted in the
United States of America, as set forth by the Governmental Accounting
Standards Board and have been audited by independent auditors in
accordance with generally accepted auditing standards. The statements
in this document are designed to provide readers with a broad overview
of the finances of the City. For more detailed financial information, please
refer to the CAFR.
Financial Operations of the City are guided by its Fiscal and Budgetary
Policy, which is reviewed and adopted each year by the City Council.
This policy is meant to ensure financial stability and promote fiscal
responsibility. The City currently receives the Government Finance
Officers Association awards for its CAFR, annual budget, and
popular annual financial report. All three awards recognize the City's
commitment to fiscal discipline and transparency.
These graphs represent the total primary government's revenues and
expenses and are intended to give the reader an understanding of the
major areas of inflows and outflows for the City.
CITY OF GEORGETOWN I A BLOOMING CITY
14
Primary Government - Revenues FY 2016
SALES TAX
10%
PROPERTY TAXES
10%
GRANTS &
CONTRIBUTIONS
16%
OTHER
4%
1 I
CHARGES
FOR SERVICE
60%
Primary Government - Functional Expenses FY 2016
OTHER ENTERPRISE
CULTURE& 5%
RECREATION
7%
PUBLIC
SAFETY
20%
OTHER
GOVERNMENTAL
4%
WATER
24%
ELECTRIC
40
Revenues
The total revenues for all of the City's activities were $236.874 million
in FY 2017, or a 4.25 percent increase from FY 2016. The increase
stems primarily from increases in property and sales tax collections,
increased emergency medical service revenues, and utility revenue
growth. The Charges for Services category represents receipts
primarily from electric, water, wastewater, environmental services,
development and building inspection fees, parks fees, and court fines.
Charges for services were $141.427 million in FY 2017, a 3.6 percent
increase from FY 2016. Property taxes totaled $24.735 million, with
total assessed valuation increasing 8.4 percent compared to the prior
year. The property tax rate for fiscal year 2017 was $0.42 per $100 of
assessed valuation, or a decrease of $0.04 over the prior year's rate
of $0.424. Sales taxes, totaled $23.009 million for fiscal year 2017,
which was an increase of 6.7 percent compared to the prior year. This
increase in sales tax can be attributed to the continued economic
growth in the retail, food, and information sectors.
Expenses
Total expenses for all of the City's activities were $185.954 million in FY
2017, a 7.5 percent increase from FY 2016 expenses. Major expenses
include the Environmental Services (sanitation) contract, the initiation
of the GoGeo bus system, as well as for parks and streets maintenance.
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 February 2017.
Summary Statement
of Net Position
2017
2016
2015
2014
2013
Assets+ Deferred Outflows
$1,094,622,000
$1,011,228,000
$902,933,000
$819,393,000
$691,525,000
Liabilities
$349,079,000
$316,605,000
$262,527,000
$228,717,000
$207,643,000
Net Position
$745,542,000
$694,622,000
$640,406,000
$590,676,000
$483,882,000
Summary Statement of Activities
Revenues
$236,874,000
$227,216,000
$202,764,000
$258,232,000
$157,999,000
Expenses
$185,954,000
$172,999,000
$159,223,000
$151,438,000
$127,943,000
Change in Net Position
$50,920,000
$54,216,000
$43,541,000
$106,794,000
$30,056,000
Broadly, the Statement of Net position, is the difference between the
City's assets (what the City owns) and liabilities (what the City owes).
This is one way to measure the financial health of the City. Over time,
increases or decreases in the City's net position is an indicator of whether
its financial health is improving or deteriorating. The City's combined
net position increased by nearly $51 million in FY 2017 to $745 million
from $694 million in FY 2016. One driver of this increase was developer
contributed capital and additions to capital assets. Current year net
positionfor business -type activities increased by$29.8 million,duetothe
growth in the customer base, developer contributed capital, and capital
assets. During 2017, the City invested $25 million towards improving
and expansion of utility infrastructure, compared to $20 million in 2016.
I n the most general terms, the Statement of Activities presents information
showing how the City's net position changed during 2016. All changes
in net position are reported as soon as the underlying event occurs,
regardless of the timing of related cash flows.
15
POPULAR ANNUAL FINANCIAL REPORT 2017
The City's assets are primarily invested in its capital infrastructure,
such as utility lines, electric substations, roads, and parks. Many of
these assets are funded through debt. As of September 30, 2017, the
City had a total of $184 million in general obligation debt outstanding.
This represents a 6.7 percent increase over the prior year. Current
General Obligation debt is being used to pay for park and road projects,
including $20 million for the city's largest road project in its history, the
Southwest Bypass. Additional bond payments are related to the library,
recreation center, and community center; and the Public Safety Training
and Operations Center.
Here are the graphs and charts that illustrate key financial
indicators within the city:
$0.90
$0.80
$0.70
$0.60
$0.50
$0.40
$0.30
$0.20
$0.10
$0.00
J cc W N J LU z
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W z Q Q = W W F Y H
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The property tax rate for Georgetown is the lowest in central Texas.
$28,000,000
$26,000,000
H $24,000,000
LAJ $22,000,000
Z $20,000,000
LAJ
$18,000,000
LV $16,000,000
X$14,000,000
Q $12,000,000
N $10,000,000
LY $8,000,000
N $6,000,000
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Sales tax revenues increased 6.7 percent over FY2016, demonstrating continued
growth in the local economy for the eighth consecutive year.
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Assessed valuations increased by nearly $600 million in FY2017.
The property tax rate decreased $0.04 per $100 of valuation over the prior year's rate.
CITY OF GEORGETOWN I A BLOOMING CITY 16
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www.georgetown.org
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