HomeMy WebLinkAboutCity of Georgetown FY25 ACFR - FINALFY2025
Annual
Comprehensive
Financial Report
For the Year Ended September 30, 2025
City of Georgetown, Texas
Annual Comprehensive Financial Report
For the Fiscal Year Ended September 30, 2025
Prepared by:
Division of Finance and Administration
Christi Rawls, Controller
Dana Card, Accounting Manager
City of Georgetown, Texas
Annual Comprehensive Financial Report
For the Fiscal Year Ended September 30, 2025
Table of Contents – Continued
i
Page
Introductory Section (Unaudited)
Letter of Transmittal .............................................................................................................................................. vii
GFOA Certificate of Achievement .................................................................................................................. xviii
Organizational Chart .......................................................................................................................................... xix
Elected Officials and Administrative Officers ................................................................................................... xx
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 ....................................................................................... 29
Statement of Net Position – Proprietary Funds ........................................................................................... 30
Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds ............... 32
Statement of Cash Flows – Proprietary Funds ............................................................................................ 33
Statement of Fiduciary Net Position – Custodial Fund .............................................................................. 34
Statement of Changes in Fiduciary Net Position – Custodial Fund ......................................................... 35
Notes to the Financial Statements ............................................................................................................... 39
Required Supplementary Information
Texas Municipal Retirement System Schedules and Ratios ...................................................................... 88
Other Post-Employment Benefits Schedules and Ratios ........................................................................... 91
Combining and Individual Fund Financial Statements and Schedules
Combining Financial Statements – Nonmajor Governmental Funds ............................................................ 94
Combining Balance Sheet .................................................................................................................................. 98
Combining Statement of Revenues, Expenditures, and Changes in Fund Balance ................................. 100
Schedules of Revenues and Expenditures (Budget Basis) – Budget and
Actual (Non-GAAP) – Reconciled to GAAP Basis
American Rescue Plan .................................................................................................................................. 102
Council Discretionary ..................................................................................................................................... 103
Conservation .................................................................................................................................................. 104
Court Fees ....................................................................................................................................................... 105
Development .................................................................................................................................................. 106
Fire .................................................................................................................................................................... 107
City of Georgetown, Texas
Annual Comprehensive Financial Report
For the Fiscal Year Ended September 30, 2025
Table of Contents – Continued
ii
Page
Combining and Individual Fund Financial Statements and Schedules (continued)
Library Restricted ............................................................................................................................................ 108
Parks ................................................................................................................................................................. 109
PEG Fees .......................................................................................................................................................... 110
Police ............................................................................................................................................................... 111
Public Improvement Districts ......................................................................................................................... 112
Sidewalks ......................................................................................................................................................... 113
Street Sales Tax ............................................................................................................................................... 114
Streetlight ......................................................................................................................................................... 115
Tax Increment Reinvestment Zones ............................................................................................................. 116
Tourism ............................................................................................................................................................ 117
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 ................................................................................................... 120
Georgetown Transportation Enhancement Corporation (GTEC)
Schedule of Revenues and Expenditures (Budget Basis) – Budget and Actual
(Non-GAAP) – Reconciled to GAAP Basis ................................................................................................... 123
Debt Service Fund
Schedule of Revenues and Expenditures (Budget Basis) – Budget and Actual
(Non-GAAP) – Reconciled to GAAP Basis ................................................................................................... 124
General Capital Projects Fund
Schedule of Revenues and Expenditures (Budget Basis) – Budget and Actual
(Non-GAAP) – Reconciled to GAAP Basis ................................................................................................... 125
Combining Financial Statements - Nonmajor Proprietary Funds
Enterprise Funds
Combining Statement of Net Position ........................................................................................................... 129
Combining Statement of Revenues, Expenses, and Changes in Fund Net Position ............................... 130
Combining Statement of Cash Flows ............................................................................................................ 131
Internal Service Funds
Combining Statement of Net Position ........................................................................................................... 132
Combining Statement of Revenues, Expenses, and Changes in Fund Net Position ............................... 133
Combining Statement of Cash Flows ............................................................................................................ 134
Statistical Section (Unaudited)
Net Position by Component.............................................................................................................................. 138
Changes in Net Position..................................................................................................................................... 140
Fund Balances of Governmental Funds .......................................................................................................... 144
Changes in Fund Balances of Governmental Funds ..................................................................................... 146
Property Tax Rates, Levies and Collections ..................................................................................................... 148
Assessed and Estimated Actual Value of Taxable Property ......................................................................... 150
Property Tax Rates – Direct and Overlapping Governments ....................................................................... 152
Principal Property Taxpayers ............................................................................................................................. 153
Taxable Sales by Category .............................................................................................................................. 154
Direct and Overlapping Sales Tax Rates ......................................................................................................... 156
Sales Tax Revenue Payers by Industry.............................................................................................................. 157
Ratios of Outstanding Debt by Type ................................................................................................................ 158
City of Georgetown, Texas
Annual Comprehensive Financial Report
For the Fiscal Year Ended September 30, 2025
Table of Contents – Continued
iii
Ratios of Net General Obligation Bonded Debt to Assessed Value and
Net General Obligation Bonded Debt per Capita ...................................................................................... 160
Computation of Direct and Estimated Overlapping Bonded Debt ............................................................ 162
Computation of Legal Debt Margin ................................................................................................................ 164
Revenue Bond Coverage – Utility Funds ......................................................................................................... 166
Utility System Condensed Statement of Operations ...................................................................................... 168
Utility System Condensed Statement of System Equity .................................................................................. 170
Demographic and Economic Statistics ........................................................................................................... 172
Principal Employers ............................................................................................................................................ 173
Full Time Equivalent City Government Employees by Function ................................................................... 174
Operating Indicators by Functions ................................................................................................................... 176
Capital Assets by Functions............................................................................................................................... 178
Ten Largest Electric Customers ......................................................................................................................... 180
Water Usage (Gallons)....................................................................................................................................... 181
Ten Largest Water Customers ........................................................................................................................... 182
Daily Flow (Wastewater Treatment) ................................................................................................................. 183
Ten Largest Wastewater Customers ................................................................................................................. 184
Valuation, Exemptions and Ad Valorem Tax Debt ........................................................................................ 185
Taxable Assessed Valuations by Category ..................................................................................................... 186
Authorized but Unissued General Obligation Bonds ...................................................................................... 188
General Fund Revenues and Expenditure History .......................................................................................... 190
Municipal Sales Tax History ................................................................................................................................ 192
Monthly and Volumetric Water Rates ............................................................................................................. 193
Monthly Wastewater Rates ............................................................................................................................... 194
Monthly Electric Rates........................................................................................................................................ 195
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 ................................................................................ 199
Independent Auditor’s Report on Compliance for Each
Major Federal Program and Report on Internal Control over
Compliance Required by the Uniform Guidance ........................................................................................ 201
Schedule of Expenditures of Federal Awards ................................................................................................. 204
Notes to the Schedule of Expenditures of Federal Awards .......................................................................... 205
Schedule of Findings and Questioned Costs .................................................................................................. 206
iv
v
Introductory Section
vi
vii
February 27, 2026
Honorable Mayor and City Council,
City Manager and Residents of Georgetown, Texas:
The annual comprehensive financial report of the City of Georgetown, Texas (the City) for the year ended
September 30, 2025, 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,
solid waste and airport services which are included in the reporting entity. In addition, the City is 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. Georgetown serves as the county seat of Williamson County.
Georgetown’s city limits are comprised of 60.11 square miles, with an extra-territorial jurisdiction (ETJ) extending
to 121.42 square miles. Today, the estimated population of Georgetown is 100,638 within the city limits, compared
to 67,176 in 2020, with annual growth of more than 10%. This represents a nearly 50% increase in population since
2020, with significant growth occurring in 2022 and 2023. During each of these years, Georgetown was designated
the fastest growing City in the nation for Cities with a population over 20,000 by the U.S. Census Bureau. That
population estimate increases to over 120,000 inclusive of extra-territorial jurisdiction (ETJ) residents.
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Georgetown’s economic development initiatives to diversify the tax base, expand retail, and create jobs have been
balanced with a focus on maintaining the community’s unique character and quality of life. The 2023 Georgetown
Resident Satisfaction Survey indicated that 94% of residents said the overall quality of life in Georgetown was good
or excellent and 70% said for city taxes paid, the value of city services was good or excellent.
The downtown commercial district, known as “The Most Beautiful Square in Texas,” continues to expand its arts,
culture, dining, and entertainment venues. Award-winning parks, extensive river trail systems along the North and
South San Gabriel Rivers, and scenic Lake Georgetown combined with the low crime rate make Georgetown an
attractive place to live and work.
Southern Living magazine named Georgetown the “Best City to Live in the South” in 2018 and featured Georgetown
in the “15 Affordable Small Towns We Love” list in 2022. Georgetown is also a well-managed city as evidenced by
receiving the 2024 Community of the Year Award from the Texas Chapter of the American Planning Association.
Additionally, S&P upgraded Georgetown’s tax supported debt rating from AA+ to AAA in 2024 and upgraded the
City’s combined water and electric utility revenue bond rating from A+/positive to AA-/stable in 2025.
Georgetown is also home to Southwestern University, which continues to receive national recognition as a liberal
arts institution. 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 442 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 2025, mirroring the strong development in
the Austin metro region in recent years. Sales
tax revenue receipts totaled $56.3M in 2025. An
increase of 4.6% or $2.6 million reflects a more
moderate pace than 2024 sales tax growth.
Total sales tax revenues are up more than 10%
over the last four years, and sales tax trends in
Georgetown demonstrate strong growth in the
local economy since 2015 (see chart).
The City’s total assessed property value has
grown to over $21 billion at the time of
certification, representing an increase of over
11.4% from last year. The average homestead
property in Georgetown has increased in
taxable value by 4.3 percent, up to $403,543 in
FY2026 from $386,749 in FY2025. The average
homestead market value totals $444,810.
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Beginning in 2024, Georgetown started to see housing
starts, permits, water meters and sales tax revenue temper
with the economy, however significant growth pressures
remain. In the past five years, the city experienced record
new housing starts at over 2,500 annually and approved
agreements for more than 5 million square feet of industrial
development. The heat map indicates zones experiencing
the most growth within the City of Georgetown and its ETJ.
Saddle Creek, Sun City, Wolf Ranch West, Shadow
Canyon, and Berry Creek Highlands continue to expand
single and multi-family living options, as well as increased
restaurants and shops to support residential demands.
New single-family housing starts (totaling 1,493 in Fiscal
year 2025) show the desirability for homes in the area.
Fiscal year 2025 experienced building permits totaling
9,758, at a continued high level albeit lower than prior fast-
growth fiscal years. Over the same period, new commercial
projects totaled 239. This rapid growth has resulted in a
population increase of more than 66% since 2013.
Infrastructure and long-range planning continue to be a top
priority to meet the needs of the community and the
exponential growth to come, particularly in the areas of
water supply and treatment, transportation infrastructure, safety, and quality of life.
The Georgetown water utility district continues to grow in customers. The district spans around 440 square miles,
an area that is 7 times larger than the City of Georgetown itself (60.11 square miles). The amount of new residential
and commercial development continues to add customers to water utility systems within and outside of Georgetown
city limits. In 2025, the City of Georgetown saw 3,441 new meter connections, up from 2,941 in 2024. The total
number of meters citywide increased by 5.49%.
The City’s growth has resulted in an average
3,819 new meters per year for the last five
years. The City expects this trend to continue
and is planning infrastructure to meet the need
of the continued growth. The Central Texas
region continues 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.
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New Economic Developments. The City adopted a new economic strategic plan in 2024 which builds upon the
successful implementation of the previous 5-year strategic plan. The plan centers around three goals which are:
1. Business Development
2. Talent Development
3. Quality Placemaking
Each goal has multiple subgoals that are all geared towards helping to continue the diversification of Georgetown’s
local economy and taxbase, building on our competitive business and residential services, and protecting the
community against potential economic shocks.
This strategic approach has helped Georgetown to secure significant levels of capital investment which have
created thousands of jobs available to local residents and diversified the city’s tax base. Since 2019, more than 4.5
million square feet of industrial space has been leased or sold to primary employers.
Fiscal year 2025 saw a total of $650 million in capital investment, 1,230 total jobs created, and 573,000 square feet
of commercial and industrial space utilized by economic development projects. Notable examples of these projects
and large commercial projects are listed below:
Pegatron Corporation Pegatron Corporation, a Global Fortune 500 company and one of the largest electronics
manufacturers in the world, has announced an $85 million capital investment in Georgetown. The Taiwan-based
company has acquired a 168,784 square foot facility in the Blue Springs Business Park. The project is the
company’s first manufacturing facility in the United States. Pegatron plans to create several hundred full-time
positions at the new facility.
Texas Municipal Center & Headquarters for TML & TMLIRP Georgetown has been selected as the location for
the new Texas Municipal Center and headquarters for the Texas Municipal League (TML) and TML
Intergovernmental Risk Pool (TMLIRP). TML and TMLIRP will acquire a 64,000 square foot space located at 205
E. University Avenue and will complete a full renovation and revitalization of the site. The selected location is located
just three blocks from Georgetown’s town square and will host TML conferences, trainings, and bring visitors from
across the state to the most beautiful town square in Texas.
Total Site Solutions Total Site Solutions opened its new 213,000 square foot facility in the summer of 2025. The
project involved an estimated capital investment of $30 million and is anticipated to create up to 330 full-time jobs
in Georgetown.
Blueprint Projects Data Center Blueprint Projects announced a multi-phase data center project that could involve
a capital investment of up to $480 million. Project plans call for two phases of construction totaling 45,000 square
feet of data center space in each phase for a total of 90,000 square feet. Construction is planned to start on the first
phase of the project by early 2026 and be completed in early 2027.
GAF Energy Headquarters Relocation GAF Energy announced that it has relocated its corporate headquarters
to Georgetown from San Jose, California. The relocation includes centralizing all operations, manufacturing, and
research & development at the existing 450,000 square foot facility in Georgetown. GAF Energy, an industry leading
manufacturer of solar powered shingles, opened its $100 million facility in March 2024.
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Loram Technologies, Inc. Formerly known as GREX, Loram is a global rail maintenance and rail services
company that began construction on a new 92,000 square foot, $20+ million-dollar innovation center on South
Austin Avenue in 2023. The facility opened its doors in 2025 and will allow the company to nearly double their local
workforce to more than 300 employees in the coming years.
Georgetown Gateway Business Park Mac Haik Enterprises announced plans for a 147-acre Class A industrial
and manufacturing development. The project will provide more than 1.6 million square feet across a total of 6
buildings. The project is located along Interstate 35 and CR 142. Space will be available for lease, build-to-suit, or
for sale.
Shake Shack, Velvet Taco, Paris Baguette and More Announced at Bluebonnet Plaza Endeavor Real Estate
has announced several new retailers and restaurants for the upcoming Bluebonnet Plaza shopping center.
Construction on the first phase of the project has commenced and multiple tenants have been announced including
Shake Shack, Velvet Taco, Paris Baguette, Chipotle, Mountain Mike’s Pizza, and Frost Bank. Additional tenants
are expected to be announced in early 2026.
Home Goods Construction for a new HomeGoods store began in May 2025 at the Cedar Breaks West Shopping
Center. The business is planned to open in early 2026.
Parmer Ranch Marketplace H-E-B Project The H-E-B Anchored Parmer Ranch Marketplace opened in
September 2025. The 113,837 square foot store is H-E-B’s third location in Georgetown. Parmer Ranch
Marketplace will provide 40,000 square feet of additional retail, restaurant, and medical uses in addition to 5 pad
sites within the development.
Sprouts Marketplace Sprouts opened its new location within the Cedar Breaks West Shopping Center in
November 2024. The 23,000 square foot store is Sprouts newest location and is the chains first location in
Georgetown. The Cedar Breaks West shopping center commenced construction in 2022 and will provide a total of
115,677 square feet of commercial space. Additional businesses within this new development include Petco,
Panera Bread, and Chase Bank.
Lowe’s Home Improvement Store Lowe’s Home Improvement held its grand opening on June 20th, 2025. The
110,241 square foot location is the company’s first location in Georgetown.
Downtown Development. The City’s pedestrian-oriented downtown environment continues to thrive, offering a
unique and attractive investment opportunity. In 2025, downtown experienced a record-setting $27.6 million in
reinvestment activity, driven by property sales, new construction, building renovations, and new business openings.
Six new businesses opened downtown, including one retail store, four restaurants, and one brewery/coffee shop.
The total assessed value downtown decreased by $15 million from fiscal year 2024 to fiscal year 2025. Economic
conditions led to decreased values that weren’t fully offset by new developments.
To support private investment, the Georgetown Main Street Program awarded $50,023.50 in façade and sign
grants. In addition, the Downtown Master Plan, adopted in May 2024, has moved from vision to action. Since
adoption, City Council has directed staff to begin implementation planning, starting with preliminary engineering for
the Austin Avenue corridor, Downtown Square enhancements, and a comprehensive wayfinding program. Looking
ahead to 2026, a continued focus will include strategic conversations with Williamson County regarding several
county-owned properties downtown, as the County explores long-term relocation outside the Downtown Overlay
District.
xii
Overall, 2025 was a banner year for Downtown
Georgetown, marked by significant recognition
and milestone projects. Downtown Georgetown
was named the inaugural recipient of the Best
Texas Downtown Award by the Texas
Downtown Association at its annual conference
in November. The City was also recognized by
the Texas Chapter of the American Planning
Association with the Best Urban Design Award
for the Downtown Master Plan. In November
2025, the City’s downtown parking garage
opened, adding 315 new parking spaces to
support continued growth and accessibility.
Another major milestone was the completion of
the Light & Waterworks District Plaza, a new
civic gathering space connecting the
Georgetown Public Library, the historic Light &
Waterworks building, City Hall, and the Council
& Court building as part of the broader City
Center project. Shaped by years of planning and public input, the $2.25 million plaza features a performance stage,
event lawn, shaded pavilion, food truck area, and public art, and was funded through bond revenues and the
Downtown Tax Increment Reinvestment Zone.
INITIATIVES
Mobility Improvements. Georgetown continues to invest more heavily than ever in infrastructure to ensure mobility
needs are met for the future. The final projects from the 2015 Voter Approved 10 Year Road Bond Program, DB
Wood Road (SH29 to Oak Ridge) and Southwestern Blvd (Raintree to SE Inner Loop), will be open to traffic in early
2026. Previously completed projects from that program include Southwest Bypass, Wolf Ranch Parkway, Rivery
Boulevard, and the Northwest Blvd Bridge over IH35.
Georgetown voters approved the 2021 mobility bond in the May 1, 2021 election authorizing $90 million for various
street and transportation infrastructure projects. The bond initially estimated a 3-cent tax raise for residents, but due
to significant growth in the tax base it did not raise taxes. Instead, the tax rate was lowered from $0.418 in fiscal
year 2021 to $0.3647 in fiscal year 2025. All mobility bond projects continue to move forward. Rockride, Austin
Avenue Bridge Rehabilitation, and Shell Road are actively under construction. SE Inner Loop, DB Wood (Oak
Ridge to Williams), and Williams Drive Corridor improvements are in the final stages of right-of-way/easement
acquisition and permitting and are expected to being construction in 2026. The 2021 Road Bond program also
included funding for multiple pedestrian/sidewalk and intersection/signal projects that are occurring in numerous
locations all around the city.
Maintenance also continues to be a high priority for the city of Georgetown. The city continues to allocate a quarter
cent of sales tax revenue towards street maintenance, currently amounting to over $6 million annually. In 2025,
approximately 66 miles of roadway was resurfaced and/or sealed under our voter approved street maintenance
program, in addition to daily operational efforts.
K
50M
100M
150M
200M
250M
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Mi
l
l
i
o
n
s
(
$
)
Total Assessed Value - Downtown
xiii
In 2025, staff and Council also worked on additional mobility improvements including an innovative partnership
rideshare voucher program called rideGTX, initiated an update to the city’s ADA Transition Plan, and secured well
over $10 million in grant funding for other transportation projects throughout the city. In addition, updates to both
our transportation development code standards and impact fees occurred this past year.
QUALITY GROWTH
Growth in the residential and commercial sectors of Georgetown is sustainable due to disciplined long-range
planning in the utility areas. Growth within the utilities continues to have strong positive impacts to the financial and
economic conditions of Georgetown.
Electric Utility. The electric utility ended the 2025 fiscal year with reserves balances that align with the City’s Fiscal
and Budgetary Policy of about $47 million. The City continues to follow various strategies to maintain financial
performance including enhanced portfolio management and the development of a more robust risk management
policy. The City’s net purchased power expenses for fiscal year 2025 totaled $73 million which was lower than the
anticipated budget of $77 million.
To better manage growth, especially AI and related demand, the electric utility has updated the line extension/load
interconnection processes, risk management policies, cost of service and fee models, and retail rates. The retail
rates for all customers increased by 2% for FY26,and a new rate rider has been implemented to better manage and
recover the energy costs from the Very Large Load Customers (greater than 10 MW). The risk management policy
and the portfolio management practices have been updated to treat the very large load customers, and the rest of
the retail customers as two separate portfolios. The electric utility currently serves multiple new large customers in
the datacenter and AI server manufacturing domain.
The City of Georgetown electric utility was awarded diamond-level status in 2025 under the American Public Power
Association’s Reliable Public Power Provider (RP3) program, for the seventh year in a row. The electric utility’s
annual customer average interruption duration was 49 minutes, which is 58% less than the national average.
Additionally, the utility maintained zero OSHA recordable incidents and earned the APPA Safety Award of
Excellence.
Water Utility. Developing new water supplies and constructing new and expanded capital infrastructure to meet
growth demands was a high priority area of work in 2025.
The South Lake Water Treatment Plant Phase I (22 MGD) was brought online in June 2025 to meet treatment
needs, with Phase II (22 MGD) to come online in fiscal year 2026 for a total of 44 MGD of additional treatment
capacity. To meet the projected supply needs, the City is actively negotiating water supply contracts from ground
water sources east of the service area. The city has also begun engineering and planning work to construct a 30-
mile pipeline to transport water received from the east into its service territory. Along with new supply, the city has
begun work on a Bed and Banks permit to allow the city to reclaim its treated effluent for future water supplies.
In addition to working to obtain additional resources, Georgetown completed the coordination of the Integrated
Water Resource Plan (IWRP) projects into the Region G Water Plan. The Region G Plan has subsequently been
submitted to the state for incorporation into the State Water Plan. By coordinating City-proposed projects into the
Region G and State Water Plan, the City becomes eligible for state funding for the listed projects.
xiv
To significantly reduce the need to purchase new water supply, the City announced in August of 2025 that it would
seek buyers for the portions of its water territory outside the city limits. If successful, this project is estimated to
take several years and requires a vote of city residents and Public Utility Commission approval.
The Georgetown Water Utility updated the Impact Fee Study and the 10-year Capital Improvement Plan in 2025
and is in the process of updating the Water and Wastewater Master Plan. These plans show significant investment
needed to meet treatment, transmission, and sources of supply needed to meet future growth projections.
Significant investment on wastewater collection and reclamation facilities is needed to meet growth demands and
to meet stricter TCEQ regulatory discharge limits. In fiscal year 2025, Georgetown began design efforts on the
Three Forks (7-10 MGD) and Northlands (1.5-3 MGD) Water Reclamation Facilities. These facilities are expected
to be bid in fiscal year 2026 through Construction Manager at Risk (CMAR) contracts and should be online by 2030.
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 efficiency in the use of water, and
document recycling and reuse efforts. In fiscal year 2025, the conservation rebate program was increased to up to
$5,000 per residential customer, and new rebate programs were added to incentivize conservation. Conservation
also worked with local nurseries to identify and label native plants, making it easier for customers to select native,
drought tolerant plants.
The western district meter replacement project was also substantially completed in FY2025. This allows the City
to see interval usage to be used to identify customer leaks and wrong day watering and allows customers to see
their interval usage so that they can actively manage their consumption, check for leaks, and set notification
thresholds.
In 2021, the City of Georgetown began a cost-of-service water rate study that has been updated annually. The rates
are aimed at achieving Council’s goals of equity and conservation while considering the accelerated infrastructure
cost impacts. Council has adopted water and sewer rate increases in 2022, 2023, 2024, and 2025. Georgetown
water rates have remained competitive within the region. The study anticipates rates need to increase similarly over
the next five years as additional infrastructure is constructed and new water sources are developed.
QUALITY OF LIFE
The City Council’s vision statement for the City is “Georgetown: A welcoming and safe community, honoring our
past and planning for a vibrant future”. The Council and staff continue to strive to excel in creating places and
conditions that make the community a special place to live with a high quality of life as well as an exceptional place
to visit.
Public Safety. The Council continued its investments in quality of life for Georgetown residents through increasing
resources towards public safety. The new police firing range was completed in early 2024 and adds the capability
of more on demand firearms training. The department continues to hold successful events such as several Junior
Police Academies, National Night Out, Blue Santa, and Chase the Chief. In addition, a Crisis Intervention unit was
activated in early 2024 to address mental health challenges in Georgetown. The Department continues to work
towards its vision of “being the standard in law enforcement”. In 2023, the Department achieved its first re-
recognition under the Texas Police Chief’s Association Accreditation Program and those efforts continued in 2025.
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In 2025, the Police Department successfully completed the International Association of Chiefs of Police (IACP)
Trust Building Campaign, a nationally recognized initiative focused on strengthening public trust, transparency, and
legitimacy in law enforcement. Georgetown is one of only 158 law enforcement agencies worldwide, and just 11
agencies in Texas, to complete this campaign. Participation required the department to formally assess and
document its practices across key trust-building areas, including leadership and culture, policy and accountability,
community engagement, and officer wellness. Completion signifies that the Georgetown Police Department meets
nationally recognized standards and best practices for fostering trust and maintaining strong relationships with the
community it serves.
The Georgetown Fire Department maintained its accreditation designation with the Commission on Fire
Accreditation International (CFAI) in 2025. Less that 1% of all fire departments are accredited and this designation
serves as Georgetown Fire’s commitment to excellence. The Department recently concluded an operational audit
and finalized the revised 5-year strategic plan and 10-year master plan. These plans play an integral role in our
ability to match emergency resources with dynamic community growth and needs.
The Fire Department received a total of 15,828 calls in fiscal year 2025, of which 10,607 were medical calls not
including vehicle collisions. The medical call category had the highest year over year change and increased by
approximately 6%. Overall, calls have increased significantly from around 10,000 in 2018 and 14,000 in 2023.
The Fire Department continues to integrate single-function paramedic positions into the operational deployment
model. This allows the City to better manage the growing demand for pre-hospital services and manage increasingly
complex medical needs. Fire crews were able to begin proactive fuel mitigation in urban interface areas to reduce
wildfire threats. The Fire Marshal’s Office continues to explore alternative code language and practices that balance
developer needs with community safety.
Parks and Recreation. The City of Georgetown continues to implement the Parks and Recreation Master Plan
adopted in 2022. A master plan for San Gabriel Park Phase IV was completed in May 2025. This master plan
includes the redevelopment of the baseball and soccer fields to increase efficiency of the space to add more fields
and update amenities. The Blue Hole Park Master Plan was completed in November 2025 as a plan to redevelop
that park into a downtown destination while preserving the natural beauty and amenities the park has to offer. This
master plan sets up future design in 2026.
Construction on Phase II of Garey Park started in March 2025. With the generous donation of $20 million by Jack
Garey, the 525-acre Garey Park will continue to be developed into a destination park.
The City continues to implement the Cost Recovery Policy adopted in 2022 by adjusting fees for services and
recognizing where subsidies are being applied, determining if it is at an appropriate level, and expressing how and
why services are priced as they are. Another result of the articulated cost recovery philosophy is to help explain
the costs of and justify pricing of new Parks and Recreation services.
LONG RANGE PLANNING
2023 Bond Election. After the passage of four propositions in the November 2023 bond election, the City is
implementing a $130 million bond package over the next few years. Bond-funded projects include a new 3-story
Customer Service Building to house Planning, Inspections, Engineering, Information Technology, the utility and
AskGTX call center, among other smaller departments and expanding the City's animal shelter capacity by
partnering with the Williamson County Regional Animal Shelter. There is also a project to renovate and expand the
City's recreation center, as well as to partner with the YMCA to build and operate a new recreation facility on the
west side of town.
xvi
OTHER
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 Chief Financial Officer, Controller, 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 Chief Financial Officer, 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.
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,
2025, are free of material misstatement. The independent auditor concluded, based upon the audit, that there was
a reasonable basis for rendering an unqualified opinion and that the City’s financial statements for the fiscal year
ended September 30, 2025, 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.
xvii
Awards. The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to Georgetown for its Annual Comprehensive
Financial Report for the fiscal year that ended September 30, 2024. The Certificate of Achievement is the highest
form of recognition for excellence in state and local government financial reporting. To be awarded a Certificate of
Achievement, a government unit must publish an easily readable and efficiently organized Annual Comprehensive
Financial Report, whose contents conform to program standards. Such Annual Comprehensive 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-seven
(38) 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-four (35) years including FY2025.
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.
David S. Morgan Laurie Brewer, CGFO
City Manager Assistant City Manager
Leigh Wallace, CGFO Sarah Moody
Chief Financial Officer Assistant Chief Financial Officer
xviii
xix
City Of Georgetown, Texas
Elected Officials and Administrative Officers
September 30, 2025
xx
Elected Officials
Mayor Josh Schroeder
City Council Member, District 1 Amanda Parr
City Council Member, District 2, Shawn Hood
City Council Member, District 3 Ben Butler
City Council Member, District 4 Ron Garland
City Council Member, District 5, Mayor Pro Tem Kevin Pitts
City Council Member, District 6 Joseph “Jake” French
City Council Member, District 7 Ben Stewart
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 Nick Woolery
Assistant City Manager Wayne Nero
Chief Financial Officer Leigh Wallace
Fire Chief John Sullivan
Police Chief Cory Tchida
1
Financial Section
2
1601 South MoPac Expressway, Suite D250
Austin, Texas 78746
512-609-1900
Weaver and Tidwell, L.L.P.
3 CPAs AND ADVISORS | WEAVER.COM
Independent Auditor’s Report
To the Honorable Mayor and
Members of the City Council
City of Georgetown, Texas
Report on the Financial Statements
Opinions
We have audited 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, 2025, and the
related notes to the financial statements, which collectively comprise the City’s basic financial statements
as listed in the table of contents.
In our opinion, the accompanying financial statements 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, 2025, 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.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States
of America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States. Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements
section of our report. We are required to be independent of the City and to meet our other ethical
responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinions.
Responsibilities of Management for the Financial Statements
The City’s management is responsible for the preparation and fair presentation of the financial statements
in accordance with accounting principles generally accepted in the United States of America, and for
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.
In preparing the financial statements, management is required to evaluate whether there are conditions
or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue
as a going concern for twelve months beyond the financial statement date, including any currently
known information that may raise substantial doubt shortly thereafter.
The Honorable Mayor and
Members of the City Council
City of Georgetown, Texas
4
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance
and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government
Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the
aggregate, they would influence the judgment made by a reasonable user based on the financial
statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
include examining, on a test basis, evidence regarding the amounts and disclosures in the
financial statements.
Obtain an understanding of internal control relevant to the audit 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 City’s internal control. Accordingly, no such opinion is
expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
that raise substantial doubt about the City’s ability to continue as a going concern for a
reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control–related
matters that we identified during the audit.
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 schedules and ratios, and
Other Post-employment Benefits schedules and ratios as listed in table contents, be presented to
supplement the basic financial statements. Such information is the responsibility of management and,
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.
The Honorable Mayor and
Members of the City Council
City of Georgetown, Texas
5
We have applied certain limited procedures to the required supplementary information in accordance
with auditing standards generally accepted in the United States of America, which consisted of inquiries
of management about the methods of preparing the information and comparing the information for
consistency with management’s responses to our inquiries, the basic financial statements, and other
knowledge we obtained during our audit of the basic financial statements. We do not express an opinion
or provide any assurance on the information because the limited procedures do not provide us with
sufficient evidence to express an opinion or provide any assurance.
Supplementary 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 combining and individual major and nonmajor fund
financial statements and schedules, as listed in the table of contents, and Schedule of Expenditures of
Federal Awards as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements of 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 Schedule of
Expenditures of Federal Awards are the responsibility of management and were derived from and relates
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 Schedule of
Expenditures of Federal Awards are fairly stated, in all material respects, in relation to the basic financial
statements as a whole.
Other Information in the Annual Comprehensive Financial Report
Management is responsible for the other information included in the Annual Comprehensive Financial
Report (ACFR). The other information comprises the Introductory Section and Statistical Section, as listed
in the table of contents, but does not include the financial statements and our auditor's report thereon.
Our opinions on the financial statements do not cover the other information, and we do not express an
opinion or any form of assurance thereon. In connection with our audit of the financial statements, our
responsibility is to read the other information and consider whether a material inconsistency exists
between the other information and the financial statements, or the other information otherwise appears
to be materially misstated. If, based on the work performed, we conclude that an uncorrected material
misstatement of the other information exists; we are required to describe it in our report.
The Honorable Mayor and
Members of the City Council
City of Georgetown, Texas
6
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
February 27, 2026 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
February 27, 2026
The Notes to the Financial Statements are an integral part of this statement.
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, 2025. 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 $37,074,032 or 2.8% lower
than FY 2024 fund balance. The fund had $20.8 million of committed fund balance, $23 thousand of non-
spendable fund balance and $16.1 million of unassigned fund balance. Revenues were $2.1 million more
than the original budget estimates.
General Fund revenues increased $900 thousand, an increase of 1% from FY 2024. This increase is mainly
due to due to continued strength in investment income, a 4.5% increase in sales taxes, and an increase in
Franchise tax.
General Fund expenditures increased by $7.9 million, an increase of 7.7% over FY 2024. This increase
was due to increased public safety costs including market increases. The General Fund also saw increases
in new positions, the city-wide salary increases for non-civil service merit and market adjustments,
increases in allocation of administrative costs, and increased economic development costs. Additionally,
the General Fund transferred $2.4 million of one time funds for the pedestrian bridge project.
Governmental Activities
On a government-wide basis for governmental activities, the City had expenses net of program revenue of
$99.8 million. General revenues and transfers totaled $158.8 million, resulting in an increase in net position
of $58.9 million.
As of September 30, 2025, the City's governmental activities reported combined ending net position
balances of $642.7 million. The largest element of this balance is the value of the City’s net investment in
capital assets which totaled $515.1 million. Capital assets include the value of streets, parks and facilities,
vehicles and equipment.
During fiscal year ended September 30, 2025, the City issued approximately $38,235,000 in General
Obligation, and $66,405,000 Certificates of Obligation bonds. Some of the major programs funded in these
issues include just over $90 million for roads and mobility, $8 million for Parks, trails, and an Animal Shelter
Regional partnership. Finally, just over $6 million was programmed for Public Safety vehicles and
equipment. The City's general obligation debt is rated AAA by Standard & Poor's as of September 30, 2025.
Business-Type Activities
The net position of the City's business-type activities had a current year increase of $194 million. The growth
for the Water Utility is due to an increased number of meters and customer base of the utility systems. The
Water, Sewer, and Solid Waste Utility also had rate increases on 10/01. All business type funds had
continued increases due to the rapid growth and continued strength in developer contributions. The City
received $101.2 million of infrastructure assets contributed by developers for commercial projects and
residential subdivisions.
The City issued $315,000 in Certificates of Obligation debt for the Airport. The City also issued $101.36
million in Utility Revenue Bonds which included $18.4 million for the Electric Utility, $33.7 million for the
Water Utility and $54.4 million for the Wastewater utility. The City’s Standard & Poor's rating is AA- on the
utility system revenue debt as of Sept. 30, 2025.
CITY OF GEORGETOWN, TEXAS
MD&A
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To address the long-term demands of population growth in our water service area, on August 9, 2023, the
City entered into a reservation agreement with EPCOR to secure additional raw-water supply. The City
allowed this reservation agreement to expire in August of FY2025 because new, opportunities became
available. The City is actively negotiating a water supply contract and hopes to reach final agreement this
fiscal year. The infrastructure used to transport the groundwater from would also transport water from the
Brazos River Authority, along with water stored in the City's future aquifer storage and recovery site and
wells drilled into the Hosston and Trinity Aquifers on the same site.
The City also announced in 2025 that it proposes to sell a portion of its water service territory outside of city
limits. This would significantly reduce the amount of new water supply needed in the future.
Entity-Wide
The City's total net position on a government-wide basis was $1.915 billion at September 30, 2025, an increase of 15.2%
over September 30, 2024. Most of this balance is invested in capital assets or restricted for specific purposes.
USING THE FINANCIAL SECTION OF THIS ANNUAL COMPREHENSIVE FINANCIAL REPORT
This Annual Comprehensive 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.
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
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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 current year revenues and expenses. Both are reported using full
accrual basis of accounting, meaning recognizing events during the 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 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, 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, Solid Waste Services 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 airport, electric, water services, solid waste, 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
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Fiduciary Funds – The City is the 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 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 (in thousands):
2025 2024 2025 2024 2025 2024
Current and other assets 511,422$ 426,274$ 688,938$ 680,519$ 1,200,360$ 1,106,793$
Capital assets 698,497 640,816 1,365,046 1,087,441 2,063,543 1,728,257
Total assets 1,209,919 1,067,090 2,053,984 1,767,960 3,263,903 2,835,050
Deferred outflows 16,184 17,488 4,768 4,518 20,952 22,006
Long-term liabilities 528,669 455,108 717,811 629,718 1,246,480 1,084,826
Other liabilities 50,247 43,184 61,206 61,956 111,453 105,140
Total liabilities 578,916 498,292 779,017 691,674 1,357,933 1,189,966
Deferred inflows 4,435 2,486 7,310 2,775 11,745 5,261
Net investment in capital assets 515,173 465,612 938,155 830,107 1,453,328 1,295,719
Restricted 45,805 23,085 103,464 69,205 149,269 92,290
Unrestricted 81,774 95,103 230,806 178,717 312,580 273,820
Total net position 642,752$ 583,800$ 1,272,425$ 1,078,029$ 1,915,177$ 1,661,829$
Governmental Activities Business-Type Activities Total Primary Government
CITY OF GEORGETOWN, TEXAS
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Statement of Activities:
The following table reflects the condensed Statement of Activities (in thousands):
2025 2024 2025 2024 2025 2024
Revenues
Program revenues
Charges for services 25,539$ 27,907$ 326,123$ 260,894$ 351,662$ 288,801$
Operating grants and contributions 25,985 15,226 531 1,144 26,516 16,370
Capital grants and contributions 25,179 18,787 101,195 85,268 126,374 104,055
General revenues
Property taxes 62,607 59,231 - - 62,607 59,231
Sales taxes 52,787 50,489 - - 52,787 50,489
Other taxes 2,885 2,670 - - 2,885 2,670
Franchise taxes 9,765 8,480 299 - 10,064 8,480
Interest 20,595 19,881 27,501 29,491 48,096 49,372
Other 5,934 11,769 - - 5,934 11,769
Total revenues 231,276 214,440 455,649 376,797 686,925 591,237
Expenses
Culture/recreation 27,020 19,763 - - 27,020 19,763
Development 15,124 6,891 - - 15,124 6,891
Fire 36,548 34,440 - - 36,548 34,440
General government 20,956 53,592 - - 20,956 53,592
Interest on long-term debt 19,630 14,495 - - 19,630 14,495
Police 30,522 27,367 - - 30,522 27,367
Streets 26,639 8,826 - - 26,639 8,826
Environmental services 163 165 - - 163 165
Electric - - 111,463 109,260 111,463 109,260
Water services - - 113,864 92,047 113,864 92,047
Airport - - 6,357 6,347 6,357 6,347
Stormwater - - 8,695 7,680 8,695 7,680
Solid Waste - - 16,596 15,718 16,596 15,718
Total expenses 176,602 165,539 256,975 231,052 433,577 396,591
Change in net position before transfers 54,674 48,901 198,674 145,745 253,348 194,646
Transfers 4,278 (1,241) (4,278) 1,241 - -
Change in net position 58,952 47,660 194,396 146,986 253,348 194,646
Net position - beginning 583,800 527,767 1,078,029 940,866 1,661,829 1,468,633
Change in accounting principle - (778) - (672) - (1,450)
Adjustment - changes in reporting entity - 9,151 - (9,151) - -
Net position - beginning, as restated 583,800 536,140 1,078,029 931,043 1,661,829 1,467,183
Net position - ending 642,752$ 583,800$ 1,272,425$ 1,078,029$ 1,915,177$ 1,661,829$
Governmental Activities Business-Type Activities Total Primary Government
The City's combined net position increased by $253.3 million to $1.915 billion from $1.662 billion in FY 2024.
Net position of Governmental Activities was $642.8 million. Most of these assets are invested in capital assets
or restricted for particular purposes, such as $9 million for Street Maintenance projects or other capital projects,
$3.8 million for Tax Incremental reinvestment Zones (TIRZ), and $2.3 million for debt service.
The City's unrestricted net position for governmental activities, which can be used to finance day to day
operations, totaled $81.8 million.
Net investment in capital assets for governmental activities increased $49.6 million, primarily due to developer
contributions and additions to capital assets.
Current year net position for business-type activities increased by $194 million, due to the growth in the
customer base, increased water and wastewater rates, developer contributed capital, and capital assets.
CITY OF GEORGETOWN, TEXAS
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During 2025, the City invested $ 215 million towards improving and expansion of utility infrastructure, compared
to $182 million in 2024. The recently completed water and wastewater master plan includes projects for new
and expanded water treatment plants, rehabilitation for two 30+ year old wastewater treatment plants,
transmission lines, and backup power for extreme weather conditions.
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, 2025 was $76.7 million.
The Charges for Services category represents receipts primarily from development and building inspection
fees, parks fees, fire billing for services and court fines. Charges for Services decreased $2.4 million. Other
governmental program revenues included operating and capital grants and contributions for parks, fire and
police programs, and streets. Capital grants and contributions totaled $25.2 million compared to $18.8 million
last fiscal year due to donations from Garey Estate for progress on improvements to Garey Park and Interlocal
Agreement with Williamson County for SE Inner Loop.
Business-type activities program revenue totaled $427.8 million, 23.1% increase over prior year. Capital
grants and contributions increased $15.9 million over the prior year due to increased developer contributions.
Charges for Services, which represent receipts from utility customers for electric, water, and wastewater, and
solid waste services increased $62.2 million. The Water Utility saw a rate increase in FY2025, effective October
1, 2024. One rate increase for water of 11.75%, and a wastewater rate increase of 11.25%.These rate
increases were adopted by Council in order to support operations, infrastructure needs, and fees for new
supply. The estimated impact on the average water (6,000 gallons per month) and wastewater customer is
approximately $11.80 per month. Electric charges for services increased due to increased customer growth
and some new large load customers who came online in FY2025. Additionally in FY2025, there was a rate
increase for solid waste customers of 4.5% for residential, and 9.5% increase for commercial customers. 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 $62.6 million. Included in these taxes are real and personal property levies which are
assessed October 1, and payable before the following January 31.
51%
22%
9%
8%
10%
Primary Government Revenues
Charges for Services Grants and Contributions Property Taxes Sales Taxes Other
CITY OF GEORGETOWN, TEXAS
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Certified assessed valuations in FY 2025 increased 12.5% over FY2024. The total growth in assessed
valuations is $2 billion, with over $1.12 billion attributed to new value.
The ad valorem tax rate for fiscal year 2025 was $0.3647 per $100 of assessed valuation. This is a
decrease from the prior year’s rate of $0.374. The adopted tax rate is .000086 below the voter approval
rate.
Sales taxes, the City’s second largest source of general revenue, totaled $56.3 million for fiscal year 2025,
which was an increase of 4.6% compared to the prior year. This increase is primarily driven by a full-year
impact of Costco, the addition of a second HEB at Wolf Lakes, and Lowes coming online in summer of
FY2025. Sales tax revenues represented 34% of the general government revenue total in 2025, excluding the
payment in lieu of taxes from the utility funds.
Hotel/motel taxes totaled $2.181 million compared to $ 1.942 million in FY 2024 and are included in other
taxes. This increase is the result of the new hotels in the City and increased tourism City events such as Two
Step Inn and Red Poppy Festival.
Expenses for governmental activities totaled $176.6 million, versus $165.5 million in FY 2024. Total governmental
expenses increased by $11.1 million compared to the prior year. Annual salary increases implemented during the fiscal
year included significant increases for public safety based on new meet and confer agreements and annual merit and
market increases for non-public safety employees effective January 2025. Other explanations for the changes are
noted below.
Inflation for various supplies, vehicles, and other commodities
Increased capital project spending for parks, roads, and public safety
Expenses for the new Ask GTX (311-like) call center – full year impact
Increased debt service payments
Expenses for business-type activities totaled $256.9 million, a 11.2% increase over the prior year, which provided
electric, water, and wastewater services for customers, as well as airport, solid waste services and stormwater drainage
programs. Salary increases implemented during the fiscal year included annual merit and market increases for
employees effective January 2025. Notable explanations for the changes are explained below.
Electric increased 14.5%. The increase in expenses for electric is the result of growth in development and
the addition of new large load customers
Water services increased 24.7% mainly due to growth in development and increased debt related
expense
The increased costs in the Solid Waste fund is mainly due to capital expenses for the new transfer station.
CITY OF GEORGETOWN, TEXAS
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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, 2025, the City's governmental funds reflect a combined fund balance of $412.7
million.
The General Fund had a fund balance of $37.1 million for FY 2025, an decrease of approximately $0.9 million from FY
2024. 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.
Along with the increases in property taxes and some sales taxes increases already mentioned above, the General Fund
and other funds received the benefit of continued favorable interest rates for investment income in FY2025. Increased
staffing due to rapid growth in the General Fund also contributed to some increased costs.
Debt Service fund balance increased from $4 million to $5.2 million in FY25 due to investment income of $1.1 million.
General Capital Project Fund had a fund balance of $219.4 million for FY2025 compared to $191.5 million for FY2024
mainly as a result of the additional $84 million in bond proceeds received for facility, parks, and road projects.
Non-major governmental funds include an increase in fund balance mainly due to increases in tree mitigation fees for
development growth along with increased investment income.
Georgetown Transportation Enhancement Corporation (GTEC), the City’s blended component unit had a 5.5% increase
in fund balance due to bond proceeds of $44.6 million increased investment income and sales taxes. GTEC contributed
$6.1 million in transportation improvements to facilitate economic development in 2025.
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, 2025 totaled $230.8 million, which included $97.7 million for Electric,
$123.3 million for Water and $9.8 million for all other Non-Major funds. The Water fund also has restricted net position of
$103.5 million for funding of future plant expansions. The change in net position for FY 2025 was $194 million resulting
primarily from increased investment income, continued growth in the City’s utility systems, and development funded capital
improvements. Development growth has greatly impacted the Utilities. Georgetown’s population increased 11.6% year
over year and the overall number of meters being read increased 9% in FY2025.
CITY OF GEORGETOWN, TEXAS
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GENERAL FUND BUDGETARY HIGHLIGHTS
The original and final budget of the General Fund changed due to budget amendments for increased revenues related to
Winter Storm Mara, along with increased costs associated with additional public safety and Ask GTX call center staffing
and equipment, and economic development agreements. The variance between the actual ending fund balance at
September 30, 2024 of $38.4 million and the final budgetary fund balance of $30.6 million is attributed to increased
investment income, increased sales taxes, and increased charges for services along with savings from anticipated
departmental expenses.
CAPITAL ASSETS
The City's governmental activities (including the internal service funds) had invested $698.5 million in a variety of capital
assets and infrastructure. The City has $1.365 billion invested in its business-type activities capital assets. The detail is
reflected in the following schedule:
(Dollars in thousands)2025 2024 2025 2024 2025 2024
Land 36,790$ 27,893$ 3,330$ 3,329$ 40,120$ 31,222$
Land rights 21,009 21,009 1,723 1,723 22,732 22,732
Buildings 109,037 108,901 13,364 12,873 122,401 121,774
Furniture, machinery, and equipment 53,067 46,011 4,969 4,336 58,036 50,347
Vehicles 42,799 46,427 18,877 99 61,676 46,526
Streets 422,776 382,107 1,339 821 424,115 382,928
Distribution system 15,505 15,252 1,115,878 1,019,815 1,131,383 1,035,067
Bridges 21,287 21,223 - - 21,287 21,223
Improvements 109,613 99,388 23,361 7,337 132,974 106,725
Right-of-use-asset - leases 3,652 3,652 2,813 - 6,465 3,652
Right-of-use-asset - subscriptions 7,115 8,992 77 104 7,192 9,096
Construction in progress 121,058 85,271 515,778 335,675 636,836 420,946
Accumulated depreciation (265,211) (225,310) (336,463) (298,671) (601,674) (523,981)
Total capital assets 698,497$ 640,816$ 1,365,046$ 1,087,441$ 2,063,543$ 1,728,257$
Governmental Activities Business-Type Activities Total Primary Government
In FY2025, the City budgeted approximately $5.4 million 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 budgeted $13
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 pavement condition analysis and council goals. Total Street Maintenance
expenditures for FY2025 were $16.1 million.
Utility infrastructure maintenance is budgeted within the utility funds. For fiscal year 2025, funding for electric and water
services infrastructure maintenance was approximately $5.2 million.
CITY OF GEORGETOWN, TEXAS
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Major capital assets added in FY 2025 are noted below:
General Capital Projects:
o Construction in process projects
o DB Wood (SH 29 to Oak Ridge)
o Downtown Austin Ave Parking Garage
o Rockride Lane
o Austin Ave Bridges
o Southeast Inner Loop – MB21
o Southern Blvd
o DB Wood (Oak Ridge to Williams Dr)
o Leander Rd (Norwood-Swbypass)
o FM 971 Widening (Gantt-SH130)
Completed projects:
o IH35 and Inner Loop
o Rabbit Hill Road
o Sam Houston Ave Ext/SE1/Wilco Corridor
o Downtown Sidewalk Improvements
o Intersection Improvements (Lakeway @ Williams Dr)
o Old Town Southeast Sidewalk Improvements
o FM 1460 @ La Conterra Traffic Signal
Utility Infrastructure and Capital Projects:
o Electric distribution system expansion (including developers)
o Water and Wastewater treatment and distribution system
o Solid Waste Transfer Station
o Stormwater improvements
$87,473,367
$8,894,882
$4,183,680
$3,923,605
$2,358,733
$1,737,022
$1,065,164
$550,747
$17,890,630
$497,096,462
$126,642
$503,127
For more detailed notes about the City’s capital assets, please see Note 5 to the financial statements.
OUTSTANDING DEBT
2025 2024 2025 2024 2025 2024
General obligation bonds 438,045$ 364,879$ 71,279$ 77,436$ 509,324$ 442,315$
Sales tax revenue bonds 1,580 2,320 - - 1,580 2,320
Special assessment revenue bonds 7,219 7,423 - - 7,219 7,423
Revenue bonds - - 585,780 499,085 585,780 499,085
Premiums 29,817 27,881 41,842 37,597 71,659 65,478
Arbitrage 7,007 3,613 5,618 4,533 12,625 8,146
Compensated absences payable 13,106 12,348 3,819 3,374 16,925 15,722
Net pension liability 23,321 25,593 7,774 7,645 31,095 33,238
Other post-employment benefits 5,105 4,777 1,642 - 6,747 4,777
Lease liabilities 921 1,883 57 - 978 1,883
Subscription liabilities 2,548 4,391 - 48 2,548 4,439
Total long-term liabilities 528,669$ 455,108$ 717,811$ 629,718$ 1,246,480$ 1,084,826$
Governmental Activities Business-type Activities Total Primary Government
As of September 30, 2025, the City had a total of $509.3 million in general obligation debt outstanding. This represents
a 15.1% increase over prior year. This increase reflects $38,235,000 of 2025 General Obligation Bonds, $66,405,000
of 2025 Certificates of Obligation, and $106,495,000 in 2025 Revenue Bonds being issued.
The state limits the legal amount of tax levy available for general obligation debt service to $1.50 per $100 valuation.
The City's 2025 debt levy equaled $0.239592 per $100 assessed valuation, or 16.% of the maximum allowed.
CITY OF GEORGETOWN, TEXAS
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Other long-term debts included are compensated absence payable, net pension obligation, arbitrage liability and other
post-employment benefits. These experienced an increase from FY 2025 of $3.2 million due to increased arbitrage
liabilities, an increase in GASB 87 lease liabilities, and GASB101 resulting in higher compensated absences. The
major driver for the decrease in the Net Pension Liability are changes in investment returns. Subscription Liabilities
also increased due to an increased number and dollar amounts on IT subscriptions.
A detailed analysis of the City’s long-term debt is located in Note 9 to the financial statements.
ECONOMIC FACTORS
During FY 2025, the City continued to see some growth in the local and regional economy. Total sales tax receipts grew
to $2.3 million, or 4.5% over FY2024. The growth in residential and commercial development continued in FY2025, while
unemployment increased to 4.5% from 4.3% in 2024. The residential growth in the City’s utility service area, which includes
both the city limits and the City’s extra territorial jurisdiction (ETJ), continued at a steady 5% growth rate.
DISCRETELY PRESENTED COMPONENT UNIT
The Georgetown Economic Development Corporation (GEDCO) has been included in the reporting entity as a
discretely presented component unit since it provides benefits to other entities aside from the City. Separate audited
financial statements are not issued for GEDCO.
CONTACTING THE CITY’S FINANCIAL MANAGEMENT
This report is designed to provide City Council, citizens, customers, bond rating agencies, investors and creditors with
a general overview of the City’s
Finance Division
City of Georgetown
510 W. 9th Street
Georgetown, Texas 78626
(512) 930-6534
www.georgetowntexas.gov
finance@georgetowntexas.gov
18
19
Basic Financial Statements
City of Georgetown, Texas
Statement of Net Position
September 30, 2025
The Notes to the Financial Statements are an integral part of this statement.
20
Component
Unit
Georgetown
EconomicGovernmentalBusiness-type Development
Activities Activities Total Corporation
Cash and cash equivalents 76,033,052$ 125,720,849$ 201,753,901$ 5,483,363$
Cash and cash equivalents - restricted 167,143,721 175,240,353 342,384,074 -
Investments 98,755,574 163,292,601 262,048,175 10,144,131
Investments - restricted 137,319,042 116,420,088 253,739,130 -
Prepaid items 224,402 15,652,893 15,877,295 -
Accounts receivable
Services (net of allowance for uncollectibles) - 41,715,712 41,715,712 -
Taxes and other 26,738,124 4,831,363 31,569,487 561,642
Internal balances (214,313) 214,313 - -
Other assets - 1,689,460 1,689,460 -
Inventories 3,409,982 674,606 4,084,588 -
Long-term receivables 2,012,588 6,285,818 8,298,406 -
Regulatory asset, net - 37,200,000 37,200,000 -
Capital assets
Land 36,790,351 3,329,683 40,120,034 -
Land rights 21,009,247 1,723,151 22,732,398 -
Buildings 109,036,899 13,363,993 122,400,892 -
Furniture, machinery, and equipment 53,065,531 4,969,217 58,034,748 -
Vehicles 42,799,104 18,877,121 61,676,225 -
Streets 422,776,303 1,339,317 424,115,620 -
Distribution system 15,504,854 1,115,878,293 1,131,383,147 -
Bridges 21,286,699 - 21,286,699 -
Improvements 109,613,280 23,359,921 132,973,201 139,740
Right-to-use asset - leases 3,652,349 2,813,173 6,465,522 -
Right-to-use asset - subscriptions 7,115,443 76,500 7,191,943 -
Construction in progress 121,057,974 515,778,421 636,836,395 -
Accumulated depreciation and amortization (265,211,333) (336,463,039) (601,674,372) -
Total assets 1,209,918,873 2,053,983,807 3,263,902,680 16,328,876
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflow related to pension 14,304,724 4,768,243 19,072,967 -
Deferred outflow related to OPEB 1,391,306 - 1,391,306 -
Deferred charge on refunding 487,921 - 487,921 -
Total deferred outflows of resources 16,183,951 4,768,243 20,952,194 -
LIABILITIES
Accounts payable 22,508,679 33,043,714 55,552,393 976,379
Unearned revenue 20,095,869 643,022 20,738,891 -
Accrued interest 3,631,956 4,499,927 8,131,883 6,867
Payable from restricted assets
Construction contracts and retainages 3,583,373 17,950,364 21,533,737 -
Customer deposits payable from restricted assets 427,119 5,068,459 5,495,578 -
Noncurrent liabilities, due within one year 38,061,789 29,687,654 67,749,443 233,203
Noncurrent liabilities, due in more than one year
Lease liability 351,899 702,972 1,054,871 -
Subscription liability 1,021,613 31,875 1,053,488 -
Accrued employee benefits 9,175,220 2,392,438 11,567,658 -
Net pension liability 23,321,224 7,773,742 31,094,966 -
Other post employment benefits 5,040,688 - 5,040,688 -
Arbitrage 6,996,667 5,142,145 12,138,812 -
Long-term debt 444,699,839 672,080,354 1,116,780,193 1,747,549
Total liabilities 578,915,935 779,016,666 1,357,932,601 2,963,998
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pension 2,188,802 729,600 2,918,402 -
Deferred inflows related to OPEB 2,069,405 - 2,069,405 -
Deferred inflows related to leases 177,067 6,580,152 6,757,219 -
Total deferred inflows of resources 4,435,274 7,309,752 11,745,026 -
NET POSITION
Net investment in capital assets 515,173,019 938,155,295 1,453,328,314 139,740
Restricted for
Debt service 2,306,985 - 2,306,985 -
Hotel/Motel tax 3,877,331 - 3,877,331 -
Street maintenance tax 9,074,075 - 9,074,075 -
PEG Fees 911,240 - 911,240 -
Municipal court 276,062 - 276,062 -
Police 614,470 - 614,470 -
Public improvement districts 2,207,314 - 2,207,314 -
Tax Increment zone improvements 3,852,910 - 3,852,910 -
Sidewalks 160,099 - 160,099 -
Park improvements 22,444,367 - 22,444,367 -
Streetlight maintenance 79,996 - 79,996 -
Capital Projects - 103,464,695 103,464,695 -
Unrestricted 81,773,747 230,805,642 312,579,389 13,225,138
TOTAL NET POSITION 642,751,615$ 1,272,425,632$ 1,915,177,247$ 13,364,878$
Primary Government
ASSETS
City of Georgetown, Texas
Statement of Activities
For the Fiscal Year Ended September 30, 2025
The Notes to the Financial Statements are an integral part of this statement.
21
Component Unit
Georgetown
Economic
Charges for Operating Grants Capital Grants Governmental Business-type Development
Expenses Services & Contributions & Contributions Activities Activities Total Corporation
PRIMARY GOVERNMENT
Governmental activities
Culture / recreation 27,020,145$ 8,042,359$ 449,672$ 1,346,175$ (17,181,939)$ -$ (17,181,939)$
Development 15,124,445 7,493,087 67,116 - (7,564,242) - (7,564,242)
Fire 36,547,582 6,028,672 5,979,908 - (24,539,002) - (24,539,002)
General government 20,956,255 1,194,675 16,644,513 806,653 (2,310,414) - (2,310,414)
Police 30,522,037 966,840 843,827 - (28,711,370) - (28,711,370)
Streets 26,638,510 485,974 2,000,000 23,025,844 (1,126,692) - (1,126,692)
Environmental services 162,543 1,327,106 - - 1,164,563 - 1,164,563
Interest on long-term debt 19,629,830 - - - (19,629,830) - (19,629,830)
Total governmental activities 176,601,347 25,538,713 25,985,036 25,178,672 (99,898,926) - (99,898,926)
Business-type activities
Electric 111,462,940 114,553,215 393,467 25,998,679 - 29,482,421 29,482,421
Water 113,864,226 181,588,685 - 56,557,158 - 124,281,617 124,281,617
Airport 6,356,549 5,678,713 123,000 - - (554,836) (554,836)
Stormwater 8,695,087 6,455,687 - 18,638,990 - 16,399,590 16,399,590
Solid Waste 16,595,528 17,846,651 14,042.00 - - 1,265,165 1,265,165
Total business-type activities 256,974,330 326,122,951 530,509 101,194,827 - 170,873,957 170,873,957
TOTAL PRIMARY GOVERNMENT 433,575,677$ 351,661,664$ 26,515,545$ 126,373,499$ (99,898,926) 170,873,957 70,975,031
COMPONENT UNIT - GEORGETOWN ECONOMIC
DEVELOPMENT CORPORATION 2,668,116$ -$ -$ -$ (2,668,116)$
General Revenues
Property tax 62,606,779 - 62,606,779 -
Sales tax 52,786,878 - 52,786,878 3,518,820
Franchise taxes 9,765,456 299,440 10,064,896 -
Hotel occupancy tax 2,181,192 - 2,181,192 -
Mixed beverage tax 393,226 - 393,226 -
Auto inventory tax 310,741 - 310,741 -
Investment income 20,594,970 27,500,617 48,095,587 646,194
Other 5,934,128 - 5,934,128 505,767
Transfers 4,277,586 (4,277,586) - -
Total general revenues and transfers 158,850,956 23,522,471 182,373,427 4,670,781
Change in net position 58,952,030 194,396,428 253,348,458 2,002,665
Net position, beginning of the year 583,799,585 1,078,029,204 1,661,828,789 11,362,213
NET POSITION, END OF THE YEAR 642,751,615$ 1,272,425,632$ 1,915,177,247$ 13,364,878$
Net (Expense) Revenue and
Program Revenues Changes in Net Position
Primary Government
Functions/Programs
22
23
Fund Financial Statements
City of Georgetown, Texas
Balance Sheet – Governmental Funds
September 30, 2025
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 17,142,062$ 3,429,167$ -$ 10,757,498$ 22,288,185$ 53,616,912$
Cash and cash equiv. - restricted - 64,637,047 5,257,085 96,414,405 835,184 167,143,721
Investments 22,264,976 4,453,977 - 13,972,382 28,949,022 69,640,357
Investments - restricted - 28,122,780 - 109,196,262 - 137,319,042
Accounts receivable, net
Property taxes 376,899 - 593,079 - 16,868 986,846
Sales tax 5,054,781 2,246,570 - - 1,123,285 8,424,636
Grants 5,934 - - 4,713,167 22,395 4,741,496
Interest 4,336 - - - - 4,336
EMS 4,975,978 - - - - 4,975,978
Other 939,057 - - - 5,608,760 6,547,817
Due from other funds 1,183,349 - - 758,824 525 1,942,698
Long-term receivables 152,588 - - - - 152,588
Prepaid items 23,392 - - - - 23,392
TOTAL ASSETS 52,123,352$ 102,889,541$ 5,850,164$ 235,812,538$ 58,844,224$ 455,519,819$
LIABILITIES
Accounts payable and
accrued liabilities 6,774,315$ 1,068,367$ -$ 7,009,951$ 5,331,611$ 20,184,244$
Due to other funds - - - - 1,402,758 1,402,758
Unearned revenue 7,721,039 - - 11,104,747 1,270,083 20,095,869
Total liabilities 14,495,354 1,068,367 - 18,114,698 8,004,452 41,682,871
DEFERRED INFLOWS OF RESOURCES
Deferred inflow leases receivables 177,067 - - - - 177,067
Deferred property taxes 376,899 - 593,079 - 16,868 986,846
Total deferred inflows of
resources 553,966 - 593,079 - 16,868 1,163,913
FUND BALANCE
Nonspendable 23,392 - - - - 23,392
Restricted - 4,815,000 5,257,085 217,697,840 43,497,864 271,267,789
Committed 20,876,742 97,006,174 - - 7,325,040 125,207,956
Unassigned 16,173,898 - - - - 16,173,898
Total fund balance 37,074,032 101,821,174 5,257,085 217,697,840 50,822,904 412,673,035
TOTAL LIABILITIES, DEFERRED
INFLOWS AND FUND BALANCE 52,123,352$ 102,889,541$ 5,850,164$ 235,812,538$ 58,844,224$ 455,519,819$
City of Georgetown, Texas
Reconciliation of the Governmental Funds Balance Sheet
to the Statement of Net Position
September 30, 2025
The Notes to the Financial Statements are an integral part of this statement.
25
Total fund balance - total governmental funds 412,673,035$
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 76,212,805
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. 667,750,521
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 (446,844,418)
Premiums on bond issuance (29,817,135)
Deferred charge on refunding bonds 487,921
Accrued interest (3,543,179)
Arbitrage liability (7,006,825)
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:
Lease liability (533,040)
Subscription liability (28,982)
Compensated absences (12,457,784)
Net pension liability (23,321,224)
Deferred outflow related to pension 14,304,724
Deferred inflow related to pension (2,188,802)
Other post-employment benefits (5,104,749)
Deferred outflow related to other post-employment benefits 1,391,306
Deferred inflow related to other post-employment benefits (2,069,405)
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. 986,846
Some long-term receivables are not recognized in the governmental fund balance sheet until the
funds are considered available to fund current expenditures. 1,860,000
Net position of governmental activities 642,751,615$
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, 2025
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 21,650,945$ -$ 38,585,752$ -$ 2,334,135$ 62,570,832$
Sales tax 31,673,955 14,075,282 - - 7,037,641 52,786,878
Franchise taxes 9,669,369 - - - 96,087 9,765,456
Other taxes 703,967 - - - 2,778,299 3,482,266
Charges for service 17,214,270 - - 746,832 6,729,035 24,690,137
Fines and forfeitures 654,997 - - - 193,579 848,576
Donations and grants 7,217,121 - - 6,713,167 14,095,139 28,025,427
Investment income 1,793,270 2,842,114 1,110,885 9,720,048 2,369,215 17,835,532
Other revenue 1,189,236 - 922 835,846 1,031,593 3,057,597 -
Total revenues 91,767,130 16,917,396 39,697,559 18,015,893 36,664,723 203,062,701
EXPENDITURES
Current
Culture / recreation 16,437,516 - - - 2,804,767 19,242,283
Development 7,195,532 1,376,732 - - 130,406 8,702,670
Fire services 33,644,309 - - - 181,043 33,825,352
General government 15,718,666 - - - 2,037,935 17,756,601
Highways and streets 7,471,848 - - 234,614 40,190 7,746,652
Police 28,911,949 - - - 191,825 29,103,774
Environmental services - - - - 162,543 162,543
Capital outlay 473,593 6,127,844 - 55,777,498 22,751,407 85,130,342
Debt service
Principal retirement - 740,000 27,048,256 - 151,333 27,939,589
Interest and fiscal charges - 305,090 15,477,904 677,926 355,333 16,816,253
Total expenditures 109,853,413 8,549,666 42,526,160 56,690,038 28,806,782 246,426,059
Excess (deficiency) of revenues
over (under) expenditures (18,086,283) 8,367,730 (2,828,601) (38,674,145) 7,857,941 (43,363,358)
OTHER FINANCING SOURCES (USES)
Transfers in 20,669,394 - 4,032,901 9,396,426 1,090,000 35,188,721
Transfers out (3,685,501) (3,309,149) - (4,281,710) (4,334,462) (15,610,822)
Issuance of bonds - 42,735,000 - 57,620,000 - 100,355,000
Premiums - 1,864,020 - 2,123,203 - 3,987,223
Total other financing
sources (uses) 16,983,893 41,289,871 4,032,901 64,857,919 (3,244,462) 123,920,122
Net change in fund balances (1,102,390) 49,657,601 1,204,300 26,183,774 4,613,479 80,556,764
Fund balances, beginning of year 38,176,422 52,163,573 4,052,785 191,514,066 46,209,425 332,116,271
FUND BALANCES, end of year 37,074,032$ 101,821,174$ 5,257,085$ 217,697,840$ 50,822,904$ 412,673,035$
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, 2025
The Notes to the Financial Statements are an integral part of this statement.
27
80,556,764$
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 activities in the statement
of activities.(7,334,228)
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 85,130,342
Depreciation (41,738,766)
Net book value of current year disposals (57,921)
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 23,025,844
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 28,132,256
Issuance of bonds (100,355,000)
Premium on bond issuance (3,987,223)
Amortization of bond premiums, net 2,050,590
Amortization of deferred charge on refunding, net (226,009)
Increase in arbitrage liability (3,393,981)
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.(1,341,640)
Compensated absences, other post-employment benefit obligations, pension liability, lease liabilities,
subscription liabilities, 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 2,272,160
Deferred outflow related to pension (820,451)
Deferred inflow related to pension (2,058,992)
Other post employment benefits (327,393)
Deferred outflow related to other post-employment benefits (257,727)
Deferred inflow related to other post-employment benefits 76,370
Compensated absences (639,645)
Lease liability 322,420
Subscription liability 28,313
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 (140,000)
Unavailable property taxes 35,947
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES 58,952,030$
NET CHANGE IN FUND BALANCES - GOVERNMENTAL FUNDS
Amounts reported for governmental activities in the statement of activities are different because:
28
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, 2025
The Notes to the Financial Statements are an integral part of this statement.
29
Actual Variance to
Budgetary Final
Original Final Basis Budget
REVENUES
Property taxes 22,813,842$ 22,813,842$ 21,650,945$ (1,162,897)$
Sales tax 30,304,757 30,304,757 31,673,955 1,369,198
Franchise taxes 9,668,215 9,668,215 9,669,369 1,154
Other taxes 750,000 750,000 703,967 (46,033)
Charges for services 18,847,704 19,012,704 19,440,721 428,017
Fines and forfeitures 522,650 522,650 654,997 132,347
Donations and grants 6,541,657 6,551,657 7,217,121 665,464
Investment income 1,800,000 1,800,000 1,793,270 (6,730)
Miscellaneous 386,136 387,636 1,189,236 801,600
Total revenues 91,634,961 91,811,461 93,993,581 2,182,120
EXPENDITURES
Culture / recreation 16,697,257 16,731,484 16,437,516 293,968
Development 6,723,480 8,765,636 7,210,290 1,555,346
Fire services 33,449,387 33,956,377 33,801,909 154,468
General government 17,516,439 17,356,450 18,106,608 (750,158)
Highways and streets 7,702,932 8,147,263 7,471,848 675,415
Police services 29,863,778 30,087,068 29,051,693 1,035,375
Total expenditures 111,953,273 115,044,278 112,079,864 2,964,414
Excess (Deficiencies) of revenues
over expenditures (20,318,312) (23,232,817) (18,086,283) 5,146,534
OTHER FINANCING SOURCES (USES)
Transfers in 19,345,950 20,561,167 20,669,394 (108,227)
Transfers out (2,490,000) (3,685,501) (3,685,501) -
Total other financing sources (uses) 16,855,950 16,875,666 16,983,893 (108,227)
Net change in fund balance (3,462,362) (6,357,151) (1,102,390) 5,254,761
Fund balances, beginning of year 32,219,275 38,427,314 38,176,422 (250,892)
FUND BALANCES, end of year 28,756,913$ 32,070,163$ 37,074,032$ 5,003,869$
Budgeted Amounts
City of Georgetown, Texas
Statement of Net Position
Proprietary Funds
September 30, 2025
The Notes to the Financial Statements are an integral part of this statement.
30
Governmental
Activities
ASSETS
Current assets
Cash and cash equivalents 21,412,090$ 100,628,631$ 3,680,128 125,720,849$ 22,416,140$
Cash and cash equivalents - restricted 20,750,725 151,904,177 2,585,451 175,240,353 -
Investments 27,811,106 130,701,559 4,779,936 163,292,601 29,115,217
Investments - restricted 5,088,649 111,331,439 - 116,420,088 -
Prepaid expenses 11,517,812 4,135,081 - 15,652,893 201,010
Accounts receivable, net
Services 17,454,874 20,865,887 3,394,951 41,715,712 1,057,015
Grants 393,467 - 100,000 493,467 -
Interest receivable - - 7,231 7,231 -
Other 888,244 2,613,698 828,723 4,330,665 -
Other assets 1,689,460 - - 1,689,460 -
Due from other funds 279,576 - 20,005 299,581 14,037
Inventories 603,248 9,743 61,615 674,606 3,409,982
Total current assets 107,889,251 522,190,215 15,458,040 645,537,506 56,213,401
Noncurrent assets
Long-term receivables - 120,752 6,165,066 6,285,818 -
Regulatory asset, net 37,200,000 - - 37,200,000 -
Capital assets
Land 635,073 1,559,074 1,135,536 3,329,683 695,992
Land rights 153,607 66,006 1,503,538 1,723,151 -
Buildings 24,637 9,483,138 3,856,218 13,363,993 510,121
Furniture, machinery, and equipment 1,866,271 2,463,174 639,772 4,969,217 19,235,488
Vehicles 6,505,412 9,195,448 3,176,261 18,877,121 42,441,001
Streets - - 1,339,317 1,339,317 -
Distribution system 276,242,498 690,248,844 149,386,951 1,115,878,293 3,281,970
Improvements 173,421 802,666 22,383,834 23,359,921 1,194,203
Construction in progress 17,890,630 497,096,462 791,329 515,778,421 1,075
Right-to-use asset - leases - 2,813,173 - 2,813,173 2,072,696
Right-to-use asset - subscriptions 76,500 - - 76,500 7,000,816
Less accumulated depreciation
and amortization (102,697,682) (190,566,422) (43,198,935) (336,463,039) (45,687,182)
Total capital assets (net of accumulated
depreciation and amortization)200,870,367 1,023,161,563 141,013,821 1,365,045,751 30,746,180
Total noncurrent assets 238,070,367 1,023,282,315 147,178,887 1,408,531,569 30,746,180
TOTAL ASSETS 345,959,618 1,545,472,530 162,636,927 2,054,069,075 86,959,581
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflow related to pension 2,098,027 2,288,756 381,460 4,768,243 -
Total deferred outflows of resources 2,098,027 2,288,756 381,460 4,768,243 -
TOTAL ASSETS AND
DEFERRED OUTFLOWS OF RESOURCES 348,057,645$ 1,547,761,286$ 163,018,387$ 2,058,837,318$ 86,959,581$
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, 2025
The Notes to the Financial Statements are an integral part of this statement.
31
Governmental
Activities
CURRENT LIABILITIES
Accounts payable 12,600,983$ 18,700,868$ 1,741,863$ 33,043,714$ 5,907,808$
Accrued employee benefits 612,117 700,165 114,682 1,426,964 232,689
Due to other funds - 85,268 - 85,268 768,290
Unearned revenue 133,222 366,482 143,318 643,022 -
Current portion of long-term debt 10,065,168 15,506,213 1,249,622 26,821,003 -
Arbitrage - 475,358 - 475,358 -
Accrued interest 701,530 3,689,565 108,832 4,499,927 88,777
Current portion of lease liability - 938,829 - 938,829 387,964
Current portion of subscription liability 25,500 - - 25,500 1,496,839
Total 24,138,520 40,462,748 3,358,317 67,959,585 8,882,367
Construction contracts and
retainages payable 2,712 17,929,872 17,780 17,950,364 -
Customer deposits 4,803,143 251,881 13,435 5,068,459 427,119
Total current liabilities payable
from restricted assets 4,805,855 18,181,753 31,215 23,018,823 427,119
Total current liabilities 28,944,375 58,644,501 3,389,532 90,978,408 9,309,486
NONCURRENT LIABILITIES
Accrued employee benefits 1,057,164 1,139,160 196,114 2,392,438 415,677
Long-term debt 116,169,911 535,597,329 20,313,114 672,080,354 -
Arbitrage - 5,142,145 - 5,142,145 -
Net pension liability 3,420,446 3,731,396 621,900 7,773,742 -
Lease liability - 702,972 - 702,972 -
Subscription liability 31,875 - - 31,875 1,021,613
Total noncurrent liabilities 120,679,396 546,313,002 21,131,128 688,123,526 1,437,290
TOTAL LIABILITIES 149,623,771 604,957,503 24,520,660 779,101,934 10,746,776
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pension 321,024 350,208 58,368 729,600 -
Deferred inflow related to leases - - 6,580,152 6,580,152 -
TOTAL DEFERRED INFLOWS OF RESOURCES 321,024 350,208 6,638,520 7,309,752 -
NET POSITION
Net investment in capital assets 100,414,575 715,721,964 122,018,756 938,155,295 27,839,764
Restricted for capital projects - 103,464,695 - 103,464,695 -
Unrestricted 97,698,275 123,266,916 9,840,451 230,805,642 48,373,041
Total net position 198,112,850 942,453,575 131,859,207 1,272,425,632 76,212,805
TOTAL LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND NET POSITION 348,057,645$ 1,547,761,286$ 163,018,387$ 2,058,837,318$ 86,959,581$
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, 2025
The Notes to the Financial Statements are an integral part of this statement.
32
Governmental
Activities
OPERATING REVENUES
Service charges
Electric 105,834,126$ -$ -$ 105,834,126$ -$
Water - 88,804,861 - 88,804,861 -
Wastewater - 34,975,307 - 34,975,307 -
Other 5,527,095 9,381,957 29,482,717 44,391,769 73,475,529
Total operating revenues 111,361,221 133,162,125 29,482,717 274,006,063 73,475,529
OPERATING EXPENSES
Electric 24,222,990 - - 24,222,990 -
Water - 39,946,273 - 39,946,273 -
Wastewater - 2,935,790 - 2,935,790 -
Depreciation and amortization 8,205,517 17,744,833 4,544,680 30,495,030 9,444,410
Utility contracts 75,007,759 13,666,865 - 88,674,624 -
Plant management - 11,410,519 - 11,410,519 -
Other - 3,900,553 26,609,910 30,510,463 61,121,129
Total operating expenses 107,436,266 89,604,833 31,154,590 228,195,689 70,565,539
Net operating income (loss) 3,924,955 43,557,292 (1,671,873) 45,810,374 2,909,990
NONOPERATING REVENUES (EXPENSES)
Investment income 3,792,336 22,603,739 1,104,542 27,500,617 2,759,438
Donations and grants 393,467 - 137,042 530,509 -
Interest and fiscal charges (4,040,222) (24,270,329) (498,494) (28,809,045) (95,204)
Gain(loss) on disposed assets 13,548 10,936 5,920 30,404 (13,905)
Franchise taxes - - 299,440 299,440 -
Other 3,191,994 48,426,560 498,334 52,116,888 2,293,329
Total nonoperating revenues
(expenses) 3,351,123 46,770,906 1,546,784 51,668,813 4,943,658
Income (loss) before contributions
and transfers 7,276,078 90,328,198 (125,089) 97,479,187 7,853,648
CONTRIBUTIONS AND TRANSFERS
Capital contributions 25,998,679 56,557,158 18,638,990 101,194,827 112,437
Transfers in 7,122,164 9,703,753 3,564,949 20,390,866 6,723,952
Transfers out (6,920,917) (11,207,137) (6,540,398) (24,668,452) (22,024,265)
Total contributions and transfers 26,199,926 55,053,774 15,663,541 96,917,241 (15,187,876)
Change in net position 33,476,004 145,381,972 15,538,452 194,396,428 (7,334,228)
Net position, beginning of period 164,636,846 797,071,603 116,320,755 1,078,029,204 83,547,033
TOTAL NET POSITION, end of period 198,112,850$ 942,453,575$ 131,859,207$ 1,272,425,632$ 76,212,805$
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, 2025
The Notes to the Financial Statements are an integral part of this statement.
33
Governmental
Water Nonmajor Activities
Electric Services Enterprise Internal
Fund Fund Funds Total Service Funds
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers 118,721,833$ 175,237,073$ 26,178,839$ 320,137,745$ 76,658,819$
Payments to suppliers (91,916,154) (69,015,192) (24,798,348) (185,729,694) (43,232,626)
Payments to employees for services (5,746,589) (10,940,500) 2,327,204 (14,359,885) (16,157,750)
Net cash provided by (used in) operating activities 21,059,090 95,281,381 3,707,695 120,048,166 17,268,443
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Transfers out (6,920,917) (11,207,137) (6,540,398) (24,668,452) (22,024,265)
Transfers in 7,122,164 4,298,640 2,186,577 13,607,381 6,723,952
Net cash provided by (used in)
noncapital financing activities 201,247 (6,908,497) (4,353,821) (11,061,071) (15,300,313)
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Acquisition of capital assets (5,723,282) (184,964,889) (1,555,758) (192,243,929) (158,906)
Sale of capital assets - - - - (19,868)
Donations and grants 393,467 - 137,042 530,509 -
Proceeds from issuance of long-term debt 17,490,000 83,870,000 1,000,000 102,360,000 -
Principal paid on revenue and certificates of obligation bonds (9,280,397) (11,423,487) (1,152,819) (21,856,703) -
Interest paid on revenue and certificates of obligation bonds (3,914,603) (17,360,978) (1,133,789) (22,409,370) -
Principal paid on leases - (924,551) - (924,551) (639,446)
Interest paid on leases - (34,368) - (34,368) -
Principal paid on subscriptions (67,557) - - (67,557) (2,290,340)
Interest paid on subscriptions (6,375) - - (6,375) (93,003)
Net cash used in capital and related
financing activities (1,108,747) (130,838,273) (2,705,324) (134,652,344) (3,201,563)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 3,842,309 22,511,650 1,081,849 27,435,808 2,759,438
Change in temporary investments (6,409,242) 80,770,290 1,814,069 76,175,117 1,388,047
Net cash provided by (used in) investing activities (2,566,933) 103,281,940 2,895,918 103,610,925 4,147,485
Net change in cash and cash equivalents 17,584,657 60,816,551 (455,532) 77,945,676 2,914,052
CASH AND CASH EQUIVALENTS, beginning of year 24,578,158 191,716,257 6,721,111 223,015,526 19,502,088
CASH AND CASH EQUIVALENTS, end of year 42,162,815$ 252,532,808$ 6,265,579$ 300,961,202$ 22,416,140$
CLASSIFIED AS
Current assets 21,412,090$ 100,628,631$ 3,680,128$ 125,720,849$ 22,416,140$
Restricted assets 20,750,725 151,904,177 2,585,451 175,240,353 -
TOTAL 42,162,815$ 252,532,808$ 6,265,579$ 300,961,202$ 22,416,140$
NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES
Capital asset purchases on account (accrued but not paid) 2,712$ 17,929,872$ 1,965$ 17,934,549$ -$
Capital asset acquisitions under subscriptions (SBITAs) 76,500 2,574,803 - 2,651,303 474,880
Developer contributions 25,998,679 56,557,158 18,638,990 101,194,827 112,437
OPERATING INCOME (LOSS)3,924,955$ 43,557,292$ (1,671,873)$ 45,810,374$ 2,909,990$
Adjustments to reconcile operating income (loss) to
cash provided by operating activities
Depreciation and Amortization 8,205,517 17,744,833 4,544,680 30,495,030 9,444,410
Regulatory asset 2,400,000 - - 2,400,000 -
Gain/loss on disposal of asset 13,548 10,936 5,920 30,404 (13,905)
Other income 3,191,994 48,426,560 797,774 52,416,328 2,293,329
Decrease (increase) in prepaid expenses (2,031,187) (322,337) - (2,353,524) (1,010)
Decrease (increase) in inventories - (7,314) 1,374 (5,940) (1,092,576)
Decrease (increase) in accounts receivable 4,089,739 (6,362,148) (4,089,697) (6,362,106) 476,747
Decrease (increase) in other assets (47,423) - - (47,423) -
Increase (decrease) in due to/from other funds (279,576) 85,268 (20,005) (214,313) 718,643
Increase (decrease) in accounts payable 990,669 (8,316,123) 251,241 (7,074,213) 1,987,278
Increase (decrease) in customer deposits 255,504 (400) 7,430 262,534 427,119
Increase (decrease) in unearned revenue (142,750) - (25,305) (168,055) -
Increase (decrease) in net pension liability 267,078 278,845 3,867,940 4,413,863 -
Increase (decrease) in accrued employee benefits 221,022 185,969 38,216 445,207 118,418
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 21,059,090$ 95,281,381$ 3,707,695$ 120,048,166$ 17,268,443$
City of Georgetown, Texas
Statement of Fiduciary Net Position
Custodial Fund
September 30, 2025
The Notes to the Financial Statements are an integral part of this statement.
34
Custodial
Fund
ASSETS
Investments 659,623$
Total assets 659,623
LIABILITIES
Accounts payable 362,767
Total liabilities 362,767
NET POSITION
Restricted for:
PID development 296,856
Total net position 296,856
TOTAL LIABILITIES AND NET POSITION 659,623$
City of Georgetown, Texas
Statement of Changes in Fiduciary Net Position
Custodial Fund
For the Fiscal Year Ended September 30, 2025
The Notes to the Financial Statements are an integral part of this statement.
35
Custodial
Fund
ADDITIONS
Property taxes 293,616$
Total additions 293,616
DEDUCTIONS
Administrative expenses 336,145
Total deductions 336,145
Net increase (decrease) in fiduciary net position (42,529)
Net position, beginning of period 339,385
NET POSITION, END OF PERIOD 296,856$
36
37
Notes Section
38
City of Georgetown, Texas
Notes to the Financial Statements
39
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 Annual
Comprehensive 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 Units
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. Separately issued financial statements are not available.
The Parks at Westhaven Public Improvement District (Westhaven PID) was created in March 2021 for the
purpose of financing the development and constructions costs for improvements made within or related
to the Parks at Westhaven Development Project. The Westhaven PID meets the financial accountability
tests and is considered to be a blended component unit. Specifically, the government body is made up
of City Council members and management of the primary government has operational responsibility for
the Westhaven PID. Separately issued financial statements are not available.
City of Georgetown, Texas
Notes to the Financial Statements
40
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 position 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. GEDCO is audited as part of the City of Georgetown. Separately issued financial
statements are not available.
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. This entity is the Georgetown Housing Authority.
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 e ach fund are accounted for using a separate set of
self-balancing accounts that comprise its assets, liabilities, fund balance, 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
41
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
42
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, Airport, and Solid Waste 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 – Custodial Fund
The City’s fiduciary fund is presented in total in the fund financial statements. 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, this fund is 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.
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 and fiduciary funds are
reported using the economic resources measurement focus and 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.
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.
City of Georgetown, Texas
Notes to the Financial Statements
43
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 department 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
department, 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 department, 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.
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.
City of Georgetown, Texas
Notes to the Financial Statements
44
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 non-spendable 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.
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 who work shift roles may
accrue up to a maximum cap of 360 hours and firefighter administration may accrue up to a maximum
of 257 hours that can be paid out upon separation.
City of Georgetown, Texas
Notes to the Financial Statements
45
Full-time employees earn a maximum of 96 hours of sick leave each year. 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 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.
Accumulated sick leave which is more likely than not to be used by employees and 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 and sick 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
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, have an original cost of $5,000 or more and an expected useful life of over one year.
Depreciation for assets 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
Streets and drainage 20 to 30 years
The City records capital contributions to proprietary funds as revenue. Total capital contributions to the
enterprise funds in fiscal year 2025 totaled $101,194,827. Contributed capital is not recorded for
governmental type funds but is recognized on the government-wide statements and totaled $23,025,844
for the year ended September 30, 2025.
City of Georgetown, Texas
Notes to the Financial Statements
46
O. Leases
Lessee
The City is a lessee for a non-cancelable lease of equipment and a facility. The City recognizes a lease
liability and an intangible right-to-use lease asset in the government-wide financial statements. The City
recognizes lease liabilities with an initial, individual value of $5,000 or more. At the commencement of the
a lease, the City initially measures the lease liability at the present value of the payments expected to be
made during the lease term. Subsequently, the lease liability is reduced by the principal portion of lease
payments made. The lease asset is initially measured as the initial amounts of the lease liability, adjusted
for least payments made at or before the lease commencement date, plus certain initial direct costs.
Subsequently, the lease asset is amortized on a straight-line basis over its useful life.
Key estimates and judgements related to leases include how the City determines (1) the discount rate it
uses to discount the expected lease payments to present value, (2) lease term, (3) lease payments.
The City uses the interest rate charges by the lessor as the discount rate. When the interest rate
charged by the lessor is not provided, the City generally uses its estimated incremental borrowing
rate as the discount rate for leases.
The lease term includes the non-cancelable period of the lease. Lease payments included in the
measurement of the lease liability are composes of fixed payments and purchase option price
the City is reasonably certain to exercise.
The City monitors changes in circumstances that would require a remeasurement of its lease and will
remeasure the lease asset and liability if certain changes occur that are expected to significantly affect
the affect the amount of the lease liability.
Lease assets are reported with other capital assets and lease liabilities are reported with long-term debt
on the statement of net position.
Lessor
The City is a lessor for non-callable leases of facilities and land. The City recognizes a lease receivable
and a deferred inflow of resources in the government-wide and governmental fund financial statements.
At the commencement of a lease, the City initially measures the lease receivable at the present value of
payments expected to be received during the lease term. Subsequently, the lease receivable is reduced
by the principal portion of the lease payments received. The deferred inflow of resources is initially
measured as the initial amount of the lease receivable, adjusted for lease payments received at or before
the lease commencement date. Subsequently, the deferred inflow of resources is recognized as revenue
over the life of the lease term.
Key estimates and judgements include how the City determines (1) the discount rate it uses to discount
the expected lease receipts to present value, (2) lease term, and (3) lease receipts.
The City uses its estimated incremental borrowing rate as the discount rate for leases.
The lease term includes the non-cancelable period of the lease. Lease receipts included in the
measurement of the lease receivable is composed of fixed payments from the lessee.
The City monitors changes in circumstances that would require a remeasurement of its lease, and will
remeasure the lease receivable and deferred inflows of resources if certain changes occur that are
expected to significantly affect the amount of the lease receivable.
Lease receivables are reported with other accounts receivable and deferred inflow related to leases are
reported with deferred inflows on the statement of net position.
City of Georgetown, Texas
Notes to the Financial Statements
47
P. Subscription-Based Information Technology Arrangements (SBITAs)
The City has noncancellable contracts with SBITA vendors for the right to use information technology (IT)
software, alone or in combination with tangible capital assets (the underlying IT assets). The City
recognizes a subscription liability, reported with long-term debt, and a right‐of‐use subscription asset
(an intangible asset), reported with other capital assets, in the government‐wide and proprietary fund
financial statements.
At the commencement of an SBITA, the City initially measures the subscription liability at the present value
of payments expected to be made during the subscription term. Subsequently, the subscription liability is
reduced by the principal portion of SBITA payments made. The subscription asset is initially measured as
the initial amount of the subscription liability, adjusted for SBITA payments made at or before the SBITA
commencement date, plus certain initial implementation costs. Subsequently, the subscription asset is
amortized on a straight‐line basis over the shorter of the subscription term or the useful life of the underlying
IT assets.
Key estimates and judgments related to SBITAs include how the City determines (1) the discount rate it
uses to discount the expected subscription payments to present value, (2) subscription term, and
(3) subscription payments.
The City uses the interest rate charged by the SBITA vendor as the discount rate. When the interest
rate charged by the SBITA vendor is not provided, the City generally uses its estimated incremental
borrowing rate as the discount rate for SBITAs.
The subscription term includes the noncancellable period of the SBITA.
Subscription payments included in the measurement of the subscription liability are composed of fixed
payments, variable payments fixed in substance or that depend on an index or a rate, termination
penalties if the City is reasonably certain to exercise such options, subscription contract incentives
receivable from the SBITA vendor, and any other payments that are reasonably certain of being
required based on an assessment of all relevant factors.
The City monitors changes in circumstances that would require a remeasurement of its SBITAs and will
remeasure the subscription asset and liability if certain changes occur that are expected to significantly
affect the amount of the subscription liability.
Q. Regulatory Asset
Recognizing a regulatory asset is consistent with GASB 62 Regulatory Asset Treatment due to the
extraordinary expenses related to Winter Storm Uri in February 2021. This treatment allows for the
capitalization of the $48 million in purchase power costs in the Electric Fund associated with the storm
rather than expensing these costs all in one year. This regulatory asset is set up with an amortization
schedule to match the expected cost recovery of the capitalized costs, which has been approved by
the City Council. The financial impacts of the amortization are included in the electric cost of service
study. The council has the flexibility to expedite the amortization of the regulatory asset based on future
financial conditions. Fiscal Year 2025 contained purchase power amortization costs of $2.4 million on
the Statement of Revenues, Expenses and Changes in Net Position with a net asset value as of
September 30, 2025 of $37.2 million on the statement of net position for the proprietary funds.
City of Georgetown, Texas
Notes to the Financial Statements
48
R. 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.
S. 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.
T. 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.
U. 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
2025, 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
49
V. 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, 2025, there was not a significant risk
arising from cash, investments, or accounts receivable.
W. Nature and Purpose of Reservations and Designation of Fund Balance
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
50
Below is the fund balance classification for the governmental funds:
General
Georgetown
Transportation
Enhancement
Corporation Debt Service
General
Capital
Projects
Nonmajor
Governmental
Funds
Total
Governmental
Funds
Nonspendable
Inventory/prepaids 23,392$ -$ -$ -$ -$ 23,392$
Restricted for
Debt service - - 5,257,085 - - 5,257,085
Bond funds - - - 217,697,840 - 217,697,840
Hotel/motel tax - - - - 3,877,331 3,877,331
Street maintenance tax - - - - 9,074,075 9,074,075
Municpal court - - - - 276,062 276,062
Police - - - - 614,470 614,470
Public Education & Government - - - - 911,240 911,240
Sidewalk maintenance - - - - 160,099 160,099
Tax increment zone improvements - - - - 3,852,910 3,852,910
Public improvement districts - - - - 2,207,314 2,207,314
Transportation enhancement - 4,815,000 - - - 4,815,000
Park improvements - - - - 22,444,367 22,444,367
Streetlight maintenance - - - - 79,996 79,996
Committed for
Contingency 20,876,742 3,243,057 - - - 24,119,799
Other capital projects - 93,763,117 - - - 93,763,117
Nonmajor funds - - - - 7,325,040 7,325,040
Unassigned 16,173,898 - - - - 16,173,898
Total fund balance 37,074,032$ 101,821,174$ 5,257,085$ 217,697,840$ 50,822,904$ 412,673,035$
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.
X. 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 assets 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
City of Georgetown, Texas
Notes to the Financial Statements
51
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 assets 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 lease receivable,
pension and OPEB changes during the year.
Y. 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 $713,550 and the bank balances were
$748,551, 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
52
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, 2025, 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, 2025 are:
September 30,
2025
Investment pools (at amortized cost)
Texas local government
investment pool (TexPool)55,169,094$ 25
Texas local government
investment pool (Texas Range)-
Texas short-term asset
reserve program (TexSTAR)339,279,486 26
Investments (at cost)
Money market accounts 79,691,144 1
Certificates of deposit 460,299,052 221
Securities 121,911,793 137
Total investments 1,056,350,569
Portfolio weighted average maturity 126
Carrying amount - cash 3,574,711
Total cash and investments 1,059,925,280$
Primary Government
Weighted
Average Maturity
(Days)
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, 2025, 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
53
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, 2025 was $17,207.
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, 2025, was $0.365 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
54
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, 2018, and 2022, the citizens readopted this quarter-cent sales tax option.
The sunset provision will expire in March 2027. 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
Transfers Out General Fund
Debt
Service
General
Capital
Projects
Nonmajor
Special
Revenue
Internal
Services Electric Water
Nonmajor
Enterprise
Funds
Governmental funds
Major funds
General fund -$ -$ 2,517,555$ 1,090,000$ 77,946$ -$ -$ -$ 3,685,501$
GTEC - 3,309,149 - - - - - - 3,309,149
General capital projects - - - - 4,281,710 - - - 4,281,710
Nonmajor funds 1,820,261 723,752 1,566,371 - 135,572 88,506 - - 4,334,462
Internal service funds 1,482,055 - - - 239,850 7,033,658 9,703,753 3,564,949 22,024,265
Enterprise funds
Major funds
Electric 6,890,917 - - - 30,000 - - - 6,920,917
Water services 9,307,013 - - - 1,900,124 - - - 11,207,137
Nonmajor funds 1,169,148 - 5,312,500 - 58,750 - - - 6,540,398
20,669,394$ 4,032,901$ 9,396,426$ 1,090,000$ 6,723,952$ 7,122,164$ 9,703,753$ 3,564,949$ 62,303,539
Transfers eliminated in government-wide statements (58,025,953)
Net transfers - statement of activities 4,277,586$
Total
Transfers
Out
Transfers In
Major Funds
Governmental
Funds
Enterprise
Funds
Major Funds
The net transfers between the governmental types and business types total $1,240,846. Per the City’s fiscal
and budgetary policy, utility operations transfer seven percent of gross billings for utility services to the
General fund as a payment in lieu of taxes. Other types of transfers include grant matching, fire hydrant
testing, equipment purchases, and capital project funding.
City of Georgetown, Texas
Notes to the Financial Statements
55
Note 5. Capital Assets
Capital asset activity for the year ended September 30, 2025 was as follows:
Balance Balance
September 30, Deletions September 30,
2024 Additions and Transfers 2025
Governmental activities
Capital assets not being depreciated or amortized
Land 27,892,664$ 8,897,687$ -$ 36,790,351$
Land rights 21,009,247 - - 21,009,247
Construction in progress 85,271,471 86,481,758 (50,695,255) 121,057,974
Total capital assets not being depreciated or amortized 134,173,382 95,379,445 (50,695,255) 178,857,572
Capital assets being depreciated or amortized
Buildings 108,900,564 136,335 - 109,036,899
Furniture, machinery, and equipment 46,010,359 7,260,122 (204,950) 53,065,531
Vehicles 46,426,743 15,872,505 (19,500,144) 42,799,104
Streets 382,107,358 40,668,945 - 422,776,303
Distribution system 15,252,116 252,738 - 15,504,854
Bridges 21,223,299 63,400 - 21,286,699
Right-to-use asset - buildings 3,280,071 - - 3,280,071
Right-to-use asset - equipment 372,278 - - 372,278
Right-to-use asset - operational software 8,992,061 605,462 (2,482,080) 7,115,443
Improvements 99,387,519 10,225,761 - 109,613,280
Total capital assets being depreciated or amortized 731,952,368 75,085,268 (22,187,174) 784,850,462
Less accumulated depreciation and amortization for
Buildings (30,816,862) (2,307,490) - (33,124,352)
Furniture, machinery, and equipment (34,709,001) (4,181,239) 192,950 (38,697,290)
Vehicles (26,849,451) (4,614,848) 8,858,801 (22,605,498)
Streets (74,823,064) (27,784,864) - (102,607,928)
Distribution system (1,597,694) (388,739) - (1,986,433)
Bridges (5,709,773) (485,955) - (6,195,728)
Right-to-use asset - buildings (1,583,731) (940,100) - (2,523,831)
Right-to-use asset - equipment (199,493) - - (199,493)
Right-to-use asset - operational software (3,448,535) (2,815,250) 2,230,321 (4,033,464)
Improvements (45,572,625) (7,664,691) - (53,237,316)
Total accumulated depreciation and amortization (225,310,229) (51,183,176) 11,282,072 (265,211,333)
Total capital assets being depreciated or amortized, net 506,642,139 23,902,092 (10,905,102) 519,639,129
Governmental activities capital assets, net 640,815,521$ 119,281,537$ (61,600,357)$ 698,496,701$
Electric activities
Capital assets not being depreciated or amortized
Land 635,073$ -$ -$ 635,073$
Land rights 153,607 - - 153,607
Construction in progress 8,828,333 21,789,841 (12,727,544) 17,890,630
Total capital assets not being depreciated or amortized 9,617,013 21,789,841 (12,727,544) 18,679,310
Capital assets being depreciated or amortized
Buildings 24,637 - - 24,637
Furniture, machinery, and equipment 1,643,981 45,435 176,855 1,866,271
Vehicles 13,346 730,460 5,761,606 6,505,412
Distribution system 257,796,579 18,445,919 - 276,242,498
Right-to-use asset - operational software 104,230 76,500 (104,230) 76,500
Improvements 173,421 - - 173,421
Total capital assets being depreciated or amortized 259,756,194 19,298,314 5,834,231 284,888,739
Less accumulated depreciation and amortization for
Buildings (24,637) - - (24,637)
Furniture, machinery, and equipment (1,622,526) (18,110) (176,855) (1,817,491)
Vehicles (13,346) (155,764) (2,259,111) (2,428,221)
Distribution system (90,222,269) (8,012,518) - (98,234,787)
Right-to-use asset - operational software (39,585) (19,125) 39,585 (19,125)
Improvements (173,421) - - (173,421)
Total accumulated depreciation and amortization (92,095,784) (8,205,517) (2,396,381) (102,697,682)
Total capital assets being depreciated or amortized, net 167,660,410 11,092,797 3,437,850 182,191,057
Electric activities capital assets, net 177,277,423$ 32,882,638$ (9,289,694)$ 200,870,367$
City of Georgetown, Texas
Notes to the Financial Statements
56
Balance Balance
September 30, Deletions September 30,
2024 Additions and Transfers 2025
Water services activities
Capital assets not being depreciated or amortized
Land 1,559,074$ -$ -$ 1,559,074$
Land rights 66,006 - - 66,006
Construction in progress 310,387,146 189,159,611 (2,450,295) 497,096,462
Total capital assets not being depreciated or amortized 312,012,226 189,159,611 (2,450,295) 498,721,542
Capital assets being depreciated or amortized
Buildings 8,992,038 491,100 - 9,483,138
Furniture, machinery, and equipment 2,112,248 381,206 (30,280) 2,463,174
Vehicles 77,592 579,733 8,538,123 9,195,448
Distribution system 631,270,819 58,978,025 - 690,248,844
Right-to-Use Asset - equipment - 651,600 - 651,600
Right-to-Use Asset - building - 1,923,203 238,370 2,161,573
Improvements 802,666 - - 802,666
Total capital assets being depreciated or amortized 643,255,363 63,004,867 8,746,213 715,006,443
Less accumulated depreciation and amortization for
Buildings (3,780,521) (703,277) - (4,483,798)
Furniture, machinery, and equipment (1,724,495) (124,540) 30,280 (1,818,755)
Vehicles (37,499) (244,274) (3,133,010) (3,414,783)
Distribution system (163,610,448) (15,674,532) - (179,284,980)
Right-to-Use Asset - equipment - (341,487) - (341,487)
Right-to-Use Asset - building - (596,237) (238,370) (834,607)
Improvements (327,526) (60,486) - (388,012)
Total accumulated depreciation and amortization (169,480,489) (17,744,833) (3,341,100) (190,566,422)
Total capital assets being depreciated or amortized, net 473,774,874 45,260,034 5,405,113 524,440,021
Water services activities capital assets, net 785,787,100$ 234,419,645$ 2,954,818$ 1,023,161,563$
Other nonmajor business-type activities
Capital assets not being depreciated or amortized
Land 1,135,536$ -$ -$ 1,135,536$
Land rights 1,503,538 - - 1,503,538
Construction in progress 16,459,046 832,411 (16,500,128) 791,329
Total capital assets not being depreciated or amortized 19,098,120 832,411 (16,500,128) 3,430,403
Capital assets being depreciated or amortized
Buildings 3,856,218 - - 3,856,218
Furniture, machinery, and equipment 579,795 53,477 6,500 639,772
Vehicles 8,350 - 3,167,911 3,176,261
Streets 820,671 518,646 - 1,339,317
Distribution system 130,747,961 18,638,990 - 149,386,951
Improvements 6,360,228 16,023,606 - 22,383,834
Total capital assets being depreciated or amortized 142,373,223 35,234,719 3,174,411 180,782,353
Less accumulated depreciation and amortization for
Buildings (2,537,054) (49,160) - (2,586,214)
Furniture, machinery, and equipment (284,025) (34,808) (6,500) (325,333)
Vehicles (8,350) (71,434) (1,552,678) (1,632,462)
Streets (53,592) (43,865) - (97,457)
Distribution system (28,421,272) (4,196,837) - (32,618,109)
Improvements (5,790,784) (148,576) - (5,939,360)
Total accumulated depreciation and amortization (37,095,077) (4,544,680) (1,559,178) (43,198,935)
Total capital assets being depreciated or amortized, net 105,278,146 30,690,039 1,615,233 137,583,418
Other nonmajor business-type activities
capital assets, net 124,376,266$ 31,522,450$ (14,884,895)$ 141,013,821$
City of Georgetown, Texas
Notes to the Financial Statements
57
Balance Balance
September 30, Deletions September 30,
2024 Additions and Transfers 2025
Total business-type activities
Capital assets not being depreciated or amortized
Land 3,329,683$ -$ -$ 3,329,683$
Land rights 1,723,151 - - 1,723,151
Construction in progress 335,674,525 211,781,863 (31,677,967) 515,778,421
Total capital assets not being depreciated or amortized 340,727,359 211,781,863 (31,677,967) 520,831,255
Capital assets being depreciated or amortized
Buildings 12,872,893 491,100 - 13,363,993
Furniture, machinery, and equipment 4,336,024 480,118 153,075 4,969,217
Vehicles 99,288 1,310,193 17,467,640 18,877,121
Streets 820,671 518,646 - 1,339,317
Distribution system 1,019,815,359 96,062,934 - 1,115,878,293
Right-to-use asset - operational software 104,230 76,500 (104,230) 76,500
Right-to-Use Asset - equipment - 651,600 - 651,600
Right-to-Use Asset - building - 1,923,203 238,370 2,161,573
Improvements 7,336,315 16,023,606 - 23,359,921
Total capital assets being depreciated or amortized 1,045,384,780 117,537,900 17,754,855 1,180,677,535
Less accumulated depreciation and amortization for
Buildings (6,342,212) (752,437) - (7,094,649)
Furniture, machinery, and equipment (3,631,046) (177,458) (153,075) (3,961,579)
Vehicles (59,195) (471,472) (6,944,799) (7,475,466)
Streets (53,592) (43,865) - (97,457)
Distribution system (282,253,989) (27,883,887) - (310,137,876)
Right-to-use asset - operational software (39,585) (19,125) 39,585 (19,125)
Right-to-Use Asset - equipment - (341,487) - (341,487)
Right-to-Use Asset - building - (596,237) (238,370) (834,607)
Improvements (6,291,731) (209,062) - (6,500,793)
Total accumulated depreciation and amortization (298,671,350) (30,495,030) (7,296,659) (336,463,039)
Total capital assets being depreciated or amortized, net 746,713,430 87,042,870 10,458,196 844,214,496
Total business-type activities capital assets, net 1,087,440,789$ 298,824,733$ (21,219,771)$ 1,365,045,751$
Depreciation expense was charged to function/programs of the primary government as follows:
Governmental activities
Culture / recreation 7,512,978$
Development 6,260,815
Fire 2,086,938
General government 6,260,815
Highways and streets 18,782,445
Police 834,775
Internal service funds 9,444,410
Total depreciation and amortization expense
governmental activities 51,183,176$
Business-type activities
Electric 8,205,517$
Water services 17,744,833
Nonmajor 4,544,680
Total depreciation and amortization expense
business-type activities 30,495,030$
City of Georgetown, Texas
Notes to the Financial Statements
58
Governmental
Activities
Business-type
Activities Total
Net investment in capital assets
Total capital assets
(net of accumulated depreciation)698,496,701$ 1,365,045,751$ 2,063,542,452$
Less: capital-related liabilities (8,144,375) (17,950,364) (26,094,739)
Less long-term debt and related charges (479,642,069) (700,600,533) (1,180,242,602)
Add unspent bond proceeds 304,462,762 291,660,441 596,123,203
Net long-term debt (175,179,307) (408,940,092) (584,119,399)
Net investment in capital assets 515,173,019$ 938,155,295$ 1,453,328,314$
Note 6. Leases
A. Lease Receivable
During the fiscal year 2022, the City began leasing a portion of the public library to a third party. The lease
is for 8 years and the City will receive monthly payments of $1,624. The City recognized $16,709 in lease
revenue and $4,177 in interest revenue during the current fiscal year related to this lease. As of
September 30, 2025, the City’s receivable for lease payments was $80,135. Also, the City has a deferred
inflow of resources associated with this lease that will be recognized as revenue over the lease term. As
of September 30, 2025, the balance of the deferred inflow of resources was $75,843.
The City leases a facility to a third party at the solid waste collection station. The lease is for 10 years and
the City will receive annual payments of $20,000. The City recognized $16,871 in lease revenue and $5,386
in interest revenue during the current fiscal year related to this lease. As of September 30, 2025, the City’s
receivable for lease payments was $104,843. Also, the City has a deferred inflow of resources associated
with this lease that will be recognized as revenue over the lease term. As of September 30, 2025, the
balance of the deferred inflow of resources was $101,224.
The Airport leases hangar space to various lessees. These leases are non-cancellable and terminate no
later than October 2033. These leases are being presented in aggregate. The City recognized $292,117 in
lease revenue and $32,140 in interest revenue during the current fiscal year related to these leases. As of
September 30, 2025, the City’s receivable for lease payments was $2,459,474. Also, the City has a deferred
inflow of resources associated with these leases that will be recognized as revenue over the lease term.
As of September 30, 2025, the balance of the deferred inflow of resources was $2,420,612.
The Airport leases land to various lessees. These leases are non-cancellable and terminate no later than
February 2050. These leases are being presented in aggregate. The City recognized $259,293 in lease
revenue and $63,191 in interest revenue during the current fiscal year related to these leases. As of
September 30, 2025, the City’s receivable for lease payments was $4,277,270. Also, the City has a deferred
inflow of resources associated with these leases that will be recognized as revenue over the lease term.
As of September 30, 2025, the balance of the deferred inflow of resources was $4,159,540.
Lease receivables are reported with other accounts receivables on the statement of net positions. And
deferred inflow related to leases are reported with deferred inflows on the statement of net position.
City of Georgetown, Texas
Notes to the Financial Statements
59
Principal and interest requirements to maturity for the lease receivable at September 30, 2025, are as
follows:
Fiscal Years
Ending
September 30, Principal Interest Total
2026 32,390$ 7,097$ 39,487$
2027 33,699 5,789 39,488
2028 35,059 4,429 39,488
2029 36,475 3,013 39,488
2030 28,122 1,622 29,744
2031 - 2035 19,233 769 20,002
184,978$ 22,719$ 207,697$
General Governmental
Fiscal Years
Ending
September 30, Principal Interest Total
2026 571,678$ 80,079$ 651,757$
2027 558,778 66,649 625,427
2028 555,526 53,249 608,775
2029 488,649 40,754 529,403
2030 356,699 32,594 389,293
2031 - 2035 1,347,278 107,717 1,454,995
2036 - 2040 1,148,972 54,465 1,203,437
2041 - 2045 911,404 8,509 919,913
2046 - 2050 447,210 1,660 448,870
2051 - 2055 350,550 - 350,550
6,736,744$ 445,676$ 7,182,420$
Airport Fund
Fiscal Years
Ending
September 30, Principal Interest Total
2025 604,068$ 87,176$ 691,244$
2026 592,477 72,438 664,915
2027 590,585 57,678 648,263
2028 525,124 43,767 568,891
2029 384,821 34,216 419,037
2030 - 2034 1,366,511 108,486 1,474,997
2035 - 2039 1,148,972 54,465 1,203,437
2040 - 2044 911,404 8,509 919,913
2045 - 2049 447,210 1,660 448,870
2050 350,550 - 350,550
6,921,722$ 468,395$ 7,390,117$
Total
City of Georgetown, Texas
Notes to the Financial Statements
60
B. Lease Liabilities
The City has entered into multiple lease agreements as lessee. The leases allow the right-to-use equipment
and buildings over the term of the lease. The City is required to make both monthly and annual payments
at its incremental borrowing rate or interest rate stated or implied within the leases. The City recorded
right-of-use assets for Governmental Activities of $3,652,349, which are recorded in capital assets on the
statement of net position. These assets had $2,723,324 in accumulated amortization for the fiscal year of
2025. The City recorded right-of-use assets for Business Activities of $2,813,713, which are recorded in
capital assets on the statement of net position. These assets has $1,176,094 in accumulated amortization
for the fiscal year of 2025.
The lease payables are reported with other long-term liabilities on the statement of net position. In the
fiscal year 2025, the City reduced these payables by $961,866. At the ending balance of these payables
at September 30, 2025 was $921,004.
The lease payables for business activities are reported with other long-term liabilities on the statement of
net position. In the fiscal year 2025, the City reduced these payables by $924,552. At the ending balance
of these payables at September 30, 2025 was $1,641,801.
The lease rate, term and ending lease liability are as follows:
Interest Lease term Balance at
Governmental activities Rate years year end
Buildings 1.6% - 2.7% 3-10 892,897$
Equipment 0.13 - 3.33% 4-6 28,107
Total governmental activities 921,004$
Interest Lease term Balance at
Business-type activities Rate years year end
Equipment 0.13 - 3.33% 3-10 307,700$
Infrastructure 0.13 - 3.33%4-6 1,334,101
Business-type activities 1,641,801$
Principal and interest requirements to maturity for the lease payables at September 30, 2025, are as follows
Fiscal Years
Ending
September 30,2025 Principal Interest Total
2026 569,105$ 11,239$ 580,344$
2027 85,662 5,402 91,064
2028 87,204 3,860 91,064
2029 78,776 2,288 81,064
2030 80,045 1,019 81,064
2031 20,212 54 20,266
921,004$ 23,862$ 944,866$
Fiscal Years
Ending
September 30, 2025 Principal Interest Total
2026 938,829$ 20,091$ 958,920$
2027 702,972 5,628 708,600
1,641,801$ 25,719$ 1,667,520$
Governmental activities
Business-type Activities
City of Georgetown, Texas
Notes to the Financial Statements
61
Note 7. Subscription Based Information Technology Arrangements (SBITA)
The City has entered into multiple SBITAs that allow the right-to-use the SBITA vendor’s information
technology software over the subscription term. The City is required to make monthly payments at its
incremental borrowing rate or the interest rate stated or implied within the SBITAs. The SBITA rate, term and
ending subscription liability are as follows:
Interest Lease term Balance at
Governmental activities Rate years year end
Operational Software 2.36 - 3.31% 1-4 2,547,434$
Total governmental activities 2,547,434$
Interest Lease term Balance at
Business-type activities Rate years year end
Operational Software 3.24% 2 57,375$
Total Business-type activities 57,375$
The future principal and interest SBITA payments as of fiscal year end are as follows:
Fiscal Years
Ending
September 30, Principal Interest Total
2026 1,525,821$ 7,363$ 1,533,184$
2027 1,021,613 2,325 1,023,938
2,547,434$ 9,688$ 2,557,122$
Fiscal Years
Ending
September 30, Principal Interest Total
2026 25,500$ -$ 25,500$
2027 25,500 - 25,500
2028 6,375 - 6,375
57,375$ -$ 57,375$
Business-type Activities
Governmental Activities
The value of the subscription assets for governmental activities as of the end of the current fiscal year was
$7,115,443 and had accumulated amortization of $4,033,464 The value of the subscription assets for
business-type activities as of the end of the current fiscal year was $76,500 and had accumulated
amortization of $19,125.
City of Georgetown, Texas
Notes to the Financial Statements
62
Note 8. Regulatory Asset
The City is amortizing its regulatory asset over the period which future rates are expected to recover the
cost which is through 2042. Future amortization is expected to be:
Year Ending
September 30,
2026 2,400,000$
2027 2,400,000
2028 2,400,000
2029 2,400,000
2030 2,400,000
Thereafter 25,200,000
37,200,000$
Note 9. 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, 2025:
Balance as of
September 30, 2024 Additions Retirements
Balance as of
September 30,
2025
Due within
One Year
Governmental activities
General obligation bonds 364,878,674$ 100,355,000$ (27,188,256)$ 438,045,418$ 28,940,237$
Sales tax revenue bonds 2,320,000 - (740,000) 1,580,000 775,000
Special assessment revenue bonds 7,423,000 - (204,000) 7,219,000 212,000
Premiums 27,880,502 3,987,223 (2,050,590) 29,817,135 2,034,477
Arbitrage 3,612,844 3,532,138 (138,157) 7,006,825 10,158
Compensated absences 12,348,087 758,063 - 13,106,150 3,930,930
Net pension liability 25,593,384 26,473,646 (28,745,806) 23,321,224 -
Other post employment benefits 4,777,356 644,009 (316,616) 5,104,749 64,061
Subscription liability 4,391,207 474,880 (2,318,653) 2,547,434 1,525,821
Lease liability 1,882,870 - (961,866) 921,004 569,105
Total governmental activities 455,107,924 136,224,959 (62,663,944) 528,668,939 38,061,789
Business-type activities
Revenue bonds 499,085,000 101,360,000 (14,665,000) 585,780,000 17,760,000
General obligation bonds 77,435,854 1,000,000 (7,156,276) 71,279,578 7,329,763
Premiums 37,597,454 6,213,973 (1,969,648) 41,841,779 1,731,240
Arbitrage 4,532,623 2,191,948 (1,107,068) 5,617,503 475,358
Compensated absences 3,374,195 2,238,213 (1,793,006) 3,819,402 1,426,964
Subscription liability 48,432 76,500 (67,557) 57,375 25,500
Net pension liability 7,644,778 9,710,899 (9,581,935) 7,773,742 -
Lease liability - 2,566,352 (924,551) 1,641,801 938,829
Total business-type activities 629,718,336 125,357,885 (37,265,041) 717,811,180 29,687,654
Total long-term debt 1,084,826,260$ 261,582,844$ (99,928,985)$ 1,246,480,119$ 67,749,443$
City of Georgetown, Texas
Notes to the Financial Statements
63
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.
The Tax Reform Act of 1986 instituted certain arbitrage restrictions consisting of complex regulations with
respect to issuance of tax-exempt bond proceeds at an interest yield greater than the interest yield paid
to bondholders. Generally, all interest paid to bondholders can be retroactively rendered taxable if
applicable rebates are not reported and paid to the Internal Revenue Service at least every five years
for applicable bond issues. Accordingly, there is the risk that if such calculations are not performed or are
not performed correctly, a liability could result. The City periodically engages an arbitrage consultant to
perform the calculations in accordance with the Internal Revenue Service’s rules and regulations. The
City recognized an arbitrage liability of $12,624,330 as of September 30, 2025.
At September 30, 2025, there was $122,025,000 of authorized but unissued general obligation bonds. There
are no authorized but unissued revenue bonds. The City is in compliance with all bond ordinances.
Fiscal Years
Ending
September 30, Principal Interest Principal Interest Principal Interest
2026 29,927,237$ 48,804,202$ 25,089,763$ 30,426,064$ 55,017,000$ 79,230,266$
2027 27,291,974 43,633,987 26,528,025 28,755,100 53,819,999 72,389,087
2028 25,701,186 41,488,047 27,346,810 27,733,868 53,047,996 69,221,915
2029 26,286,021 40,988,159 28,364,980 26,665,135 54,651,001 67,653,294
2030 25,506,000 39,106,872 29,050,000 25,546,414 54,556,000 64,653,286
2031-2035 128,701,000 52,256,696 136,805,000 110,414,209 265,506,000 162,670,905
2036-2040 107,745,000 28,541,564 142,655,000 78,941,108 250,400,000 107,482,672
2040 - 2044 74,827,000 12,069,935 136,030,000 43,551,019 210,857,000 55,620,954
2045 - 2049 859,000 52,530 65,980,000 19,769,106 66,839,000 19,821,636
2050 - 2054 - - 39,210,000 3,632,062 39,210,000 3,632,062
446,844,418$ 306,941,992$ 657,059,578$ 395,434,085$ 1,103,903,996$ 702,376,077$
Governmental Business-type Total
During the year ended September 30, 2025, the City issued $63,790,000 in Combination Tax & Revenue
Certificates of Obligation, $37,565,000 in General Obligation bonds and $101,360,000 in Utility System
Revenue bonds.
City of Georgetown, Texas
Notes to the Financial Statements
64
General Obligation Debt
A summary of tax-supported general obligation debt outstanding at September 30, 2025:
Original Issue Outstanding
General Obligation - Tax Supporting Maturity Date Interest Rates Amount Amount
Series 2012 General Obligation
Refunding Bonds 08/15/2029 3.000% - 4.000% 1,016,532$ 190,260$
Series 2013 General Obligation Bonds 08/15/2032 3.000% - 3.375% 9,500,000 2,985,000
Series 2014 Combination Tax and Revenue
Certificates of Obligation 08/15/2026 3.000% - 3.625% 1,825,450 96,048
Series 2014 General Obligation Bonds 08/15/2034 3.000% - 3.600% 4,800,000 2,685,000
Series 2014A General Obligation Refunding Bonds 08/15/2027 4.000% 9,709,525 1,459,395
Series 2015 Combination Tax and Revenue
Certificates of Obligation - Rivery TIRZ 08/15/2035 3.000% - 4.150% 6,470,000 4,140,000
Series 2015 General Obligation Bonds 08/15/2035 3.000% - 4.000% 4,345,000 2,555,000
Series 2015A Combination Tax and Revenue
Certificates of Obligation 08/15/2035 3.000% - 5.000% 3,170,000 970,000
Series 2015A General Obligation Bonds 08/15/2035 3.000% - 3.300% 11,785,000 6,820,000
Series 2015B General Obligation Refunding Bonds 08/15/2028 3.000% - 3.125% 4,042,416 311,444
Series 2016 Combination Tax and Revenue
Certificates of Obligation 08/15/2036 2.000% - 5.000% 3,495,000 1,405,000
Series 2016 Combination Tax and Revenue
Certificates of Obligation 08/15/2036 2.000% - 5.000% 2,980,000 1,860,000
Series 2016 General Obligation Bonds 08/15/2036 2.000% - 4.000% 12,585,000 7,885,000
Series 2016-1 Combination Tax and Revenue
Certificates of Obligation - Rivery TIRZ 08/15/2036 2.000% - 5.000% 1,255,000 1,030,000
Series 2016A General Obligation Refunding Bonds 08/15/2027 2.500% - 3.000% 4,014,846 224,532
Series 2017 Combination Tax and Revenue
Certificates of Obligation 08/15/2037 3.000% - 5.000% 8,655,000 4,745,000
Series 2017 General Obligation Bonds 08/15/2037 3.125% - 5.000% 8,555,000 6,090,000
Series 2017A General Obligation Refunding Bonds 08/15/2030 2.125% - 5.000% 12,375,000 6,190,000
Series 2018 Combination Tax and Revenue
Certificates of Obligation 08/15/2038 3.000% - 4.000% 10,695,000 2,700,000
Series 2018 General Obligation Bonds 08/15/2038 3.000% - 5.000% 23,555,000 17,635,000 Series 2019 Combination Tax and Revenue
Certificates of Obligation 08/15/2039 3.000% - 5.000% 13,785,000 9,655,000
Series 2019 General Obligation Bonds 08/15/2039 3.000% - 5.000% 4,920,000 3,910,000
Series 2020 Combination Tax and Revenue
Certificates of Obligation 08/15/2035 2.240% 5,815,000 2,085,000
Series 2020 General Obligation Bonds 08/15/2035 2.290% 9,080,000 6,420,000
Series 2020A General Obligation Refunding Bonds 08/15/2031 1.200% 5,385,000 3,025,000
Series 2021 Combination Tax and Revenue
Certificates of Obligation 08/15/2041 2.000% - 4.000% 9,485,000 6,880,000
Series 2021 General Obligation Bonds 08/15/2041 1.500% - 4.000% 7,520,000 6,325,000
Series 2021A General Obligation Bonds 08/15/2041 2.000% - 5.000% 25,295,000 19,545,000
Series 2021B General Obligation Refunding Bonds 08/15/2037 2.000% - 5.000% 16,437,500 13,340,000
Series 2022 Combination Tax and Revenue
Certificates of Obligation 08/15/2042 3.125% - 5.000% 5,685,000 4,935,000
Series 2022 General Obligation Bonds 08/15/2042 3.600% - 5.000% 42,625,000 33,935,000
Series 2022 Limited Tax Notes 08/15/2029 3.010% 4,055,000 2,410,000
Series 2023 Combination Tax and Revenue
Certificates of Obligation 08/15/2043 4.000% - 5.000% 20,680,000 18,020,000
Series 2023 General Obligation Bonds 08/15/2043 4.000% - 5.000% 30,530,000 25,095,000
Series 2024 Combination Tax and Revenue
Certificates of Obligation 08/15/2044 4.000% - 5.000% 56,140,000 54,710,000
Series 2024 General Obligation Bonds 08/15/2044 4.000% - 5.000% 29,205,000 24,655,000
Series 2025 Certificates of Obligation (Appropriation) 08/15/2045 4.500% - 5.000% 20,055,000.00 20,055,000
Series 2025 General Obligation 08/15/2045 4.000% - 5.250% 34,680,000.00 34,680,000
Series 2025A General Obligation 08/15/2044 5.000% 2,885,000.00 2,885,000
Total tax supported debt 364,541,679$
City of Georgetown, Texas
Notes to Financial Statements
65
A summary of self-supporting general obligation debt outstanding at September 30, 2025:
Original Issue Outstanding
General obligation - self-supporting Maturity Date Interest Rates Amount Amount
Series 2012 General Obligation Refunding Bonds 08/15/2029 3.000% - 4.000% 7,398,468$ 1,384,740$
Series 2013 Combination Tax and Revenue
Certificates of Obligation 08/15/2033 3.000% - 3.250% 4,065,000 1,945,000
Series 2014 Combination Tax and Revenue
Certificates of Obligation 08/15/2034 3.000% - 3.625% 474,550 273,948
Series 2014A General Obligation Refunding Bonds 08/15/2027 4.000% 2,565,475 385,605
Series 2015A Combination Tax and Revenue
Certificates of Obligation 08/15/2035 3.000% - 5.000% 3,820,000 2,250,000
Series 2015B General Obligation Refunding Bonds 08/15/2028 3.000% - 3.125% 2,317,584 178,556
Series 2016 Combination Tax and Revenue
Certificates of Obligation 08/15/2036 2.000% - 5.000% 10,960,000 6,870,000
Series 2016A General Obligation Refunding Bonds 08/15/2027 2.500% - 3.000% 3,495,154 195,468
Series 2017 Combination Tax and Revenue
Certificates of Obligation 08/15/2037 3.000% - 5.000% 5,750,000 4,000,000
Series 2017A General Obligation Refunding Bonds 08/15/2029 2.125% - 5.000% 565,000 260,000
Series 2018 Combination Tax and Revenue
Certificates of Obligation 08/15/2038 3.000% - 4.000% 145,000 110,000
Series 2019 Combination Tax and Revenue
Certificates of Obligation 08/15/2039 3.000% - 5.000% 6,530,000 5,155,000
Series 2020 Combination Tax and Revenue
Certificates of Obligation 08/15/2035 2.240% 5,395,000 3,815,000
Series 2021 Combination Tax and Revenue
Certificates of Obligation 08/15/2041 2.000% - 4.000% 12,915,000 11,035,000
Series 2021A Combination Tax and Revenue
Certificates of Obligation 08/15/2041 2.000% - 5.000% 21,015,000 17,895,000
Series 2021A Combination Tax and Surplus
Revenue Public Property Finance Contractual
Obligation 02/15/2031 1.730% 48,025,000 29,990,000
Series 2021B General Obligation Refunding Bonds 08/15/2032 2.000% - 5.000% 537,500 345,000
Series 2022 Combination Tax and Revenue
Certificates of Obligation 08/15/2042 3.125% - 5.000% 4,765,000 4,560,000
Series 2023 Combination Tax and Revenue
Certificates of Obligation 08/15/2043 4.000% - 5.000% 5,135,000 4,805,000
Series 2024 Combination Tax and Revenue
Certificates of Obligation 08/15/2044 4.000% - 5.000% 5,715,000 5,595,000
Series 2025 Certificates of Obligation (Appropriation) 08/15/2045 4.500% - 5.000% 43,735,000 43,735,000
Total self-supported debt 144,783,317
Grand total outstanding general obligation debt as of September 30, 2025 509,324,996$
This amount is reported in the government-wide statements of activities as:
Governmental activities 438,045,418$
Business-type activities 71,279,578
509,324,996$
City of Georgetown, Texas
Notes to the Financial Statements
66
B. Sales Tax Revenue Debt – Georgetown Transportation Enhancement Corporation
A summary of sales tax revenue debt outstanding at September 30, 2025 follows:
Original Issue Outstanding
Maturity Date Interest Rates Amount Amount
Sales tax revenue debt
Series 2015 Senior Lien Sales Tax Revenue
Refunding Bonds 08/15/2027 4.000% - 5.000% 7,755,000 1,580,000$
Total outstanding sales tax revenue debt 1,580,000$
C. Special Assessment Revenue Debt – Parks at Westhaven Public Improvement District
Original Issue Outstanding
Maturity Date Interest Rates Amount Amount
Special assessment revenue debt
Series 2022 Special Assessment Revenue Bonds 09/15/2047 3.625% - 4.250% 7,681,000 7,219,000$
Total special assessment revenue debt 7,219,000$ D. Discretely Presented Component Unit
Georgetown Economic Development Corporation (GEDCO) participated in the City’s issuance of
$18,690,000 Combination Tax and Revenue Certificates of Obligation, Series 2016 and is obligated to pay
the City its portion of the principal and interest for the certificates, through 2036. Additionally, GEDCO has
received a loan from the Water Services Fund as part of a tri-party agreement for economic
development.
Repayment of GEDCO’s outstanding long-term liabilities is as follows at September 30, 2025:
Fiscal Years
Ending
September 30, Principal Interest
2026 221,392$ 58,736$
2027 199,360 52,728
2028 155,000 47,581
2029 160,000 43,900
2030 160,000 39,900
2031-2035 890,000 116,350
2036 195,000 5,850
1,980,752$ 365,045$
GEDCO
City of Georgetown, Texas
Notes to the Financial Statements
67
E. Revenue Debt
A summary of revenue bonds outstanding at September 30, 2025:
Original Issue Outstanding
Maturity Date Interest Rates Amount Amount
Utility revenue debt
Series 2014 Utility System Revenue Refunding
Bonds 08/15/2027 3.000% - 4.000% 11,855,000$ 1,185,000$
Series 2014A Utility System Revenue Bonds 08/15/2031 3.000% - 3.200% 5,350,000 2,250,000
Series 2014B Utility System Revenue Bonds 08/15/2023 2.750% - 4.000% 13,000,000 4,070,000
Series 2015 Utility System Revenue Bonds 08/15/2035 3.000% - 3.750% 10,920,000 6,425,000
Series 2016 Utility System Revenue Bonds 08/15/2036 2.000% - 4.000% 9,620,000 6,045,000
Series 2016A Utility System Revenue Refunding
Bonds 08/15/2028 4.000% 6,925,000 1,460,000
Series 2017 Utility System Revenue and Refunding
Bonds 08/15/2037 3.000% - 5.000% 27,915,000 17,735,000
Series 2018 Utility System Revenue Bonds 08/15/2038 3.000% - 4.000% 6,510,000 4,780,000
Series 2020 Utility System Revenue Bonds 08/15/2035 1.950% 14,430,000 10,120,000
Series 2020A Utility System Revenue Refunding
Bonds 08/15/2029 1.350% 6,225,000 2,930,000
Series 2022A Utility System Revenue Bonds 08/15/2052 4.250% - 5.250% 220,380,000 210,330,000
Series 2023 Utility System Revenue Bonds 08/15/2053 5.000% - 5.250% 105,195,000 100,145,000
Series 2024 Utility System Revenue Bonds 08/15/2054 4.000% - 5.000% 117,450,000 116,945,000
Series 2025 Utility System Revenue Bonds 08/15/2055 5.000% - 5.250% 101,360,000 101,360,000
Total 657,135,000$ 585,780,000$
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, 2025.
Note 10. Defined Benefit Pension Plan
A. Plan Description
The City participates as one of 934 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 annual comprehensive 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.
City of Georgetown, Texas
Notes to the Financial Statements
68
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
C. Employees Covered by Benefit Terms
At the December 31, 2024 valuation and measurement date, the following employees were covered by
the benefit terms:
Retirees or beneficiaries currently receiving benefits 322
Inactive employees entitled to but not yet receiving benefits 420
Active employees 927
1,669
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 13.2% and 12.47% calendar years
2025 and 2024 respectively. The City’s contributions to TMRS for the year ended September 30, 2025 were
$11,671,683 and were equal to the required contributions.
E. Net Pension Liability
The City’s Net Pension Liability (NPL) was measured as of December 31, 2024, 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, 2024 actuarial valuation was determined using the following
actuarial assumptions:
Inflation 2.5% per year
Salary increases 3.60% to 11.85% including inflation
Investment rate of return 6.75%, net of pension plan investment
expense, including inflation
City of Georgetown, Texas
Notes to the Financial Statements
69
Salary increases are based on a service-related table. Mortality rates for active members are based on the
PUB(10) mortality tables with 110% of the Public Safety table used for males and 100% of 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. Male rates are multiplied by 103% and
female rates are multiplied by 105%. The rates for actives, healthy retirees and beneficiaries are projected
on a fully generational basis by the most recent Scale MP-2021 to account for future mortality improvements.
For disabled annuitants, the same mortality tables for healthy retirees are 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 the most recent Scale MP2021 to account for future
mortality improvements subject to the 3% floor.
The actuarial assumptions were developed primarily from the actuarial investigation of the experience of
TMRS over the four-year period from December 31, 2018 to December 31, 2022. The assumptions were
adopted in 2023 and first used in the December 31, 2023, 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 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 by best estimate ranges
of expected returns for each major asset class. The long-term expected rate of return is determined by
weighting the expected return for each major asset class by the respective target asset allocation
percentage. The target allocation and best estimates of real rates of return for each major asset class in
fiscal year 2025 are summarized in the following table:
Asset Class
Global public equity 35.0%7.10%
Core fixed income 6.0%5.00%
Non-core fixed income 6.0%6.80%
Hedge funds 5.0%6.40%
Private equity 13.0%8.50%
Private debt 13.0%8.20%
Real estate 12.0%6.70%
Hedge funds 6.0%6.00%
Other public and private markets 4.0%7.30%
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
70
Changes in Net Pension Liability
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability
(a) (b) (a) - (b)
Balance at December 31, 2023 246,394,103$ 213,155,941$ 33,238,162$
Changes for the year
Service cost 13,850,310 - 13,850,310
Interest 16,855,698 - 16,855,698
Difference between expected
and actual experience 5,333,174 - 5,333,174
Contributions - employer - 10,323,478 (10,323,478)
Contributions - employee - 5,795,109 (5,795,109)
Net investment income - 22,209,156 (22,209,156)
Benefit payments, including refund
of employee contributions (7,210,432) (7,210,432) -
Administrative expense - (142,043) 142,043
Other changes - (3,322) 3,322
Net changes 28,828,750 30,971,946 (2,143,196)
Balance at December 31, 2024 275,222,853$ 244,127,887$ 31,094,966$
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 73,040,115$ 31,094,966$ (3,262,328)$
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
71
G. Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to
Pensions
For the year ended September 30, 2025, the City recognized pension expense of $12,848,535.
At September 30, 2025, the City reported deferred outflows of resources and deferred inflows of resources
related to pensions from the following sources:
Deferred
Outflows of
Resources
Deferred Inflows
of Resources
Differences between expected and
actual economic experience 9,796,368$ 58,744$
Changes in actuarial assumptions 164,184 -
Difference in projected and actual
investment earnings - 2,859,658
Contributions subsequent to the measurement date 9,112,415 -
Total 19,072,967$ 2,918,402$
Deferred outflows of resources related to pensions resulting from contributions subsequent to the
measurement date of $9,112,415 will be recognized as a reduction of the net pension liability for
the measurement year ending December 31, 2025 (i.e., recognized in the city’s financial statements
September 30, 2025). Other amounts reported as deferred outflows and inflows of resources related to
pensions will be recognized in pension expense as follows:
Measurement
Years Ended
December 31,
2025 2,473,107$
2026 4,539,157
2027 (902,799)
2028 319,136
2029 613,549
7,042,150$
City of Georgetown, Texas
Notes to the Financial Statements
72
Note 11. 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, 2024.
Retirees or beneficiaries 6
Inactive employees, nonretired members -
Active members 857
863
Total OPEB Liability
The City’s total OPEB liability was measured as of December 31, 2024 and was determined by an actuarial
valuation as of December 31, 2024.
Actuarial Assumptions and Other Inputs
The total OPEB liability in the December 31, 2024 actuarial valuation, measured as of December 31, 2024,
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 4.08%
Inflation 2.5% per year
Salary increases 3.6% to 11.85%, including inflation
Demographic assumptions Based on the December 31, 2022 experience study conducted
for the Texas Municipal Retirement System (TMRS).
Mortality For healthy retirees, the gender-distinct 2019 Municipal Retirees
of Texas mortality tables are used. Male rates are multiplied by
103% and female rates are multiplied by 105%. The rates are
projected on a fully generational basis using the ultimate
mortality improvement rates in the
Health care trend rates Initial rate of 7.20% declining to an ultimate rate of 4.25% 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
73
Changes in the Total OPEB Liability
Increase
(Decrease) Total
OPEB Liability
Balance at December 31, 2023 3,183,573$
Changes for the year
Service cost 357,160
Interest 126,170
Difference between expected
and actual experience (27,793)
Changes of assumptions (106,377)
Benefit payments (30,946)
Net changes 318,214
Balance at December 31, 2024 3,501,787$
Changes of Assumptions
Changes of assumptions reflect a change in the discount rate from 3.77% as of December 31, 2023 to
4.08% as of December 31, 2024.
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 4.08%, 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
(3.08%)
Discount Rate
(4.08%)
1% Increase in
Discount Rate
(5.08%)
Total OPEB liability 3,855,865$ 3,501,787$ 3,181,205$
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 3,042,060$ 3,501,787$ 4,049,851$
City of Georgetown, Texas
Notes to the Financial Statements
74
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
OPEB Expense
Fiscal Year Ended
September 30, 2025
Service cost 357,160$
Interest 126,170
Recognition of Current Year Inflow (13,435)
Amortization of Prior Year Inflow (18,696)
Expense 451,199$
As of September 30, 2025, 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 455,556$ 473,766$
Changes in actuarial assumptions 473,764 927,537
Contributions subsequent to the measurement date 51,504 -
Total 980,824$ 1,401,303$
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,
2026 (32,131)$
2027 (32,131)
2028 (35,663)
2029 (39,269)
2030 (44,148)
Thereafter (288,641)
(471,983)$
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
75
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 242
Inactive employees entitled to but not yet receiving benefits 132
Active employees 927
1,301
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 contribution rates for the City of Georgetown were 0.21% in calendar year 2024 and 0.17% in
calendar year 2025 respectively. The City’s contributions to the TMRS SDBF for the year ended September
30, 2025 were $161,172, which equaled the required contributions.
Total OPEB Liability
The City’s total OPEB liability was measured as of December 31, 2024 and was determined by an actuarial
valuation as of that date.
Actuarial Assumptions
The City’s total OPEB liability in the December 31, 2024 valuation was determined using the following
actuarial assumptions:
Inflation 2.50% per year
Salary increases 3.60% to 11.85%, including inflation
Discount rate 4.08%
Retirees' share of benefit related
costs
$0
Administrative expenses All administrative expenses are paid through the Pension Trust and
accounted for under reporting requirements of GASB Statement No.
68.
Mortality rates - service retirees 2019 Municipal Retirees of Texas Mortality Tables. Male rates are
multiplied by 103% and female rates are multiplied by 105%. The rates
are projected on a fully generational basis by the most recent Scale
MP-2021 (with immediate convergence).
Mortality rates - disabled retirees 2019 Municipal Retirees of Texas Mortality Tables with a 4 year
setforward for males and a 3 year set-forward for females. In addition,
a 3.5% and 3% minimum mortality rate will be applied to reflect the
impairment for younger members who become disabled for males
and females, respectively. The rates are projected on a fully
generational basis by the most recent Scale MP-2021 (with
immediate convergence) to account for future mortality
improvements subject to the floor.
City of Georgetown, Texas
Notes to the Financial Statements
76
The discount rate was based on the Fidelity Index’s “20-Year Municipal GO AA Index” rate as of
December 31, 2024.
The actuarial assumptions used in the December 31, 2024 valuation were based on the results of an
actuarial experience study for the period December 31, 2018 to December 31, 2022.
Changes in the Total OPEB Liability
Increase
(Decrease) Total
OPEB Liability
Balance at December 31, 2023 1,593,783$
Changes for the year
Service cost 99,345
Interest 61,334
Difference between expected
and actual experience (19,050)
Changes of assumptions (99,335)
Benefit payments (33,115)
Net changes 9,179
Balance at December 31, 2024 1,602,962$
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 4.08%, 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 (3.08%) or one percentage-point higher (5.08%) than the current rate:
1% Decrease in
Discount Rate
(3.08%)
Discount Rate
(4.08%)
1% Increase in
Discount Rate
(5.08%)
Total OPEB liability 1,955,292$ 1,602,962$ 1,331,779$
OPEB Expense and Related Deferred Outflows of Resources and Deferred Inflows of Resources
For the year ended September 30, 2025, the City recognized OPEB expense of $116,769.
City of Georgetown, Texas
Notes to the Financial Statements
77
At September 30, 2025, the City reported deferred outflows of resources related to OPEB from the
following sources:
Deferred Outflows
of Resources
Deferred Inflows
of Resources
Differences between expected and
actual economic experience 12,361$ 41,134$
Changes in actuarial assumptions 280,049 626,968
Contributions subsequent to the measurement date 118,072 -
Total 410,482$ 668,102$
Deferred outflows of resources related to OPEB resulting from contributions subsequent to the
measurement date of $118,072 will be recognized as a reduction of the OPEB liability for the measurement
year ending December 31, 2024 (i.e., recognized in the County’s financial statements
September 30, 2025). Other amounts reported as deferred outflows and inflows of resources related to
OPEB will be recognized in pension expense as follows:
Year Ending
September 30,
2025 (52,918)$
2026 (45,349)
2027 (68,880)
2028 (98,756)
2029 (94,932)
Thereafter (14,857)
(375,692)$
The City’s total OPEB liability, expense, and related deferred outflows of resources and deferred inflows of
resources for both plans for the year ended September 30, 2025 were as follows:
OPEB liability 5,104,749$
Deferred outflows of resources 1,391,306
Deferred inflows of resources 2,069,405
OPEB expense 567,968
Note 12. Tax Abatements
The City of Georgetown has two programs for property tax abatements – a Property Tax Abatement
Program and a Historic Tax Exemption Program.
Property Tax Abatement Program
Effective in December 2021, the City council approved a Property Tax Abatement Policy to negotiate
certain tax abatements for Economic Development purposes as allowable under Texas Property
Redevelopment and Tax Abatement Act, Texas Tax Code 312 as amended.
City of Georgetown, Texas
Notes to the Financial Statements
78
This act allows certain jurisdictions to provide property tax abatements for economic purposes including
business relocation, retention, and expansion. The City must designate the property project area as a
reinvestment zone by ordinance following the notice and public hearing required by law. The City Council
will adopt an ordinance to designate the required reinvestment zone and a resolution to approve terms
and conditions of a tax abatement. The City Council will then enter into a tax abatement agreement
with the owner and/or tenant of the applicable property pursuant to Chapter 312 of the Texas Tax Code.
The agreement shall contain the terms and conditions required by law and will provide for the repayment
or recapture of abated taxes in the event of termination by the City for an uncured breach or default of
the tax abatement agreement. No tax abatement agreement shall exceed ten (10) years. For the fiscal
year ended September 30, 2025, $412,143 in taxes were abated under this program.
Historic Tax Exemption Program
Effective Sept. 26, 2023, the City Council approved this program by authority under Article 8, Section 1-f
of the Texas Constitution and Section 11.24 of the Texas Tax Code as amended. The City Council has
designated the Downtown Overlay District and Old Town Overlay District as historically significant sites for
this program. The Program is effective beginning Jan. 1, 2024 and expires Jan. 1, 2027 unless extended by
ordinance by the City Council. This tax exemption only applies to the City’s portion of property taxes by
reducing the value of the historic property.
This Program is to encourage preservation of historically significant structures as part of the City of
Georgetown’s stewardship of the Historic Overlay Districts, provide a link to the past through preservation
of the built environment and maintain the look and feel that makes the City of Georgetown an attractive
place to live, and recognize the investments made by historic homeowners in the City of Georgetown,
who have additional design requirements for home improvement projects under the Historic District
Design Guidelines to preserve the unique character of these neighborhoods.
Properties must meet the eligibility criteria and follow all procedures outlined in the ordinance in order to
receive the property tax exemption. This includes completing the application process, submitting the
completed Williamson Central Appraisal District (WCAD) exemption application, demonstrating
completion of the project and compliance with program requirements, and receiving a final inspection
of the historic property by authorized City staff. City staff will take a list of recommended eligible properties
to the City Council for approval in June each year. Upon approval by Council, City staff will provide the
list to the WCAD by the July 1 deadline and notify property owners of the approval. Property owners must
then enter into an agreement with the City that sets out the terms and conditions of the exemption.
Thereafter, the property owner must complete the appropriate documentation and make the annual
exemption application to the WCAD in order to be entitled to the exemption for that tax year.
For the fiscal year ended September 30, 2025, $1,246 were abated under this program.
Note 13. 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.
City of Georgetown, Texas
Notes to the Financial Statements
79
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 2025, $1,218,799 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
2025 fiscal year. The City’s contributions for the self-insurance during the year totaled $13,554,808.
Estimates of claims payable and of claims incurred but not reported at September 30, 2025 are reflected
as accrued expenses of the fund. The liabilities include an amount for claims that have been incurred but
were not reported until after September 30, 2025. Because actual claims liabilities depend on such
complex factors such as inflation, changes in legal requirements, and damage awards, the process used
in computing claims liability is an estimate that could materially change when the claims are ultimately
finalized.
Analysis of claims liability for the fiscal year 2025 is as follows:
Unpaid claims, beginning of year 744,276$
Incurred claims 12,550,287
Claim payments (12,249,563)
Unpaid claims, end of year 1,045,000$
Note 14. 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.
Note 15. Commitments and Contingencies
A. Wholesale Power Agreements
The City of Georgetown currently has the following Wholesale Power Purchase Agreements with the
following counter parties:
American Electric Power (AEP), through January 7, 2029
Boralex US Energy/Spinning Spur Three LLC, through 2035
Clearway Energy, Inc /Buckthorn Westex LLC, through 2043
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, 2025, is $106.00 per acre-foot and for Colorado River Basin for fiscal year beginning
September 1, 2025, is $103.13 per acre-foot. The City paid a total of $4,968,698 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 $712,320 for water under this agreement in fiscal year 2025.
City of Georgetown, Texas
Notes to the Financial Statements
80
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 $4,132,622 for water under this agreement in fiscal year 2025.
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 $123,756 for water under this
agreement in fiscal year 2025.
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 2025 was $2,038,489.
The following schedule reflects the principal and interest portion of the City’s obligation:
Years Ending
September 30,
2026 2,030,105$
2027 2,015,618
2028 2,011,450
2029 2,016,185
2030 2,010,597
2031-2032 1,014,564
11,098,519$
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. EPCOR Groundwater Reservation Agreement
In August of 2023, the City of Georgetown entered into an agreement with EPCOR to reserve 39,399
acre-feet per year of EPCOR’s existing permitted groundwater rights. The City also contracted to secure
rights for up to an additional 30,601 acre-feet per year of groundwater. The reservation fee rate is $155
per acre-feet. While this agreement expired during fiscal year 2025, the City paid $3 million under this
agreement.
E. 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 $0.12 per
$100 valuation. Assessment revenue of $558,801 was recognized for 2025. As of September 30, 2025,
$528,594 of costs associated with the Georgetown Village Public Improvement District have been
reimbursed.
City of Georgetown, Texas
Notes to the Financial Statements
81
F. 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
2025, PID assessments were $293,616. Administrative expenses related to the collection of assessments
were $9,900 and paid from current year collections. The assessments and related disbursements are
recorded in the Custodial Fund.
G. Parks at Westhaven Public Improvement District
In March 2021, the City of Georgetown created the Parks at Westhaven PID, pursuant to Chapter 372
of the Texas Local Government Code, and concurrently approved a Financing and Reimbursement
Agreement relating to the construction of authorized improvements, the levy of assessments, the
reimbursement of Landowner for the actual costs of the authorized improvements directly from the
assessments or from proceeds of special revenue bonds secured by the assessments. A Service and
Assessment Plan was also approved which includes the “Assessment Roll” outlining the annual
installment for each assessment to begin being collected in fiscal year 2022. For the year ending
September 30, 2025, total revenues were $649,314 primarily made up of PID assessments of $597,107.
Total expenditures were $550,825 primarily made up of administrative fees of $44,160 and debt service
costs of $506,665.
H. Bluffview Public Improvement District (PID)
On March 22, 2022, the City of Georgetown created the Bluffview PID, pursuant to Chapter 372 of the
Texas Local Government Code. For the year ending September 30, 2025, total revenues were $0.00
primarily made up of PID assessments. Total expenditures were $0.00 primarily made up of
administration fees.
I. 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, 2025, total revenues were $141,852 with total
expenditures of $467,051.
J. 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, 2025, total revenues were $739,777 with
total expenditures of $320,068.
K. 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. The project includes 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.
City of Georgetown, Texas
Notes to the Financial Statements
82
A total of $16,800,000 in future City and County property taxes generated at the site is being 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.
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. The City received and verified
additional improvement costs allowable for reimbursement per Section 5.4.3 of the first amended and
restated master development agreement. The City has acknowledged the $3,500,000 obligation to the
developer for these improvements and has included this reimbursement in future cash flows. For the year
ending September 30, 2025, total revenues were $1,120,932 with total expenditures of $1,117,811.
L. Wolf Lakes Tax Increment Reinvestment Zone (TIRZ)
In December 2018, the City created the Wolf Lakes TIRZ on164 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 be
facilitating a program of public improvements. The development includes a grocery store, medical
facility, and apartments.
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. For the year ending September 30, 2025, total
revenues were $504,826 with expenditures of $0.00.
M. North Georgetown Tax Incremental Reinvestment Zone (TIRZ)
In December 2021, the City created the North Georgetown TIRZ consisting of 224 acres located along
IH35, north of the Highway 195 intersection. The purpose of the TIRZ is to finance public infrastructure
needed to develop the site for industrial and commercial use in partnership with the Developer over a
fifteen (15) year period. Beginning in 2024, the City will contribute 60% of the incremental tax increase in
years 1-5, 55% in years 2-10, and 50% in years 11-15. The last contribution will be in 2038. The maximum
reimbursement to the developer is $8.5 million or the end of the 15 year period, whichever comes first.
For the year ending September 30, 2025, total revenues were $73,136 with expenditures of $0.00
N. 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 FY2025 totaling $1,389,204.
City of Georgetown, Texas
Notes to the Financial Statements
83
O. Economic Development Agreements
Citigroup
In November 2019, the City entered into a 380 economic development retention agreement with
Citigroup Technology, Inc for Retention Electric Rate Grant for the retention of an all-inclusive electric rate
not subject to periodic adjustments for energy used. This agreement begins November 1st, 2019 and
ended November 1st, 2024.
In November 2019, the City also entered into a 380 economic development expansion agreement with
Citigroup Technology, Inc to provide both Property Tax Grant and Sales Tax Grants. The Property Tax Grant
provides 50% of the City’s ad-valorem taxes in excess of the required $275,000,000 assessed improvement
value, not to exceed 5 tax years. The Sales Tax Grant shall be equal to 25% of the general fund 1% sales
tax receipts in excess of the base sales tax requirements of $1,250,000 per year. There were not any
payments to Citigroup by the City in FY2025.
Costco
In December 2019, the City, GEDCO and GTEC entered into economic development agreements with
Costco Wholesale Corporation to encourage the capital investment of at least $20,000,000 and to offset
the costs of the development and construction of the improvements.
In December 2019, the City also entered into a 380 economic development agreement with Costco
Wholesale Corporation. The Sales Tax Grant for the 380 agreement provides reimbursement of 50% of the
general fund 1% sales tax generated by Costco Wholesale Corporation up to a maximum of $2,000,000
or 10 years whichever comes first. Costco was paid $187,017 in FY2025.
CelLink
In March 2022, GEDCO entered into a ten (10) year economic development agreement with CelLink
Corporation for Infrastructure and employment grants. This agreement was amended in Sept. 2023 for
clarification regarding certain dates in the original agreement. The Maximum Infrastructure grants shall
not exceed $2,500,000 for capital investments by CelLink of $80 million by the fifth anniversary date of the
Commencement date. The Maximum Employment grants shall not exceed $525,000. There were not any
infrastructure grant payments in FY2025. CllLink was paid the employment grant of $47,000 in FY2025.
Also in March 2022, the City, Titan Gateway35, and CelLink entered into a ten (10) year tax abatement
agreement to abate fifty percent (50%) of Titan Gateway35’s taxable value of the land and
improvements and seventy-five percent (75%) of CelLink’s tangible personal property for the ten-year
period. The tax abatement begins 2024. There were not any payments to Titan Gateway35 or CelLink in
FY2025.
GAF Energy
In July 2022, GEDCO entered into a ten (10) year economic development agreement with GAF Energy
LLC for employment grants. The maximum employment grants shall not exceed $395,000. No employment
grants were paid in FY2025.
Also, in July 2022, the City, Longhorn Junction Owner LP, and GAF Energy LLC entered into a ten (10) year
tax abatement agreement to abate fifty percent (50%) of Longhorn Junctions’ taxable value of the land
and improvements and seventy-five percent (75%) of GAF Energy’s tangible personal property for the
ten-year period. The tax abatement begins 2024. No payments were made in FY2025.
Jackson Shaw
In January 2022, GTEC and JSACQ Georgetown LP entered into an economic development agreement
to extend FM972, a major arterial westward from IH35. The total capital investment by JSACQ will be
$24 million. The maximum infrastructure grants shall not exceed $4,600,000. Construction shall commence
on or before March 2023 and should complete within twenty-four months. No infrastructure grant
installments were paid in FY2025.
City of Georgetown, Texas
Notes to the Financial Statements
84
In January 2022, the City and JSACQ Georgetown LP entered into an economic development agreement
for infrastructure improvement grants to be located in the North Georgetown TIRZ. JSACQ intends to make
capital investments of $24 million. The maximum reimbursement for the infrastructure is $8.5 million. With
2024 being the first-year incremental tax increases are to be made to the TIRZ, no payments were made
in FY2025.
Loram Technologies
In March of 2021, GEDCO entered a ten (10) year economic development agreement with Loram
Technologies, Inc., for employment grants. The maximum employment grants shall not exceed $300,000.
The company is open for business. No employment grants were paid in FY25.
In March of 2021GEDCO entered into an economic development agreement with Loram Technologies,
Inc., to encourage the capital investment of at least $12,000,000 and to offset the actual costs incurred
and paid by the company for design and construction of the infrastructure and shall not exceed $500,000.
Commencement of construction of the project shall occur on or before July I, 2023, to cause completion
of construction of the project to occur within twenty-four (24) months thereafter. The company is open for
business. Paid $500,000 Infrastructure Grant payment FY2025 for work completed in FY2025.
August 2022 GTEC entered into economic development agreements with Loram Technologies, Inc., to
encourage the capital investment of at least $12,000,000 and to offset the costs of the design and
construction of Austin Avenue adjacent to the Land; and (ii) right-hand and left-hand turn lanes at the
driveway from Austin Avenue into the Land, as required by TXDOT, and shall not exceed $600,000.
Construction shall commence on or before May 31, 2023, and should be completed within twenty-four
months. The company is open for business. The City paid $520,774 Infrastructure Grant payment for work
completed FY2025.
P. 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 Garey’s deeded 321.45 acres of land to the Texas Parks and Recreation
Foundation, in trust for the benefit of the City. All 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. With the
passing of Mr. Garey in 2022, the City received an additional $1,000,000 from his estate for a Memorial
Pavilion in Garey Park. Additional improvements to Garey Park in the future are also included in
Mr. Garey’s will and will be reimbursed by the estate in accordance with that document.
Q. 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.
R. 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.
City of Georgetown, Texas
Notes to the Financial Statements
85
In November 2024, the City of Georgetown and PLW Waterworks, LLC entered into a settlement
agreement and general release to resolve any and all claims regarding the ongoing dispute between the
two parties concerning additional compensation and schedule relief. In the settlement agreement, the
parties agreed to a confidential monetary settlement which has been recorded as a liability as of
September 30, 2024. Payment to PLW Waterworks, LLC pursuant to this settlement was made in December
2024.
In the opinion of City management, no other lawsuit outcomes will have a material adverse effect on the
City's financial position.
S. Construction Contracts
Encumbrances on construction projects in progress as of September 30, 2025, are approximately
$78,965,214 for Governmental Funds and approximately $105,944,398 for Enterprise Fund.
Note 16. Energy Risk Management
The City of Georgetown’s Energy Risk Management (ERM) Policy supports the advancement of its
strategic business plan and management of its energy risks. This Policy governs all energy and basis
(congestion) hedging activities. The Energy Risk Management Policy, along with the supporting policies
(Credit policy, Hedge policy, Trading Authority policy, and Trading Sanctions policy), outline specific
responsibilities and guidelines to manage the financial risk related to volumetric and congestion exposure
to spot market energy prices associated with serving its load obligations.
Consistent with the ERM, the City has entered into power supply agreements with counterparties to hedge
against volumetric and congestion exposure to spot market energy prices. 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.
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.
86
87
Required Supplementary Information
City of Georgetown, Texas
Required Supplementary Information
For the Fiscal Year Ended September 30, 2025
88
Texas Municipal Retirement System – Schedule of Changes in Net Pension Liability and Related Ratios
Measurement Measurement Measurement Measurement Measurement Measurement Measurement Measurement Measurement Measurement
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Total pension liability
Service cost 13,850,310$ 12,124,068$ 10,257,378$ 9,188,441$ 8,420,259$ 7,773,892$ 7,418,271$ 6,897,077$ 6,387,917$ 5,660,967$
Interest 16,855,698 15,021,715 13,607,232 12,549,653 11,539,794 10,571,618 9,700,878 8,852,731 8,051,567 7,402,393
Difference between expected and actual
experience 5,333,174 5,865,638 2,932,938 (97,013) 221,322 (273,287) (511,751) 231,554 486,906 903,470
Changes of assumptions - 180,454 - - - 529,624 - - - 1,980,757
Benefit payments (7,210,432) (6,559,330) (6,991,840) (6,023,584) (5,185,596) (3,977,775) (3,792,957) (3,560,669) (3,063,090) (2,491,010)
Net change in total pension liability 28,828,750 26,632,545 19,805,708 15,617,497 14,995,779 14,624,072 12,814,441 12,420,693 11,863,300 13,456,577
Total pension liability - beginning 246,394,103 219,761,558 199,955,850 184,338,353 169,342,574 154,718,502 141,904,061 129,483,368 117,620,068 104,163,491
Total pension liability - ending (a)275,222,853$ 246,394,103$ 219,761,558$ 199,955,850$ 184,338,353$ 169,342,574$ 154,718,502$ 141,904,061$ 129,483,368$ 117,620,068$
Plan fiduciary net position
Contributions - employer 10,323,478$ 9,021,358$ 7,800,790$ 6,966,809$ 6,220,242$ 5,912,566$ 5,725,188$ 5,323,953$ 4,630,015$ 4,371,324$
Contributions - employee 5,795,109 5,171,754 4,375,481 3,917,118 3,589,635 3,384,157 3,229,347 3,009,880 2,798,414 2,592,095
Net investment income 22,209,156 21,385,818 (14,133,018) 21,769,442 11,455,944 19,503,600 (3,736,957) 14,606,240 6,398,399 132,967
Benefit payments (7,210,432) (6,559,330) (6,991,840) (6,023,584) (5,185,596) (3,977,775) (3,792,957) (3,560,669) (3,063,089) (2,491,010)
Administrative expense (142,043) (135,681) (122,037) (100,533) (74,002) (110,028) (72,138) (75,638) (72,218) (80,978)
Other (3,322) (947) 145,626 690 (2,887) (3,307) (3,767) (3,833) (3,891) (4,000)
Net change in plan fiduciary net position 30,971,946 28,882,972 (8,924,998) 26,529,942 16,003,336 24,709,213 1,348,716 19,299,933 10,687,630 4,520,398
Plan fiduciary net position - beginning 213,155,941 184,272,969 193,197,967 166,668,025 150,664,689 125,955,476 124,606,760 105,306,827 94,619,197 90,098,799
Plan fiduciary net position - ending (b) 244,127,887 213,155,941 184,272,969 193,197,967 166,668,025 150,664,689 125,955,476 124,606,760 105,306,827 94,619,197
Net pension liability - ending (a) - (b)31,094,966$ 33,238,162$ 35,488,589$ 6,757,883$ 17,670,328$ 18,677,885$ 28,763,026$ 17,297,301$ 24,176,541$ 23,000,871$
Plan fiduciary net position as a
percentage of total pension liability 88.70% 86.51% 83.85% 96.62% 90.41% 88.97% 81.41% 87.81% 81.33% 80.44%
Covered payroll 82,787,266$ 73,882,195$ 62,506,871$ 55,958,835$ 51,280,503$ 48,345,099$ 46,133,526$ 42,892,268$ 39,775,322$ 37,121,089$
Net pension liability as a percentage
of covered payroll 37.56% 44.99% 56.78% 12.08% 34.46% 38.63% 62.35% 40.33% 60.78% 61.96%
City of Georgetown, Texas
Required Supplementary Information – Continued
For the Fiscal Year Ended September 30, 2025
89
Texas Municipal Retirement System – Schedule of Contributions
September 30, September 30, September 30, September 30, September 30, September 30, September 30, September 30, September 30, September 30,
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Actuarially determined contribution 11,671,683$ 10,061,635$ 8,690,069$ 7,816,986$ 6,220,243$ 5,912,566$ 5,900,133$ 5,682,270$ 5,172,343$ 4,519,980$
Contributions in relation to the actuarially
determined contribution 11,671,683 10,061,635 8,690,069 7,816,986 6,220,243 5,912,566 5,900,133 5,682,270 5,172,343 4,519,980
Contribution deficiency (excess)-$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Covered payroll 89,977,780$ 81,079,056$ 70,823,263$ 62,674,395$ 51,280,503$ 48,345,099$ 48,020,769$ 45,293,424$ 39,775,322$ 37,121,089$
Contributions as a percentage of
covered payroll 12.97% 12.41% 12.27% 12.47% 12.13% 12.23% 12.29% 12.55% 13.00% 12.18%
City of Georgetown, Texas
Required Supplementary Information – Continued
For the Fiscal Year Ended September 30, 2025
90
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
21 Years (longest amortization ladder)
Asset valuation method 10 year smoothed market, 12.00% soft corridor
Inflation 2.50%
Salary increases 3.60% to 11.85%, including inflation
Investment rate of return 6.75%
Retirement age
Experience-based table of rates that vary by age. Last updated for the
2023 valuation pursuant to an experience study of the period ending
2022.
Remaining amortization period
There were no benefit changes during the year.
City of Georgetown, Texas
Required Supplementary Information – Continued
For the Fiscal Year Ended September 30, 2025
91
Post-employment Healthcare Plan – Schedule of Changes in the OPEB Liability and Related Ratios*
Measurement Measurement Measurement Measurement Measurement Measurement Measurement Measurement
2024 2023 2022 2021 2020 2019 2018 2017
Total OPEB liability
Service cost 357,160$ 332,119$ 359,751$ 259,569$ 207,540$ 154,054$ 144,760$ 128,392$
Interest 126,170 131,047 67,437 63,940 76,619 84,088 73,344 74,997
Difference between expected and actual
experience (27,793) (554,506) 2,621 672,121 2,910 65,680 4,261 -
Changes of assumptions (106,377) 251,201 (732,856) (434,670) 223,522 286,037 (90,006) 106,325
Benefit payments (30,946) (91,919) (132,958) (153,062) (98,425) (95,554) (77,104) (63,836)
Net change in total OPEB liability 318,214 67,942 (436,005) 407,898 412,166 494,305 55,255 245,878
Total OPEB liability - beginning 3,183,573 3,115,631 3,551,636 3,143,738 2,731,572 2,237,267 2,182,012 1,936,134
Total OPEB liability - ending 3,501,787$ 3,183,573$ 3,115,631$ 3,551,636$ 3,143,738$ 2,731,572$ 2,237,267$ 2,182,012$
Covered-employee payroll 85,018,162$ 73,882,195$ 62,506,871$ 60,184,157$ 51,280,503$ 48,345,099$ 46,133,526$ 40,193,300$
Total OPEB liability as a percentage
of covered-employee payroll 4.12% 4.31% 4.98% 5.90% 6.13% 5.65% 4.85% 5.43% *Schedules will include 10 years of information as it becomes available.
Note: There are no plan assets accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 75.
City of Georgetown, Texas
Required Supplementary Information – Continued
For the Fiscal Year Ended September 30, 2025
92
Life Insurance Benefits – Schedule of Changes in the OPEB Liability and Related Ratios*
Measurement Measurement Measurement Measurement Measurement Measurement Measurement Measurement
2024 2023 2022 2021 2020 2019 2018 2017
Total OPEB liability
Service cost 99,345$ 88,659$ 150,016$ 134,301$ 107,689$ 72,518$ 83,040$ 64,338$
Interest 61,334 57,992 39,281 38,215 41,334 41,595 37,420 34,993
Difference between expected and actual
experience (19,050) (10,194) 20,041 (7,653) (19,570) (6,941) (25,887) -
Changes of assumptions (99,335) 84,543 (854,304) 75,056 278,682 262,118 (93,944) 100,531
Benefit payments (33,115) (29,553) (25,003) (22,384) (5,128) (4,835) (4,613) (4,289)
Net change in total OPEB liability 9,179 191,447 (669,969) 217,535 403,007 364,455 (3,984) 195,573
Total OPEB liability - beginning 1,593,783 1,402,336 2,072,305 1,854,770 1,451,763 1,087,308 1,091,292 895,719
Total OPEB liability - ending 1,602,962$ 1,593,783$ 1,402,336$ 2,072,305$ 1,854,770$ 1,451,763$ 1,087,308$ 1,091,292$
Covered payroll 82,787,266$ 75,762,072$ 68,267,213$ 55,958,835$ 51,280,503$ 48,345,099$ 46,133,526$ 42,892,268$
Total OPEB liability as a percentage
of covered payroll 1.94% 2.10% 2.05% 3.70% 3.62% 3.00% 2.36% 2.54% *Schedules will include 10 years of information as it becomes available.
Note: There are no plan assets accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 75
93
Combining and Individual Fund Financial
Statements and Schedules
City of Georgetown, Texas
Combining and Individual Fund Financial Statements and Schedules –
Nonmajor Governmental Funds
94
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.
American Rescue Plan – This SRF was created to account for the grant funds received from the
American Rescue Plan program.
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
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
Municipal Jury Fund
The Court Security Fund is used to account for the receipt and expenditure of court costs related to
security personnel and equipment.
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.
The Municipal Jury Fund is used to fund juror reimbursements and otherwise finance jury services. Other
costs related to jury services could include the cost of mailing jury summons and food and beverages
provided to jurors during service.
Development includes the following SRFs:
Permitting Fund
Community Development Block Grant (CDBG) Fund
Main Street Façade Fund
City of Georgetown, Texas
Combining and Individual Fund Financial Statements and Schedules –
Nonmajor Governmental Funds – Continued
95
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.
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 Fund 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
Garey Park Improvement 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.
The Garey Park Improvement Fund is used to account for the capital expenditures related to Garey Park
improvements and the reimbursement revenue managed by the Chisholm Trail Foundation.
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.
City of Georgetown, Texas
Combining and Individual Fund Financial Statements and Schedules –
Nonmajor Governmental Funds – Continued
96
Police – includes the following funds:
Police Seizures Fund
Abandoned Vehicle Fund
Animal Services Fund
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
Parks at Westhaven PID Fund
Bluffview PID Fund
Preserve at Water Oak 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.
The Parks at Westhaven PID Fund was created to account for the collection of assessments and payment
of expenses and subsequent debt to reimburse the developer for authorized improvements approved in
the Financing and Reimbursement agreement.
The Bluffview PID Fund was created to account for the collection of assessments and payment of
expenses and subsequent debt to reimburse the developer for authorized improvements approved in the
Financing and Reimbursement agreement.
The Preserve at Water Oak PID Fund was created to account for the collection of assessments and
payment of expenses and subsequent debt to reimburse the developer for authorized improvements
approved in the Financing and Reimbursement agreement.
The Sidewalks Fund was created to account for the collection of fees and payment of expenses related
to sidewalk improvement projects.
City of Georgetown, Texas
Combining and Individual Fund Financial Statements and Schedules –
Nonmajor Governmental Funds – Continued
97
The Streets Sales Tax Fund 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 most recently reauthorized by voters in November of 2022.
The Streetlights Fund accounts for the costs associated with providing and maintaining street lighting
throughout the City. The fund supports payments to utility providers and covers ongoing maintenance
and operational expenses for public streetlights. It is funded primarily through a flat monthly fee assessed
to all utility customers within the city limits. The Streetlight Fund ensures consistent, safe, and reliable lighting
infrastructure across Georgetown’s neighborhoods and roadways.
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
Wolf Lakes TIRZ
North Georgetown 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.
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 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.
The North Georgetown TIRZ was created by Ordinance No. 2021-94 and consisting of 224 acres located
along IH35, north of Highway 195 intersection. The duration is through December 31, 2038. The fund is to
finance public infrastructure needed to develop the site for industrial and commercial use in partnership
with the Developer.
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, 2025
98
American
Rescue Council
Plan Discretionary Development Fire
ASSETS
Cash and cash equivalents 182,552$ 1,566,037$ 554,248$ 121,576$ 621,264$ 729,645$ 43,619$
Cash and cash equiv. - restricted - - - - - - -
Investments 237,108 2,034,049 719,886 157,908 806,930 947,699 56,654
Accounts receivable, net
Property tax - - - - - - -
Sales tax - - - - - - -
Grants - - - - 22,395 - -
Other - - 32,314 - - 562,409 -
Due from other funds - - - - - - -
TOTAL ASSETS 419,660$ 3,600,086$ 1,306,448$ 279,484$ 1,450,589$ 2,239,753$ 100,273$
LIABILITIES AND FUND BALANCE
Accounts payable 419,660$ -$ 7,500$ 3,422$ 9,629$ 65$ -$
Due to other funds - 800,000 - - - - -
Unearned revenue - - - - - 554,915 -
Total liabilities 419,660 800,000 7,500 3,422 9,629 554,980 -
DEFERRED INFLOWS - PROPERTY TAXES - - - - - - -
FUND BALANCE
Restricted - - - 276,062 - - -
Committed - 2,800,086 1,298,948 - 1,440,960 1,684,773 100,273
Total fund balance - 2,800,086 1,298,948 276,062 1,440,960 1,684,773 100,273
TOTAL LIABILITIES, DEFERRED INFLOWS,
AND FUND BALANCE 419,660$ 3,600,086$ 1,306,448$ 279,484$ 1,450,589$ 2,239,753$ 100,273$
Conservation Court Fees
Library
Restricted
99
Street
Sales
Parks PEG Fees Police Tax Streetlight Tourism Total
10,021,286$ 382,253$ 276,221$ 631,811$ 69,643$ 3,776,600$ -$ 1,676,016$ 1,635,414$ 22,288,185$
- - - 835,184 - - - - - 835,184
13,016,153 496,490 358,770 820,627 90,456 4,905,239 - 2,176,894 2,124,159 28,949,022
- - - 16,868 - - - - - 16,868
- - - - - 1,123,285 - - - 1,123,285
- - - - - - - - - 22,395
3,859,238 32,497 - 847,974 - - 102,998 - 171,330 5,608,760
- - - - - - - - 525 525
26,896,677$ 911,240$ 634,991$ 3,152,464$ 160,099$ 9,805,124$ 102,998$ 3,852,910$ 3,931,428$ 58,844,224$
4,008,622$ -$ 5,062$ 69,503$ -$ 731,049$ 23,002$ -$ 54,097$ 5,331,611$
- - 15,459 587,299 - - - - - 1,402,758
443,688 - - 271,480 - - - - - 1,270,083
4,452,310 - 20,521 928,282 - 731,049 23,002 - 54,097 8,004,452
- - - 16,868 - - - - - 16,868
22,444,367 911,240 614,470 2,207,314 160,099 9,074,075 79,996 3,852,910 3,877,331 43,497,864
- - - - - - - - - 7,325,040
22,444,367 911,240 614,470 2,207,314 160,099 9,074,075 79,996 3,852,910 3,877,331 50,822,904
26,896,677$ 911,240$ 634,991$ 3,152,464$ 160,099$ 9,805,124$ 102,998$ 3,852,910$ 3,931,428$ 58,844,224$
Sidewalk
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, 2025
100
American
Rescue Plan
Council
Discretionary Conservation
Court
Fees Development Fire
Library
Restricted
REVENUES
Property tax/assessments -$ -$ -$ -$ -$ -$ -$
Sales tax - - - - - - -
Franchise tax - - - - - - -
Other taxes - - - - - - -
Charges for services - - 484,249 - 160,455 590,003 16
Fines and forfeitures - - - 69,028 - - -
Donations and grants 2,525,994 - - - 67,166 5,700 133,424
Investment income 42,731 119,617 56,524 11,759 62,897 65,776 4,220
Other revenue - - - 43,146 97,872 67,279 - -
Total revenues 2,568,725 119,617 540,773 123,933 388,390 728,758 137,660
EXPENDITURES
Culture / recreation - - - - - - 183,015
Development - - - - 130,406 - -
Fire services - - - - - 181,043 -
General government - - 1,189 - 85,385 - -
Highways and streets - - - - - - -
Police - - - 55,937 - - -
Environmental services - - 162,543 - - - -
Capital outlay 3,407,740 - - 116 - - 57,596
Debt service - principal retirement - - - - - - -
Debt service - interest and fiscal charges - - - - - - -
Total expenditures 3,407,740 - 163,732 56,053 215,791 181,043 240,611
EXCESS (DEFICIENCY) OF
REVENUES OVER EXPENDITURES (839,015) 119,617 377,041 67,880 172,599 547,715 (102,951)
OTHER FINANCING SOURCES (USES)
Transfers in - 1,000,000 - - 15,000 - -
Transfers out - (1,457,192) (88,506) (25,000) - (125,000) -
Total other financing sources (uses) - (457,192) (88,506) (25,000) 15,000 (125,000) -
Net change in fund balance (839,015) (337,575) 288,535 42,880 187,599 422,715 (102,951)
Fund balances, beginning of period 839,015 3,137,661 1,010,413 233,182 1,253,361 1,262,058 203,224
FUND BALANCES, end of period -$ 2,800,086$ 1,298,948$ 276,062$ 1,440,960$ 1,684,773$ 100,273$
101
Parks PEG Fees Police
Public
Improvement
Districts Sidewalks
Street
Sales Tax Streetlight
Tax Increment
Reinvestment
Zones Tourism Total
-$ -$ -$ 558,801$ -$ -$ -$ 1,775,334$ -$ 2,334,135$
- - - - - 7,037,641 - - - 7,037,641
- 96,087 - - - - - - - 96,087
- - - 597,107 - - - - 2,181,192 2,778,299
4,165,908 - 185 - - - 1,328,219 - - 6,729,035
- - 124,551 - - - - - - 193,579
10,782,171 - 341,700 84,453 20,736 - - - 133,795 14,095,139
1,094,793 38,198 23,020 45,690 6,563 472,184 17,895 155,228 152,120 2,369,215
- - - 1,261 - - - 649,961 172,074 1,031,593
16,042,872 134,285 489,456 1,287,312 27,299 7,509,825 1,346,114 2,580,523 2,639,181 36,664,723
683,990 - - 204,743 - - - - 1,733,019 2,804,767
- - - - - - - - - 130,406
- - - - - - - - - 181,043
- - - 174,964 - 152 1,266,118 510,127 - 2,037,935
- - - 40,190 - - - - - 40,190
- - 135,888 - - - - - - 191,825
- - - - - - - - - 162,543
10,565,284 13,014 - 232,052 - 8,459,605 - 16,000 - 22,751,407
- - - 151,333 - - - - - 151,333
- - - 355,333 - - - - - 355,333
11,249,274 13,014 135,888 1,158,615 - 8,459,757 1,266,118 526,127 1,733,019 28,806,782
4,793,598 121,271 353,568 128,697 27,299 (949,932) 79,996 2,054,396 906,162 7,857,941
75,000 - - - - - - - - 1,090,000
(1,046,892) - - - - - - (1,378,803) (213,069) (4,334,462)
(971,892) - - - - - - (1,378,803) (213,069) (3,244,462)
3,821,706 121,271 353,568 128,697 27,299 (949,932) 79,996 675,593 693,093 4,613,479
18,622,661 789,969 260,902 2,078,617 132,800 10,024,007 - 3,177,317 3,184,238 46,209,425
22,444,367$ 911,240$ 614,470$ 2,207,314$ 160,099$ 9,074,075$ 79,996$ 3,852,910$ 3,877,331$ 50,822,904$
City of Georgetown, Texas
American Rescue Plan 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, 2025
102
Actual
Budgetary Variance to
Budget Basis Budget
REVENUES
Investment income 250,500$ 42,731$ (207,769)$
Donation and grants 2,525,995 2,525,994 (1)
Total revenues 2,776,495 2,568,725 (207,770)
EXPENDITURES
Facilities 3,466,556 3,407,740 58,816
Total expenditures 3,466,556 3,407,740 58,816
NET CHANGE IN FUND BALANCE (690,061) (839,015) (148,954)
Fund balance, beginning of year 839,015 839,015 -
FUND BALANCE, end of year 148,954$ -$ (148,954)$
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, 2025
103
Actual
Final Budgetary Variance to
Budget Basis Budget
REVENUES
Investment income 200,000$ 119,617$ (80,383)$
Total revenues 200,000 119,617 (80,383)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 200,000 119,617 (80,383)
OTHER FINANCING SOURCES (USES)
Transfer in 1,000,000 1,000,000 -
Transfers out (1,457,192) (1,457,192) -
Total other financing sources (uses) (457,192) (457,192) -
NET CHANGE IN FUND BALANCE (257,192) (337,575) (80,383)
Fund balance, beginning of year 3,137,661 3,137,661 -
FUND BALANCE, end of year 2,880,469$ 2,800,086$ (80,383)$
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, 2025
104
Actual
Final Budgetary
Variance to
Budget Basis Budget
REVENUES
Investment income 45,000$ 56,524$ 11,524$
Charges for services 460,533 484,249 23,716
Total revenues 505,533 540,773 35,240
EXPENDITURES
Non-departmental 94 1,189 (1,095)
Electric conservation 437,690 162,543 275,147
Total expenditures 437,784 163,732 274,052
EXCESS OF REVENUES
OVER EXPENDITURES 67,749 377,041 309,292
OTHER FINANCING (USES)
Transfers out (88,506) (88,506) -
Total other financing (uses) (88,506) (88,506) -
NET CHANGE IN FUND BALANCE (20,757) 288,535 309,292
Fund balance, beginning of year 1,010,413 1,010,413 -
FUND BALANCE, end of year 989,656$ 1,298,948$ 309,292$
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, 2025
105
Actual
Final Budgetary Variance to
Budget Basis Budget
REVENUES
Fines and forfeitures 48,790$ 69,028$ 20,238$
Investment income 8,125 11,759 3,634
Other revenue 35,000 43,146 8,146
Total revenues 91,915 123,933 32,018
EXPENDITURES
Municipal court 73,007 56,053 16,954
Total expenditures 73,007 56,053 16,954
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES 18,908 67,880 48,972
OTHER FINANCING SOURCES
Transfers out (25,000) (25,000) -
Total other financing sources (25,000) (25,000) -
NET CHANGE IN FUND BALANCE (6,092) 42,880 48,972
Fund balance, beginning of year 233,182 233,182 -
FUND BALANCE, end of year 227,090$ 276,062$ 48,972$
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, 2025
106
Actual
Final Budgetary Variance to
Budget Basis Budget
REVENUES
Investment income 44,000$ 62,897$ 18,897$
Charges for services 180,000 160,455 (19,545)
Donations and grants 485,000 67,166 (417,834)
Other revenue 90,000 97,872 7,872
Total revenues 799,000 388,390 (410,610)
EXPENDITURES
Inspection services 110,000 63,290 46,710
Planning 485,000 67,116 417,884
Mainstreet programs 135,000 85,385 49,615
Total expenditures 730,000 215,791 514,209
EXCESS OF REVENUES
OVER EXPENDITURES 69,000 172,599 103,599
OTHER FINANCING SOURCES
Transfers in 15,000 15,000 -
Total other financing sources 15,000 15,000 -
NET CHANGE IN FUND BALANCE 84,000 187,599 103,599
Fund balance, beginning of year 1,253,361 1,253,361 -
FUND BALANCE, end of year 1,337,361$ 1,440,960$ 103,599$
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, 2025
107
Actual
Final Budgetary Variance to
Budget Basis Budget
REVENUES
Investment income 50,000$ 65,776$ 15,776$
Charges for services 410,500 590,003 179,503
Donations and grants 100 5,700 5,600
Other revenue 61,500 67,279 5,779
Total revenues 522,100 728,758 206,658
EXPENDITURES
Fire support services/administration 459,120 181,043 278,077
Fire emergency services 215,000 - 215,000
Total expenditures 674,120 181,043 493,077
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (152,020) 547,715 699,735
OTHER FINANCING USES
Transfers out (125,000) (125,000) -
Total other financing uses (125,000) (125,000) -
NET CHANGE IN FUND BALANCE (277,020) 422,715 699,735
Fund balance, beginning of year 1,262,058 1,262,058 -
FUND BALANCE, end of year 985,038$ 1,684,773$ 699,735$
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, 2025
108
Actual
Final Budgetary Variance to
Budget Basis Budget
REVENUES
Investment income 6,000$ 4,220$ (1,780)$
Charges for services - 16 16
Donations and grants 267,000 133,424 (133,576)
Total revenues 273,000 137,660 (135,340)
EXPENDITURES
Library 345,465 240,611 104,854
Total expenditures 345,465 240,611 104,854
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (72,465) (102,951) (30,486)
OTHER FINANCING USES
Transfers out (75,000) - 75,000
Total other financing uses (75,000) - 75,000
NET CHANGE IN FUND BALANCE (147,465) (102,951) 44,514
Fund balance, beginning of year 203,224 203,224 -
FUND BALANCE, end of year 55,759$ 100,273$ 44,514$
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, 2025
109
Actual
Final Budgetary Variance to
Budget Basis Budget
REVENUES
Investment income 595,000$ 1,094,793$ 499,793$
Charges for services 1,403,691 4,165,908 2,762,217
Donations and grants 22,250,032 10,782,171 (11,467,861)
Total revenues 24,248,723 16,042,872 (8,205,851)
EXPENDITURES
Parks 25,305,854 11,249,274 14,056,580
Total expenditures 25,305,854 11,249,274 14,056,580
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (1,057,131) 4,793,598 5,850,729
OTHER FINANCING SOURCES (USES)
Transfers in 75,000 75,000 -
Transfers out (1,071,320) (1,046,892) 24,428
Total other financing sources (uses)(996,320) (971,892) 24,428
NET CHANGE IN FUND BALANCE (2,053,451) 3,821,706 5,875,157
Fund balance, beginning of year 18,622,661 18,622,661 -
FUND BALANCE, end of year 16,569,210$ 22,444,367$ 5,875,157$
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, 2025
110
Actual
Final Budgetary Variance to
Budget Basis Budget
REVENUES
Investment income 25,000$ 38,198$ 13,198$
Franchise taxes 155,000 96,087 (58,913)
Total revenues 180,000 134,285 (45,715)
EXPENDITURES
Communications/public engagement 155,000 13,014 141,986
Total expenditures 155,000 13,014 141,986
NET CHANGE IN FUND BALANCE 25,000 121,271 96,271
Fund balance, beginning of year 789,969 789,969 -
FUND BALANCE, end of year 814,969$ 911,240$ 96,271$
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, 2025
111
Actual
Final Budgetary Variance to
Budget Basis Budget
REVENUES
Investment income 6,600$ 23,020$ 16,420$
Fines and forfeitures - 124,551 124,551
Donations and grants 339,736 341,700 1,964
Charges for service - 185 185
Total revenues 346,336 489,456 143,120
EXPENDITURES
Police operations 103,000 7,272 95,728
Animal services 228,476 128,616 99,860
Total expenditures 331,476 135,888 195,588
NET CHANGE IN FUND BALANCE 14,860 353,568 338,708
Fund balance, beginning of year 260,902 260,902 -
FUND BALANCE, end of year 275,762$ 614,470$ 338,708$
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, 2025
112
Actual
Final Budgetary Variance to
Budget Basis Budget
REVENUES
Property tax/assessments 560,443$ 558,801$ (1,642)$
Other Taxes 603,750 597,107 (6,643)
Investment income 49,124 45,690 (3,434)
Donations and grants 84,885 84,453 (432)
Other revenue - 1,261 1,261
Total revenues 1,298,202 1,287,312 (10,890)
EXPENDITURES
Non-departmental 16,554 538 16,016
Parks 572,613 436,796 135,817
PID administration 676,830 681,091 (4,261)
Public works 153,811 40,190 113,621
Total expenditures 1,419,808 1,158,615 261,193
NET CHANGE IN FUND BALANCE (121,606) 128,697 250,303
Fund balance, beginning of year 2,078,617 2,078,617 -
FUND BALANCE, end of year 1,957,011$ 2,207,314$ 250,303$
City of Georgetown, Texas
Sidewalks 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, 2025
113
Actual
Final Budgetary Variance to
Budget Basis Budget
REVENUES
Investment income -$ 6,563$ 6,563$
Donations and grants - 20,736 20,736
Total revenues - 27,299 27,299
NET CHANGE IN FUND BALANCE - 27,299 27,299
Fund balance, beginning of year 132,800 132,800 -
FUND BALANCE, end of year 132,800$ 160,099$ 27,299$
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, 2025
114
Actual
Final Budgetary Variance to
Budget Basis Budget
REVENUES
Investment income 400,000$ 472,184$ 72,184$
Sales tax 6,734,416 7,037,641 303,225
Total revenues 7,134,416 7,509,825 375,409
EXPENDITURES
Non-departmental - 152 (152)
Public works 11,934,018 8,459,605 3,474,413
Systems engineering 1,000,000 - 1,000,000
Total expenditures 12,934,018 8,459,757 4,474,261
NET CHANGE IN FUND BALANCE (5,799,602) (949,932) 4,849,670
Fund balance, beginning of year 10,024,007 10,024,007 -
FUND BALANCE, end of year 4,224,405$ 9,074,075$ 4,849,670$
City of Georgetown, Texas
Streetlight 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, 2025
115
Actual
Final Budgetary Variance to
Budget Basis Budget
REVENUES
Investment income -$ 17,895$ 17,895$
Charges for services 1,286,806 1,328,219 41,413
Total revenues 1,286,806 1,346,114 59,308
EXPENDITURES
Non-departmental 170,831 3,567 167,264
Streetlight admin 1,093,885 1,262,551 (168,666)
Total expenditures 1,264,716 1,266,118 (1,402)
NET CHANGE IN FUND BALANCE 22,090 79,996 57,906
Fund balance, beginning of year - - -
FUND BALANCE, end of year 22,090$ 79,996$ 57,906$
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, 2025
116
Actual
Final Budgetary Variance to
Budget Basis Budget
REVENUES
Property taxes 1,940,484$ 1,775,334$ (165,150)$
Investment income 82,075 155,228 73,153
Other revenue 533,500 649,961 116,461
Total revenues 2,556,059 2,580,523 24,464
EXPENDITURES
Non-departmental 715,127 510,127 205,000
Administrative services 333,000 16,000 317,000
Total expenditures 1,048,127 526,127 522,000
EXCESS OF REVENUES
OVER EXPENDITURES 1,507,932 2,054,396 546,464
OTHER FINANCING SOURCES (USES)
Transfers out (1,377,888) (1,378,803) (915)
Total other financing sources (uses)(1,377,888) (1,378,803) (915)
NET CHANGE IN FUND BALANCE 130,044 675,593 545,549
Fund balance, beginning of year 3,177,317 3,177,317 -
FUND BALANCE, end of year 3,307,361$ 3,852,910$ 545,549$
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, 2025
117
Actual
Final Budgetary Variance to
Budget Basis Budget
REVENUES
Investment income 130,000$ 152,120$ 22,120$
Other taxes 2,480,000 2,181,192 (298,808)
Donations and grants 100,000 133,795 33,795
Other revenue 133,199 172,074 38,875
Total revenues 2,843,199 2,639,181 (204,018)
EXPENDITURES
CVB 1,820,724 1,430,315 390,409
Poppy Festival 308,397 267,704 40,693
Downtown, arts & events 35,000 35,000 -
Total expenditures 2,164,121 1,733,019 431,102
EXCESS OF REVENUES
OVER EXPENDITURES 679,078 906,162 227,084
OTHER FINANCING SOURCES (USES)
Transfers out (213,069) (213,069) -
Total other financing sources (uses) (213,069) (213,069) -
NET CHANGE IN FUND BALANCE 466,009 693,093 227,084
Fund balance, beginning of year 3,184,238 3,184,238 -
FUND BALANCE, end of year 3,650,247$ 3,877,331$ 227,084$
118
119
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, 2025
120
Actual
Final Budgetary Variance
Budget Basis to Budget
REVENUES
Taxes
Property tax 22,813,842$ 21,650,945$ (1,162,897)$
Sales tax 30,304,757 31,673,955 1,369,198
Franchise taxes 9,668,215 9,669,369 1,154
Other 750,000 703,967 (46,033)
Total taxes 63,536,814 63,698,236 161,422
FINES AND FORFEITURES 522,650 654,997 132,347
CHARGES FOR SERVICES
Fees 11,121,061 12,222,235 1,101,174
Permits 5,595,000 4,939,263 (655,737)
Administrative charges 2,229,451 2,226,451 (3,000)
Rental revenue 67,192 52,772 (14,420)
19,012,704 19,440,721 428,017
INVESTMENT INCOME 1,800,000 1,793,270 (6,730)
DONATIONS AND GRANTS
Grant revenue 74,000 157,001 83,001
Developer contributions - 589,028 589,028
Interlocal agreement revenue 6,401,657 6,401,681 24
Donations 70,000 63,911 (6,089)
Sponsorship 6,000 5,500 (500)
6,551,657 7,217,121 665,464
MISCELLANEOUS 387,636 1,189,236 801,600
TOTAL REVENUES 91,811,461$ 93,993,581$ 2,182,120$
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, 2025
121
Actual
Final Budgetary Variance
Budget Basis to Budget
EXPENDITURES
Culture recreation
Parks admin 1,877,767$ 1,776,783$ 100,984$
Parks 3,306,411 3,222,841 83,570
Recreation 4,944,869 5,148,188 (203,319)
Tennis center 575,555 558,337 17,218
Garey Park 1,274,758 1,212,673 62,085
Arts and culture 772,470 717,632 54,838
Library 3,979,654 3,801,062 178,592
Total culture recreation 16,731,484 16,437,516 293,968
Development
Development engineering 1,854,461 1,628,706 225,755
Planning 3,261,147 2,241,918 1,019,229
Inspection services 2,822,457 2,546,942 275,515
Code compliance 827,571 792,724 34,847
Total development 8,765,636 7,210,290 1,555,346
Fire services
Support services 7,229,330 7,378,147 (148,817)
EMS 4,148,995 4,235,903 (86,908)
Emergency services 22,578,052 22,187,859 390,193
Total fire services 33,956,377 33,801,909 154,468
General government
Ask GTX call center 1,120,662 773,433 347,229
General government contracts 9,838,347 11,212,788 (1,374,441)
City council 258,560 202,284 56,276
Emergency management 457,646 347,291 110,355
Administrative services 2,369,156 2,494,093 (124,937)
City secretary services 1,805,037 1,725,619 79,418
Communications/Public engagement 1,507,042 1,351,100 155,942
Total general government 17,356,450$ 18,106,608$ (750,158)$
(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, 2025
122
Actual
Final Budgetary Variance
Budget Basis to Budget
Highways and streets
Public works 1,136,338$ 1,490,848$ (354,510)$
Streets 5,473,279 4,890,378 582,901
Transportation planning 1,537,646 1,090,622 447,024
Total highways and streets 8,147,263 7,471,848 675,415
Police services
Police admin 3,070,664 2,874,727 195,937
Police operations 24,604,773 24,284,559 320,214
Animal services 1,711,350 1,245,258 466,092
Municipal court 700,281 647,149 53,132
Total police services 30,087,068 29,051,693 1,035,375
TOTAL EXPENDITURES 115,044,278 112,079,864 2,964,414
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (23,232,817) (18,086,283) 5,146,534
OTHER FINANCING SOURCES (USES)
Transfers in 20,561,167 20,669,394 108,227
Transfers out (3,685,501) (3,685,501)-
Total other financing sources (uses)16,875,666 16,983,893 108,227
NET CHANGE IN FUND BALANCE (6,357,151) (1,102,390)5,254,761
Fund balance, beginning of year 38,427,314 38,176,422 (250,892)
FUND BALANCE, end of year 32,070,163$ 37,074,032$ 5,003,869$
(concluded)
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, 2025
123
Original
Budget
Final
Budget
Actual
Budgetary Basis
Variance to
Budget
REVENUES
Sales tax 13,468,832$ 13,468,832$ 14,075,282$ 606,450$
Investment earnings 1,684,000 1,684,000 2,842,114 1,158,114
Total revenues 15,152,832 15,152,832 16,917,396 1,764,564
EXPENDITURES
GTEC 50,850,653 67,628,633 7,504,270 60,124,363
Non-departmental 1,285,045 1,285,045 1,045,396 239,649
Total expenditures 52,135,698 68,913,678 8,549,666 60,364,012
EXCESS (DEFICIENCY) OF
REVENUES OVER EXPENDITURES (36,982,866) (53,760,846) 8,367,730 62,128,576
OTHER FINANCING SOURCES (USES)
Issuance of bonds 44,395,000 44,395,000 42,735,000 (1,660,000)
Bond premiums - - 1,864,020 1,864,020
Transfers out (3,306,547) (3,306,547) (3,309,149) (2,602)
Total other financing sources (uses) 41,088,453 41,088,453 41,289,871 201,418
NET CHANGE IN FUND BALANCE 4,105,587 (12,672,393) 49,657,601 62,329,994
Fund balance, beginning of year 32,318,941 49,460,579 52,163,573 2,702,994
FUND BALANCE, end of year 36,424,528$ 36,788,186$ 101,821,174$ 65,032,988$
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, 2025
124
Original Budget
Final
Budget
Actual
Budgetary Basis
Variance to
Budget
REVENUES
Ad valorem taxes 38,600,000$ 38,600,000$ 38,585,752$ (14,248)$
Investment earnings 1,000,000 1,000,000 1,110,885 110,885
Other revenue - - 922 922
Total revenues 39,600,000 39,600,000 39,697,559 97,559
EXPENDITURES AND OTHER
Non-departmental 42,612,536 42,612,536 42,526,160 86,376
OTHER FINANCING SOURCES (USES)
Transfers in 4,029,384 4,029,384 4,032,901 3,517
Total other financing sources (uses) 4,029,384 4,029,384 4,032,901 3,517
NET CHANGE IN FUND BALANCE 1,016,848 1,016,848 1,204,300 187,452
Fund balances, beginning of year 3,978,424 3,978,424 4,052,785 74,361
FUND BALANCE, end of year 4,995,272$ 4,995,272$ 5,257,085$ 261,813$
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, 2025
125
Original
Budget
Final
Budget
Actual
Budgetary Basis
Variance to
Budget
REVENUES
Charges for services 4,685,999$ 4,095,611$ 746,832$ (3,348,779)$
Donations and grants 22,291,391 25,909,640 6,713,167 (19,196,473)
Investment earnings 6,396,200 6,596,200 9,720,048 3,123,848
Other - 7,500 835,846 828,346
Total revenues 33,373,590 36,608,951 18,015,893 (18,593,058)
EXPENDITURES
Non-departmental 2,592,659 3,428,400 3,340,355 88,045
Parks 3,384,000 9,415,828 2,134,648 7,281,180
Finance administration - 43,066 11,640 31,426
Facilities 13,000,000 39,950,361 15,445,881 24,504,480
Fire support services/administration 93,300 389,431 229,297 160,134
Systems engineering 65,356,440 193,828,782 24,696,853 169,131,929
Administrative services - 3,074,179 1,316,958 1,757,221
Public works 1,000,000 31,030,567 9,320,061 21,710,506
Streets - 25,211 - 25,211
Transportation planning - 194,345 194,345 -
Total expenditures 85,426,399 281,380,170 56,690,038 224,690,132
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES (52,052,809) (244,771,219) (38,674,145) 206,097,074
OTHER FINANCING SOURCES (USES)
Issuance of bonds 59,265,800 59,208,800 57,620,000 (1,588,800)
Premiums - - 2,123,203 2,123,203
Transfers in 2,867,051 9,396,426 9,396,426 -
Transfers out (4,276,500) (4,281,710) (4,281,710) -
Total other financing sources (uses)57,856,351 64,323,516 64,857,919 534,403
NET CHANGE IN FUND BALANCE 5,803,542 (180,447,703) 26,183,774 206,631,477
Fund balances, beginning of period 17,683,722 191,514,066 191,514,066 -
FUND BALANCE, end of year 23,487,264$ 11,066,363$ 217,697,840$ 206,631,477$
126
127
Combining Financial Statements –
Nonmajor Proprietary Funds
City of Georgetown, Texas
Combining Financial Statements
Nonmajor Proprietary Funds
128
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.
Solid Waste Fund – used to account for revenues and expenses related to the operation, capital
projects, and debt service of the solid waste 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, 2025
129
Stormwater Solid Total Nonmajor
Airport Drainage Waste Enterprise
Fund Fund Fund FundsASSETS
Current assets
Cash and cash equivalents 931,572$ 2,072,388$ 676,168$ 3,680,128$
Cash and cash equivalents - restricted 1,648,697 642,306 294,448 2,585,451
Investments 1,209,972 2,691,722 878,242 4,779,936
Accounts receivable -
Services (net of allowance for uncollectibles)88,859 1,194,748 2,111,344 3,394,951
Grants 100,000 - - 100,000
Interest 7,231 - - 7,231
Other 828,723 - - 828,723
Due from other funds 4,872 14,910 223 20,005
Inventories 61,615 - - 61,615
Total current assets 4,881,541 6,616,074 3,960,425 15,458,040
Noncurrent assets
Long-term receivables 6,165,066 - - 6,165,066
Capital assets
Land 641,536 - 494,000 1,135,536
Land rights 391,868 1,111,670 - 1,503,538
Buildings 3,856,218 - - 3,856,218
Furniture, machinery, and equipment 483,933 155,839 - 639,772
Vehicles 382,770 2,747,558 45,933 3,176,261
Streets 79,335 1,259,982 - 1,339,317
Distribution system 10,354,295 139,032,656 - 149,386,951
Improvements 5,792,809 - 16,591,025 22,383,834
Construction in progress 161,560 503,127 126,642 791,329
Less accumulated depreciation (12,621,589) (30,072,921) (504,425) (43,198,935)
Total capital assets
(net of accumulated depreciation)9,522,735 114,737,911 16,753,175 141,013,821
Total noncurrent assets 15,687,801 114,737,911 16,753,175 147,178,887
TOTAL ASSETS 20,569,342 121,353,985 20,713,600 162,636,927
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflow related to pension 190,730 190,730 - 381,460
Total deferred outflows of resources 190,730 190,730 - 381,460
TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES 20,760,072$ 121,544,715$ 20,713,600$ 163,018,387$
LIABILITIES
Current liabilities
Accounts payable 335,024$ 170,563$ 1,236,276$ 1,741,863$
Accrued employee benefits 30,194 77,830 6,658 114,682
Unearned revenue - 143,318 - 143,318
Current portion of long-term debt 144,574 442,070 662,978 1,249,622
Accrued interest 10,456 36,439 61,937 108,832
Construction contracts and
retainages payable 1,965 15,815 - 17,780
Customer deposits 13,435 - - 13,435
Total current liabilities 535,648 886,035 1,967,849 3,389,532
Noncurrent liabilities
Accrued employee benefits 56,020 127,583 12,511 196,114
Long-term debt payable 2,283,803 4,697,406 13,331,905 20,313,114
Net pension liability 310,950 310,950 - 621,900
Total noncurrent liabilities 2,650,773 5,135,939 13,344,416 21,131,128
Total liabilities 3,186,421 6,021,974 15,312,265 24,520,660
DEFERRED INFLOWS OF RESOURCES
Deferred inflow related to pension 29,184 29,184 - 58,368
Deferred inflow related to leases 6,580,152 - - 6,580,152
Total deferred inflow of resources 6,609,336 29,184 - 6,638,520
Net position
Net investment in capital assets 8,741,090 110,224,926 3,052,740 122,018,756
Unrestricted 2,223,225 5,268,631 2,348,595 9,840,451
Total net position 10,964,315 115,493,557 5,401,335 131,859,207
TOTAL LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND NET POSITION 20,760,072$ 121,544,715$ 20,713,600$ 163,018,387$
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, 2025
130
Total
Stormwater Solid Nonmajor
Airport Drainage Waste Enterprise
Fund Fund Fund Funds
OPERATING REVENUES 5,326,225$ 6,458,081$ 17,698,411$ 29,482,717$
Total operating revenues 5,326,225 6,458,081 17,698,411 29,482,717
OPERATING EXPENSES
Depreciation 685,503 3,801,438 57,739 4,544,680
Other 5,620,854 4,740,286 16,248,770 26,609,910
Total operating expenses 6,306,357 8,541,724 16,306,509 31,154,590
NET OPERATING INCOME (LOSS)(980,132) (2,083,643) 1,391,902 (1,671,873)
NONOPERATING REVENUES (EXPENSES)
Investment income 330,392 245,394 528,756 1,104,542
Donations and grants 123,000 - 14,042 137,042
Interest and fiscal charges (50,192) (159,283) (289,019) (498,494)
Gain on asset disposal - 5,920 - 5,920
Franchise taxes - - 299,440 299,440
Other 352,488 (2,394) 148,240 498,334
Total nonoperating revenues (expenses) 755,688 89,637 701,459 1,546,784
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS (224,444) (1,994,006) 2,093,361 (125,089)
CONTRIBUTIONS AND TRANSFERS
Capital contributions - 18,638,990 - 18,638,990
Transfers in 295,580 3,226,013 43,356 3,564,949
Transfers out - (482,317) (6,058,081) (6,540,398)
Total contributions and transfers 295,580 21,382,686 (6,014,725) 15,663,541
CHANGE IN NET POSITION 71,136 19,388,680 (3,921,364) 15,538,452
Total net position, beginning of period 10,893,179 96,104,877 9,322,699 116,320,755
TOTAL NET POSITION, end of period 10,964,315$ 115,493,557$ 5,401,335$ 131,859,207$
City of Georgetown, Texas
Combining Statement of Cash Flows
Nonmajor Enterprise Funds
For the Fiscal Year Ended September 30, 2025
131
Stormwater Stormwater Total
Airport Drainage Drainage Nonmajor
Fund Fund Fund Enterprise Funds
CASH FLOWS FROM OPERATING ACTIVITIES
Cash received from customers 1,627,581$ 6,055,931$ 18,495,327$ 26,178,839$
Payments to suppliers (4,878,919) (3,881,885) (16,037,544) (24,798,348)
Payments to employees for services 3,290,175 (782,462) (180,509) 2,327,204
Net cash provided by operating activities 38,837 1,391,584 2,277,274 3,707,695
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Transfers out - (482,317) (6,058,081) (6,540,398)
Transfers in 295,580 1,847,641 43,356 2,186,577
Net cash provided by (used in) noncapital
financing activities 295,580 1,365,324 (6,014,725) (4,353,821)
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Acquisition of capital assets (286,700) (716,210) (552,848) (1,555,758)
Sale of capital assets - - - -
Donations, grants, and other 123,000 - 14,042 137,042
Proceeds from issuance of long-term debt - 1,000,000 - 1,000,000
Principal paid on revenue and certificates of obligation bonds (173,695) (424,124) (555,000) (1,152,819)
Interest paid on revenue and certificates of obligation bonds (131,923) (209,460) (792,406) (1,133,789)
Net cash provided by (used in) capital and related
financing activities (469,318) (349,794) (1,886,212) (2,705,324)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 307,699 245,394 528,756 1,081,849
Change in temporary investments (6,523) (1,081,518) 2,902,111 1,814,069
Net cash provided by (used in) investing activities 301,176 (836,124) 3,430,867 2,895,918
Net change in cash and cash equivalents 166,275 1,570,990 (2,192,796) (455,532)
Cash and cash equivalents, beginning of year 2,413,994 1,143,704 3,163,412 6,721,111
CASH AND CASH EQUIVALENTS, end of year 2,580,269$ 2,714,694$ 970,616$ 6,265,579$
NON-CASH DISCLOSURE OF CAPITAL ACTIVITY
Capital asset purchases on account (accrued but not paid)1,965$ -$ -$ 1,965$
Developer contributions - 18,638,990 - 18,638,990
OPERATING INCOME (LOSS)(980,132)$ (2,083,643)$ 1,391,902$ (1,671,873)$
Adjustments to reconcile operating income (loss) to
cash provided by (used in) operating activities
Depreciation and Amortization 685,503 3,801,438 57,739 4,544,680
Gain/loss on disposal of asset - 5,920 - 5,920
Other income 352,488 (2,394) 447,680 797,774
Decrease (increase) in inventories 1,374 - - 1,374
Decrease (increase) in accounts receivable (4,058,562) (380,371) 349,236 (4,089,697)
Increase (decrease) in due to/from other funds (4,872) (14,910) (223) (20,005)
Increase (decrease) in accounts payable 167,519 58,550 25,172 251,241
Increase (decrease) in unearned revenue - (25,305) - (25,305)
Increase (decrease) in net pension liability 3,856,173 11,767 - 3,867,940
Increase (decrease) in accrued employee benefits 11,916 20,532 5,768 38,216
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 38,837$ 1,391,584$ 2,277,274$ 3,707,695$
City of Georgetown, Texas
Combining Statement of Net Position
Internal Service Funds
September 30, 2025
132
Fleet Joint Facilities Information Self
Services Services Maintenance Technology Insurance
Fund Fund Fund Fund Fund Total
ASSETS
Current
Cash and cash equivalents 4,831,740$ 4,555,141$ 2,950,106$ 5,993,493$ 4,085,660$ 22,416,140$
Investments 6,275,709 5,916,447 3,831,747 7,784,652 5,306,662 29,115,217
Prepaid expense 10 1,000 - - 200,000 201,010
Accounts receivable - 1,057,015 - - - 1,057,015
Due from other funds - - 7,944 6,093 - 14,037
Inventories - 3,409,982 - - - 3,409,982
Total current assets 11,107,459 14,939,585 6,789,797 13,784,238 9,592,322 56,213,401
Noncurrent
Property and equipment
Land 481,927 214,065 - - - 695,992
Buildings 13,500 432,955 63,666 - - 510,121
Furniture, machinery, and
equipment 1,511,223 1,284,784 3,987,627 12,451,854 - 19,235,488
Vehicles 42,427,290 - 13,711 - - 42,441,001
Distribution system - - - 3,281,970 - 3,281,970
Improvements 12,681 33,300 1,115,252 32,970 - 1,194,203
Construction in progress - - - 1,075 - 1,075
Right-to-use asset - leases - 1,036,348 - 1,036,348 - 2,072,696
Right-to-use asset - subscriptions - 522,656 - 6,478,160 - 7,000,816
Total property and
equipment cost 44,446,621 3,524,108 5,180,256 23,282,377 - 76,433,362
Less accumulated depreciation (23,701,078) (2,977,713) (2,864,700) (16,143,691) - (45,687,182)
Net property and equipment 20,745,543 546,395 2,315,556 7,138,686 - 30,746,180
TOTAL ASSETS 31,853,002$ 15,485,980$ 9,105,353$ 20,922,924$ 9,592,322$ 86,959,581$
LIABILITIES AND NET POSITION
Liabilities
Current liabilities
Accounts payable 386,600$ 3,701,776$ 183,063$ 404,252$ 1,232,117$ 5,907,808$
Accrued employee benefits 23,447 - 31,165 178,077 - 232,689
Unearned revenue - - - - - -
Accrued interest - 3,045 - 85,732 - 88,777
Current portion of lease liability - 193,982 - 193,982 - 387,964
Current portion of subscription liability - - - 1,496,839 - 1,496,839
Due to other funds 17,440 750,850 - - - 768,290
Customer Deposits - 427,119 - - - 427,119
Total current liabilities 427,487 5,076,772 214,228 2,358,882 1,232,117 9,309,486
Noncurrent liabilities
Accrued employee benefits 36,253 - 55,064 324,360 - 415,677
Subscription liability - - - 1,021,613 - 1,021,613
Total liabilities 463,740 5,076,772 269,292 3,704,855 1,232,117 10,746,776
Net position
Net investment in capital assets 20,745,543 352,413 2,315,556 4,426,252 - 27,839,764
Unrestricted 10,643,719 10,056,795 6,520,505 12,791,817 8,360,205 48,373,041
Total net position 31,389,262 10,409,208 8,836,061 17,218,069 8,360,205 76,212,805
TOTAL LIABILITIES AND NET POSITION 31,853,002$ 15,485,980$ 9,105,353$ 20,922,924$ 9,592,322$ 86,959,581$
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, 2025
133
Fleet Joint Facilities Information Self
Services Services Maintenance Technology Insurance
Fund Fund Fund Fund Fund Total
OPERATING REVENUES
Charges for services 5,956,470$ 29,928,106$ 5,795,159$ 17,967,631$ 13,828,163$ 73,475,529$
OPERATING EXPENSES
Accounting - 1,737,929 - - - 1,737,929
City wide HR services - 1,679,138 - - - 1,679,138
Utility Customer Service - 3,554,787 - - - 3,554,787
Utility Customer Billing - 6,016,185 - - - 6,016,185
Economic development administration - 582,489 - - - 582,489
Facilities maintenance contracts - - 3,562,953 - - 3,562,953
Facilities maintenance services - - 1,084,698 - - 1,084,698
Finance and administration - 2,148,678 - - - 2,148,678
Fleet services operations 3,230,526 - - - - 3,230,526
Human resources - 1,989,056 - - - 1,989,056
Organizational and Operational Excellence - 495,071 - - - 495,071
Information technology - - - 5,808,172 - 5,808,172
Joint services contracts - 2,333,646 - 4,963,535 - 7,297,181
Legal services - 1,510,303 - - - 1,510,303
Real Estate Services - 541,301 - - - 541,301
Member reimbursements - - - - 12,499,785 12,499,785
Medical insurance - - - - 2,911,678 2,911,678
Cost of Service Operations Contracts - - - - 144,725 144,725
Purchasing - 719,420 - - - 719,420
Warehouse services - 351,683 - - - 351,683
Shared Control Center - 7,420 - - - 7,420
Systems engineering - 3,247,951 - - - 3,247,951
Depreciation and amortization 4,650,333 502,054 136,959 4,155,064 - 9,444,410
Total operating expenses 7,880,859 27,417,111 4,784,610 14,926,771 15,556,188 70,565,539
NET OPERATING INCOME (LOSS)(1,924,389) 2,510,995 1,010,549 3,040,860 (1,728,025) 2,909,990
NONOPERATING REVENUES (EXPENSES)
Investment income 1,162,008 403,324 307,798 530,826 355,482 2,759,438
Interest and fiscal charges - (11,918) - (83,286) - (95,204)
Gain(loss) on disposed assets (19,868) - - 5,963 - (13,905)
Other 331,093 202,603 5,326 7,588 1,746,719 2,293,329
Total nonoperating
revenues (expenses) 1,473,233 594,009 313,124 461,091 2,102,201 4,943,658
INCOME (LOSS) BEFORE
CONTRIBUTIONS AND TRANSFERS (451,156) 3,105,004 1,323,673 3,501,951 374,176 7,853,648
CONTRIBUTIONS AND TRANSFERS
Capital contributions 112,437 - - - - 112,437
Transfers in 6,470,952 - 15,400 237,600 - 6,723,952
Transfers out (20,302,359) (1,721,906) - - - (22,024,265)
Total contributions and transfers (13,718,970) (1,721,906) 15,400 237,600 - (15,187,876)
CHANGE IN NET POSITION (14,170,126) 1,383,098 1,339,073 3,739,551 374,176 (7,334,228)
Net position, beginning of period 45,559,388 9,026,110 7,496,988 13,478,518 7,986,029 83,547,033
NET POSITION, end of period 31,389,262$ 10,409,208$ 8,836,061$ 17,218,069$ 8,360,205$ 76,212,805$
City of Georgetown, Texas
Combining Statement of Cash Flows
Internal Service Funds
For the Fiscal Year Ended September 30, 2025
134
Fleet Joint Facilities Information Self
Services Services Maintenance Technology Insurance
Fund Fund Fund Fund Fund Total
CASH FLOWS FROM OPERATING ACTIVITIES
Department contributions 6,657,934$ 30,553,891$ 5,800,485$ 17,981,182$ 15,665,327$ 76,658,819$
Payments to suppliers (2,261,134) (15,205,314) (4,211,227) (6,519,359) (15,035,592) (43,232,626)
Payments to employees for services (720,832) (10,595,616) (595,190) (4,246,112) - (16,157,750)
Net cash provided by (used in)
operating activities 3,675,968 4,752,961 994,068 7,215,711 629,735 17,268,443
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers out (20,302,359) (1,721,906) - - - (22,024,265)
Transfers in 6,470,952 - 15,400 237,600 - 6,723,952
Net cash provided by noncapital
financing activities (13,831,407) (1,721,906) 15,400 237,600 - (15,300,313)
CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES
Acquisition of capital assets 1,467,371 3,318 (414,053) (1,215,542) - (158,906)
Proceeds from sale of capital assets (19,868) - - - - (19,868)
Principal paid on leases - (319,723) - (319,723) - (639,446)
Principal paid on subscriptions - (190,689) - (2,099,651) - (2,290,340)
Interest paid on subscriptions - (10,817) - (82,186) - (93,003)
Net cash used in capital and
related financing activities 1,447,503 (517,911) (414,053) (3,717,102) - (3,201,563)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 1,162,008 403,324 307,798 530,826 355,482 2,759,438
Change in temporary investments 5,102,851 (1,307,824) (245,777) (1,982,875) (178,328) 1,388,047
Net cash provided by (used in)
investing activities 6,264,859 (904,500) 62,021 (1,452,049) 177,154 4,147,485
Net increase (decrease) in cash (2,443,077) 1,608,644 657,436 2,284,160 806,889 2,914,052
Cash and cash equivalents, beginning of year 7,274,817 2,946,497 2,292,670 3,709,333 3,278,771 19,502,088
CASH AND CASH EQUIVALENTS, end of year 4,831,740$ 4,555,141$ 2,950,106$ 5,993,493$ 4,085,660$ 22,416,140$
NONCASH CAPITAL AND RELATED FINANCING ACTIVITIES
Capital asset acquisitions under subscriptions (SBITAs)-$ -$ -$ 474,880$ -$ 474,880$
Developer contributions 112,437 - - - - 112,437
OPERATING INCOME (LOSS)(1,924,389)$ 2,510,995$ 1,010,549$ 3,040,860$ (1,728,025)$ 2,909,990$
Adjustments to reconcile operating income (loss) to
cash provided by (used in) operating activities:
Depreciation and amortization 4,650,333 502,054 136,959 4,155,064 - 9,444,410
Gain on sale of capital assets (19,868) - - 5,963 - (13,905)
Other income 331,093 202,603 5,326 7,588 1,746,719 2,293,329
Decrease (increase) in prepaid expenses (10) (1,000) - - - (1,010)
Decrease (increase) in inventories - (1,092,576) - - - (1,092,576)
Decrease (increase) in accounts receivable 390,239 (3,937) - - 90,445 476,747
Decrease (increase) in due from/to other funds (15,670) 748,350 (7,944) (6,093) - 718,643
Increase (decrease) in accounts payable 250,442 1,459,353 (158,714) (84,399) 520,596 1,987,278
Increase (decrease) in customer deposits - 427,119 - - - 427,119
Increase (decrease) in accrued employee benefits 13,798 - 7,892 96,728 - 118,418
NET CASH PROVIDED BY (USED IN)
OPERATING ACTVITIES 3,675,968$ 4,752,961$ 994,068$ 7,215,711$ 629,735$ 17,268,443$
135
Statistical Section
(Unaudited)
136
City of Georgetown, Texas
Statistical Section (Unaudited)
137
This part of the City of Georgetown's annual comprehensive 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 ...................................................................................................................................................... 138
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 ............................................................................................................................................... 148
These schedules contain information to help the reader assess the government's most significant local
revenue source, the property tax.
Debt Capacity ...................................................................................................................................................... 158
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 ....................................................................................................... 172
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 ......................................................................................................................................... 176
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 annual comprehensive financial reports for
the relevant year.
City of Georgetown, Texas
Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
138
2025 2024 2023 2022
Governmental activities
Net investment in capital assets 515,173,019$ 465,611,860$ 410,567,205$ 371,149,670$
Restricted 45,804,849 23,084,857 20,362,945 18,018,751
Unrestricted 81,773,747 95,102,868 96,837,289 76,704,463
Total governmental activities net position 642,751,615$ 583,799,585$ 527,767,439$ 465,872,884$
Business-type activities
Net investment in capital assets 938,155,295 830,106,906 697,626,906 585,993,508
Restricted 103,464,695 69,205,576 46,618,445 81,502,846
Unrestricted 230,805,642 178,716,722 196,620,869 135,905,215
Total business-type activities net position 1,272,425,632$ 1,078,029,204$ 940,866,220$ 803,401,569$
Primary government
Net investment in capital assets 1,453,328,314$ 1,295,718,766$ 1,108,194,111$ 957,143,178$
Restricted 149,269,544 92,290,433 66,981,390 99,521,597
Unrestricted 312,579,389 273,819,590 293,458,158 212,609,678
Total primary government net position 1,915,177,247$ 1,661,828,789$ 1,468,633,659$ 1,269,274,453$
139
2021 2020 2019 2018 2017 2016
351,232,962$ 334,866,278$ 314,793,619$ 276,645,061$ 266,518,836$ 254,289,833$
14,116,916 10,217,761 5,992,268 7,677,564 6,423,693 4,958,105
71,547,912 42,054,620 39,926,307 47,211,812 35,069,898 27,598,778
436,897,790$ 387,138,659$ 360,712,194$ 331,534,437$ 308,012,427$ 286,846,716$
456,121,717 474,482,607 421,399,112 361,380,352 374,238,275 380,034,944
35,057,405 - - - - -
200,984,120 121,502,015 89,621,895 98,787,599 63,291,864 27,740,653
692,163,242$ 595,984,622$ 511,021,007$ 460,167,951$ 437,530,139$ 407,775,597$
807,354,679$ 809,348,885$ 736,192,731$ 638,025,413$ 640,757,111$ 634,324,777$
49,174,321 10,217,761 5,992,268 7,677,564 6,423,693 4,958,105
272,532,032 163,556,635 129,548,202 145,999,411 98,361,762 55,339,431
1,129,061,032$ 983,123,281$ 871,733,201$ 791,702,388$ 745,542,566$ 694,622,313$
City of Georgetown, Texas
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
140
2025 2024 2023 2022
EXPENSES
Governmental activities
Culture-recreation 27,020,145$ 19,762,852$ 17,732,882$ 16,297,283$
Development 15,124,445 6,890,978 6,333,212 4,827,233
Fire 36,547,582 34,440,258 29,566,354 24,070,090
General government 20,956,255 53,592,162 39,854,052 50,227,479
Police 30,522,037 27,367,230 24,147,505 20,391,650
Streets 26,638,510 8,825,800 10,485,408 6,554,066
Environmental services 162,543 164,747 11,906,563 10,527,603
Interest on long-term debt 19,629,830 14,495,037 11,757,844 9,258,115
Total governmental activities expenses 176,601,347 165,539,064 151,783,820 142,153,519
Business-type activities
Airport 6,356,549 6,347,668 6,737,661 6,084,802
Electric 111,462,940 109,259,928 99,339,116 94,103,761
Stormwater 8,695,087 7,679,759 8,321,678 5,472,651
Solid Waste 16,595,528 15,718,126 - -
Water 113,864,226 92,046,748 86,313,785 66,066,322
Total business-type activities expenses 256,974,330 231,052,229 200,712,240 171,727,536
Total primary government expenses 433,575,677$ 396,591,293$ 352,496,060$ 313,881,055$
PROGRAM REVENUES
Governmental activities
Charges for services
Culture-recreation 8,042,359$ 10,041,031$ 7,370,804$ 4,716,713$
Development 7,493,087 8,257,805 7,781,455 8,937,327
Fire 6,028,672 6,556,718 3,159,284 3,238,329
General government 1,194,675 1,064,915 897,312 833,589
Police 966,840 819,116 661,195 464,542
Streets 485,974 1,167,370 1,175,769 -
Environmental services 1,327,106 - 13,206,716 12,030,074
Operating grants and contributions 25,985,036 15,225,545 7,396,382 8,505,824
Capital grants and contributions 25,178,672 18,786,722 27,834,322 15,433,875
Total governmental activities
program revenues 76,702,421 61,919,222 69,483,239 54,160,273
Business-type activities
Charges for services
Airport 114,553,215 5,498,915 5,907,684 5,616,773
Electric 181,588,685 105,793,861 99,445,123 96,099,634
Stormwater 5,678,713 5,376,992 4,847,880 4,463,646
Solid Waste 6,455,687 16,403,494 - -
Water 17,846,651 127,820,964 127,435,863 123,099,145
Operating grants and contributions 530,509 1,144,091 101,184 731,258
Capital grants and contributions 101,194,827 85,267,835 94,393,719 62,133,164
Total business-type activities
program revenues 427,848,287 347,306,152 332,131,453 292,143,620
Total primary government program revenues 504,550,708$ 409,225,374$ 401,614,692$ 346,303,893$
Net (expense)/revenue
Governmental activities (99,898,926)$ (103,619,842)$ (82,300,581)$ (87,993,246)$
Business-type activities 170,873,957 116,253,923 131,419,213 120,416,084
Total primary government net expense 70,975,031$ 12,634,081$ 49,118,632$ 32,422,838$
141
2021 2020 2019 2018 2017 2016
13,414,830$ 15,598,354$ 13,872,915$ 13,151,439$ 11,904,166$ 12,128,222$
3,793,141 4,293,027 3,465,789 3,356,356 2,561,792 2,805,625
22,071,561 24,264,619 19,530,308 17,642,881 16,113,850 15,089,501
12,823,730 6,844,030 5,684,392 4,989,778 5,959,340 6,348,544
18,537,264 21,710,738 17,528,376 17,174,693 16,537,297 15,938,090
5,327,307 7,923,523 9,651,202 12,773,454 7,376,116 8,270,333
9,652,598 10,686,467 8,357,796 8,246,680 6,325,688 5,964,867
7,160,163 7,306,732 7,095,415 7,172,983 5,826,012 4,455,057
92,780,594 98,627,490 85,186,193 84,508,264 72,604,261 71,000,239
4,410,182 79,179,630 4,306,091 3,675,044 3,123,008 2,655,035
88,790,270 56,354,897 81,228,070 77,960,552 66,383,559 59,649,218
4,510,808 3,964,161 3,723,377 3,707,981 3,882,824 3,844,129
- - - - - -
52,520,362 4,052,203 45,506,608 42,004,858 39,960,102 36,679,504
150,231,622 143,550,891 134,764,146 127,348,435 113,349,493 102,827,886
243,012,216$ 242,178,381$ 219,950,339$ 211,856,699$ 185,953,754$ 173,828,125$
3,321,875$ 1,918,354$ 3,012,266$ 3,255,788$ 2,534,735$ 2,781,283$
7,260,417 5,622,473 4,434,081 3,169,625 2,653,201 2,666,369
2,884,031 2,806,272 7,641,026 4,538,006 4,116,783 3,718,280
538,965 1,032,226 45,532 365,766 356,455 1,155,218
495,458 478,602 992,621 1,004,922 743,304 200,276
- - - - 4,124,813 843,386
11,041,283 10,218,066 9,284,703 8,782,764 7,329,850 7,380,876
6,441,555 5,900,401 225,105 1,560,956 470,604 397,920
13,972,698 11,142,679 9,890,127 15,480,125 5,612,025 12,784,076
45,956,282 39,119,073 35,525,461 38,157,952 27,941,770 31,927,684
3,969,953 3,284,729 3,376,373 3,500,244 3,318,983 2,905,729
90,678,737 94,842,210 86,335,438 73,419,224 70,109,269 66,916,207
4,209,406 4,159,000 3,618,468 3,571,582 3,409,626 3,277,508
- - - - - -
109,295,979 82,288,865 65,693,605 65,542,222 42,729,980 45,485,151
206,980 132,671 - - - -
47,361,553 51,190,822 31,949,771 11,757,245 32,180,271 25,104,637
255,722,608 235,898,297 190,973,655 157,790,517 151,748,129 143,689,232
301,678,890$ 275,017,370$ 226,499,116$ 195,948,469$ 179,689,899$ 175,616,916$
(46,824,312)$ (59,508,417)$ (49,660,732)$ (46,350,312)$ (44,662,491)$ (39,072,555)$
105,490,986 92,347,406 56,209,509 30,442,082 38,398,636 40,861,346
58,666,674$ 32,838,989$ 6,548,777$ (15,908,230)$ (6,263,855)$ 1,788,791$
City of Georgetown, Texas
Changes In Net Position
Last Ten Fiscal Years – Continued
(Accrual Basis Of Accounting)
142
2025 2024 2023 2022
GENERAL REVENUES AND OTHER
CHANGES IN NET POSITION
Governmental activities
Property tax 62,606,779$ 59,231,430$ 50,535,097$ 41,941,149$
Sales tax 52,786,878 50,488,921 47,617,023 47,223,463
Hotel occupancy tax 2,181,192 1,942,577 - -
Mixed beverage tax 393,226 395,392 - -
Auto inventory tax 310,741 331,711 - -
Taxes - other - - 7,813,724 7,234,817
Franchise taxes 9,765,456 8,480,337 3,121,818 2,320,560
Investment income 20,594,970 19,880,716 13,573,487 1,585,971
Other 5,934,128 11,768,817 7,521,056 4,554,129
Transfers 4,277,586 (1,240,846) 14,012,931 12,108,251
Total governmental activities 158,850,956$ 151,279,055$ 144,195,136$ 116,968,340$
Business-type activities
Franchise taxes 299,440$ -$ -$ -$
Investment income 27,500,617 29,491,128 20,058,369 2,930,494
Transfers (4,277,586) 1,240,846 (14,012,931) (12,108,251)
Total business-type activities 23,522,471 30,731,974 6,045,438 (9,177,757)
Total primary government 182,373,427$ 182,011,029$ 150,240,574$ 107,790,583$
CHANGES IN NET POSITION
Governmental activities 58,952,030$ 47,659,213$ 61,894,555$ 28,975,094$
Business-type activities 194,396,428 146,985,897 137,464,651 111,238,327
Total primary government 253,348,458$ 194,645,110$ 199,359,206$ 140,213,421$
143
2021 2020 2019 2018 2017 2016
36,690,865$ 33,731,126$ 30,784,640$ 27,118,902$ 24,734,830$ 22,815,206$
39,823,657 31,845,454 27,647,382 25,036,952 23,008,606 21,556,336
- - - - - -
- - - - - -
- - - - - -
1,728,635 1,384,656 1,833,555 1,663,994 3,027,357 2,459,912
6,352,265 5,882,916 5,646,479 5,274,758 4,973,295 4,926,315
261,541 1,514,798 2,687,704 1,518,679 731,135 398,206
1,918,589 2,633,974 2,631,661 - 164,835 -
9,807,891 8,941,958 7,607,068 9,259,037 9,188,144 10,371,215
96,583,443$ 85,934,882$ 78,838,489$ 69,872,322$ 65,828,202$ 62,527,190$
-$ -$ -$ -$ -$ -$
477,776 1,558,167 2,250,615 1,454,767 544,050 271,508
(9,807,891) (8,941,958) (7,607,068) (9,259,037) (9,188,144) (10,371,215)
(9,330,115) (7,383,791) (5,356,453) (7,804,270) (8,644,094) (10,099,707)
87,253,328$ 78,551,091$ 73,482,036$ 62,068,052$ 57,184,108$ 52,427,483$
49,759,131$ 26,426,465$ 29,177,757$ 23,522,010$ 21,165,711$ 23,454,635$
96,160,871 84,963,615 50,853,056 22,637,812 29,754,542 30,761,639
145,920,002$ 111,390,080$ 80,030,813$ 46,159,822$ 50,920,253$ 54,216,274$
City of Georgetown, Texas
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
144
2025 2024 2023 2022
General fund
Nonspendable 23,392$ 18,524$ 16,695$ 317,611$
Committed
Contingency 20,876,742 19,305,493 18,166,659 15,917,686
Economic stability - - -
Benefit payout - 340,000 340,000 340,000
Assigned - - -
Unassigned 16,173,898 18,512,405 17,427,348 20,939,947
Total general fund 37,074,032$ 38,176,422$ 35,950,702$ 37,515,244$
Other governmental funds
Nonspendable -$ -$ 241$ 15,545$
Restricted
Debt service 5,257,085 4,052,785 2,813,408 1,922,334
Bond funds 217,697,841 191,514,066 143,240,531 112,398,468
Hotel/motel tax 3,877,330 3,184,239 2,782,127 2,325,443
Street maintenance tax 9,074,075 10,024,003 12,078,990 10,490,595
Other purposes 12,917,094 12,308,805 10,240,006 9,373,729
Committed
Other capital projects 93,763,117 44,070,516 41,063,402 40,692,763
Other purposes 33,012,456 28,785,435 23,224,565 18,793,057
Assigned - - - -
Unassigned - - - -
Total all other
governmental funds 375,598,998$ 293,939,849$ 235,443,270$ 196,011,934$
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 2012 are not available.
145
2021 2020 2019 2018 2017 2016
126,560$ 245,067$ 454,443$ 231,057$ 246,648$ 507,929$
11,159,189 11,414,340 9,977,771 8,500,000 7,925,000 7,925,000
1,467,563 - - 1,150,000 1,150,000 -
340,000 340,000 170,000 252,000 222,000 -
- 1,011,219 682,350 919,906 1,502,188
16,718,129 9,197,203 2,827,859 1,131,340 2,862,071 2,561,845
29,811,441$ 21,196,610$ 14,441,292$ 11,946,747$ 13,325,625$ 12,496,962$
53,837$ 20,930$ -$ -$ -$ -$
1,945,161 1,907,062 2,004,196 2,110,421 1,938,926 1,867,190
72,413,177 38,315,166 32,713,686 29,208,307 17,258,365 23,602,097
1,863,372 1,675,963 1,551,880 1,301,053 853,337 499,231
6,672,999 3,530,549 1,558,875 3,301,181 3,422,465 2,388,379
8,352,587 2,901,071 638,729 547,157 762,196 692,834
36,859,894 31,029,700 20,821,652 16,896,037 11,556,682 10,985,484
12,015,278 6,876,345 6,747,159 7,723,610 5,405,555 3,324,663
- - 13,469,490 17,529,424 22,456,924 26,160,650
- - - (228,267) (495,350) (105,707)
140,176,305$ 86,256,786$ 79,505,667$ 78,388,923$ 63,159,100$ 69,414,821$
City of Georgetown, Texas
Changes In Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
146
2025 2024 2023 2022
REVENUES
Property taxes 62,570,832$ 58,837,353$ 50,833,873$ 41,526,133$
Sales tax and other taxes 56,269,144 53,746,353 50,738,841 49,544,023
Franchise taxes 9,765,456 8,480,337 7,813,724 7,234,817
Licenses and permits - - - -
Charges for service 24,690,137 27,240,672 33,613,366 29,559,161
Fine and forfeitures 848,576 666,283 639,169 426,842
Donations and grants 28,025,427 17,274,196 10,033,692 11,181,032
Investment income 17,835,532 17,536,425 12,297,037 1,447,572
Other revenue 3,057,597 5,985,600 3,130,915 1,772,933
Total revenues 203,062,701 189,767,219 169,100,617 142,692,513
EXPENDITURES
Culture / recreation 19,242,283 18,396,700 16,708,450 15,369,673
Development 8,702,670 6,597,733 6,047,914 4,740,048
Fire services 33,825,352 33,582,499 28,550,595 24,342,213
General government 17,756,601 16,875,685 16,399,544 15,247,680
Highways and streets 7,746,652 6,813,657 9,045,385 4,721,035
Police 29,103,774 26,728,677 23,351,375 20,693,538
Environmental services 162,543 164,747 11,898,475 10,527,641
Capital outlay 85,130,342 68,693,801 51,538,489 24,773,548
Debt service
Principal retirement 27,939,589 28,351,402 24,737,478 19,767,875
Interest and fiscal charges 16,816,253 13,243,673 11,848,002 9,887,072
Total expenditures 246,426,059 219,448,574 200,125,707 150,070,323
Excess (deficiency) of revenues
over expenditures (43,363,358) (29,681,355) (31,025,090) (7,377,810)
OTHER FINANCING SOURCES (USES)
Transfers in 35,188,721 21,894,341 21,095,323 18,413,407
Transfers out (15,610,822) (29,325,093) (14,144,693) (14,667,587)
Premiums 3,987,223 7,089,406 5,462,336 3,115,851
Sale of property - - - -
Payment to refunding escrow agent - - - -
Issuance of bonds 100,355,000 90,745,000 55,760,000 63,821,000
Leases - - 619,543 234,571
Subscriptions - - 99,375 -
Total other financing sources (uses) 123,920,122 90,403,654 68,891,884 70,917,242
NET CHANGE IN FUND BALANCES 80,556,764$ 60,722,299$ 37,866,794$ 63,539,432$
Debt service as a percentage of
noncapital expenditures 27.7% 27.6% 24.6% 23.7%
147
2021 2020 2019 2018 2017 2016
36,669,503$ 33,808,581$ 30,854,570$ 28,636,709$ 26,109,522$ 25,276,211$
41,552,292 33,230,110 29,480,937 26,700,946 24,588,124 21,556,336
6,352,265 5,882,916 5,646,479 5,274,758 4,973,295 4,926,315
4,781,179 3,435,817 3,756,125 2,747,720 2,652,279 2,113,126
20,319,316 18,241,169 19,299,458 16,126,270 14,273,666 12,512,232
441,534 399,007 473,251 457,279 500,577 525,510
8,442,013 7,107,087 1,263,616 7,108,038 5,231,886 6,852,346
195,909 1,329,892 2,379,050 1,322,819 672,070 356,761
1,336,361 746,569 2,082,621 2,883,871 1,875,015 3,207,387
120,090,372 104,181,148 95,236,107 91,258,410 80,876,434 77,326,224
12,645,620 12,175,658 13,051,248 12,804,253 11,362,281 11,144,256
3,831,114 3,443,205 3,260,516 3,222,862 2,517,985 5,565,942
22,216,763 19,821,262 18,373,565 16,079,479 14,848,470 13,823,467
6,305,201 5,413,335 5,347,716 5,276,868 4,791,467 3,361,740
4,910,641 4,852,090 9,079,580 12,271,033 6,992,059 7,794,109
18,719,459 17,376,416 16,490,203 15,935,637 14,737,071 13,876,795
9,652,598 8,537,957 7,862,780 7,911,890 6,328,860 5,951,829
20,348,175 23,707,970 32,473,431 28,581,061 39,219,989 23,482,464
15,570,801 13,484,534 12,600,418 11,062,889 10,372,836 8,860,415
8,001,223 7,767,277 7,454,605 6,724,766 5,808,925 4,931,447
122,201,595 116,579,704 125,994,062 119,870,738 116,979,943 98,792,464
(2,111,223) (12,398,556) (30,757,955) (28,612,328) (36,103,509) (21,466,240)
16,520,667 13,602,477 12,093,253 16,406,657 15,963,898 14,712,268
(11,752,924) (7,332,484) (6,939,985) (9,893,720) (10,046,733) (7,421,944)
8,796,846 - 2,489,315 3,837,621 1,799,286 1,831,554
- - 2,631,661 - - -
(25,844,016) - - (15,027,285) - (7,877,733)
76,925,000 19,635,000 24,095,000 47,140,000 22,960,000 50,244,742
- - - - - -
- - - - - -
64,645,573 25,904,993 34,369,244 42,463,273 30,676,451 51,488,887
62,534,350$ 13,506,437$ 3,611,289$ 13,850,945$ (5,427,058)$ 30,022,647$
23.1% 22.9% 21.4% 19.5% 20.8% 18.3%
City of Georgetown, Texas
Property Tax Rates, Levies and Collections
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
148
Interest
and Current
Fiscal Tax General Sinking Total Tax
Year Rate Fund Fund Tax Levy Collections
2016 0.4340 0.20720 0.22680 23,803,581 23,354,913
2017 0.4240 0.19670 0.22734 25,551,262 25,470,885
2018 0.4200 0.19270 0.22734 28,043,693 27,622,737
2019 0.4200 0.19955 0.22045 30,490,501 30,291,980
2020 0.4200 0.19547 0.22453 33,674,169 33,495,990
2021 0.4180 0.19318 0.22482 36,361,454 36,344,533
2022 0.4010 0.16132 0.23968 41,374,812 41,034,846
2023 0.3740 0.13219 0.24181 50,038,063 50,478,762
2024 0.3740 0.13268 0.24132 58,780,343 58,539,650
2025 0.3647 0.12511 0.23959 62,167,624 61,059,034
Source: Williamson County Tax Assessor.
149
Total Outstanding
Collections Delinquent
Percent Delinquent as a Percent Outstanding Taxes as a
of Levy Tax Total Tax of Current Delinquent Percent of
Collected Collections Collections Levy Taxes Current Levy
98.12%71,125 23,426,038 98.41%377,543 1.59%
99.69%(6,876) 25,464,009 99.66%452,566 1.77%
98.50%89,789 27,712,526 98.82%581,133 2.07%
99.35%69,555 30,361,535 99.58%509,410 1.67%
99.47%52,780 33,548,770 99.63%429,275 1.27%
99.95% 55,067 36,399,600 100.10%
451,867 1.24%
99.18% 37,224 41,072,069 99.27%
877,115 2.12%
100.88% 10,787 50,489,549 100.90%
564,094 1.13%
99.59% 90,783 58,630,433 99.74%
961,599 1.64%
98.22% 190,823 61,249,857 98.52%
987,185 1.59%
City of Georgetown, Texas
Assessed and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
150
Personal Property
Estimated Estimated
Fiscal Assessed Actual Assessed Actual
Year Value (1)Value Value (1)Value
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
2021 8,473,277,625 8,473,277,625 701,058,487 701,058,487
2022 10,156,092,100 10,156,092,100 793,964,283 793,964,283
2023 12,950,755,672 12,950,755,672 930,237,215 930,237,215
2024 15,699,361,604 15,699,361,604 1,053,167,412 1,053,167,412
2025 17,087,029,396 17,087,029,396 1,304,645,850 1,304,645,850
Source: Williamson County Appraisal District Tax Assessor/Collector.
(1) Net of exemptions.
Real Property
151
Total Total Ratio of Total
Estimated Direct Assessed Value
Assessed Actual Tax to Total Estimated
Value (1)Value Rate Actual Value
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%
9,174,336,112 9,174,336,112 0.4180 100.00%
10,950,056,383 10,950,056,383 0.4010 100.00%
13,880,992,887 13,880,992,887 0.3740 100.00%
16,752,529,016 16,752,529,016 0.3740 100.00%
18,391,675,246 18,391,675,246 0.3647 100.00%
City of Georgetown, Texas
Property Tax Rates – Direct and Overlapping Governments
(Per $100 of Assessed Value)
Last Ten Fiscal Years
152
Debt Georgetown
Fiscal General Service Total Independent Williamson
Year Fund Fund City School District County Total
2016 0.21 0.23 0.44 1.40 0.48 2.32
2017 0.21 0.22 0.43 1.41 0.48 2.32
2018 0.19 0.23 0.42 1.41 0.46 2.29
2019 0.20 0.22 0.42 1.41 0.46 2.29
2020 0.20 0.22 0.42 1.34 0.46 2.22
2021 0.19 0.22 0.41 1.31 0.46 2.18
2022 0.16 0.24 0.40 1.23 0.44 2.07
2023 0.13 0.24 0.37 1.21 0.38 1.96
2024 0.13 0.24 0.37 1.05 0.38 1.79
2025 0.12 0.24 0.36 1.05 0.40 1.81
Source: Information furnished by respective tax assessors.
City of Georgetown
City of Georgetown, Texas
Principal Property Taxpayers
Current Year and Nine Years Ago
153
Percentage Percentage
of Total of Total
Assessed Assessed Assessed Assessed
Taxpayer Value Rank Value (1)Value Rank Value (1)
ZT Systems 293,750,487$ 1 1.60%
Citicorp North America 228,807,327 2 1.24%60,732,836$ 2 1.04%
Citigroup Technology Inc 123,734,108 3 0.67%50,222,987 3 0.86%
BT-JV VG LLC 106,213,800 4 0.58%
WPG Wolf Ranch LLC 105,000,000 5 0.57%69,711,336 1 1.19%
BVF-V Georgetown 2 LLC 94,000,000 6 0.51%
Blue Sprins Business Park LLC 89,807,182 7 0.49%
SL6 Georgetown LP 88,726,178 8 0.48%
Magnolia Georgetown LLC 79,704,000 9 0.43%
Georgetown Senior Living LLC 77,600,000 10 0.42%
The Bassham Trust 36,694,921 4 0.63%
St. David's Healthcare Partnership 35,136,906 5 0.60%
Westinghouse Pointe Apts 27,364,236 6 0.47%
Vantage at Georgetown LLC 25,204,000 7 0.43%
Summary at Rivery Park LTD 25,029,930 8 0.43%
Two Rivers GT Ltd 24,669,572 9 0.42%
South Austin Ave Prof Bldg 22,351,976 10 0.38%
Total 1,287,343,082$ 7.00%377,118,700$ 6.46%
Source: WCAD CGT Certified Supporting Documents.
(1) The total assessed valuation for the fiscal year ended September 30, 2025 was certified at $18,391,675,246.
*Per certified roll. Does not include some major property owners whose property is under protest as of date of certification.
20162025
City of Georgetown, Texas
Taxable Sales by Category
Last Ten Fiscal Years
154
NAICS Sectors 2025* 2024 2023 2022
Agriculture/Forestry/Fishing/Hunting 3,783$ 2,775$ 17,035$ -$
Mining, quarrying, oil & gas extraction - - - -
Utilities 53,419,812 47,617,881 36,832,291 35,375,045
Construction 47,982,085 48,152,261 62,970,783 45,622,460
Manufacturing 43,393,013 83,185,223 63,476,099 169,007,705
Wholesale trade 92,001,021 63,456,735 62,118,973 55,479,923
Retail trade 973,906,256 960,875,987 874,507,960 906,081,517
Transportation, warehousing 26,513,512 24,986,765 15,191,731 10,944,833
Information 16,937,791 30,198,712 20,749,681 42,457,791
Finance, insurance 119,614,611 1,234,800 1,582,209 4,294,491
Real estate, rental, leasing 13,270,111 9,944,499 8,424,225 5,388,949
Professional, scientific, technical svcs 13,201,597 16,858,785 14,443,725 14,072,659
Management of companies, enterprises 97,217 10,000 14,315 225,783
Admin, support, waste mgmt, remediation svcs 21,072,688 16,363,751 19,723,529 18,815,027
Educational svcs 678,617 746,920 670,239 868,677
Healthcare, social assistance 983,712 758,152 1,235,596 590,284
Arts, entertainment, recreation 17,607,919 15,723,831 14,271,772 11,615,073
Accommodation, food services 275,129,267 261,307,369 242,716,524 217,724,101
Other svcs (except public administration)170,561,739 173,618,012 189,113,329 156,889,815
Public administration 137,852 - - -
Other - - - -
Total 1,886,512,603$ 1,755,042,458$ 1,628,060,016$ 1,695,454,133$
City direct sales tax rate 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 CAFR 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.
*Only first three Quarters for 2025 (City FY25 October 2024 to June 2025) was available at time of update
155
2021 2020 2019 2018 2017 2016
-$ -$ -$ -$ -$ -$
- - - - - -
34,607,661 35,016,212 43,667,940 30,132,050 24,653,363 24,509,458
14,594,711 33,901,554 40,056,047 25,020,124 24,798,897 18,369,915
168,503,155 123,745,096 115,742,117 120,869,078 82,046,181 7,590,482
30,908,183 27,978,783 27,804,152 24,744,056 24,816,039 21,912,478
723,021,201 599,889,893 549,216,372 534,956,456 525,453,413 552,269,512
8,442,931 4,564,338 3,677,032 3,834,944 3,219,999 2,159,562
51,734,427 76,362,611 77,390,775 62,540,410 47,709,743 51,059,437
2,241,971 2,632,221 2,612,369 3,303,579 3,557,444 3,357,319
4,169,500 3,827,475 3,444,769 3,364,139 3,387,155 3,393,642
14,515,633 12,500,619 9,757,092 9,359,072 8,624,509 8,189,352
820,995 604,538 638,249 180,993 - 315,805
14,039,895 10,492,522 12,919,075 10,208,258 8,787,903 8,131,282
458,419 356,809 540,780 645,249 479,225 538,758
512,056 585,190 734,147 546,285 607,795 439,596
7,235,932 9,140,944 12,786,896 12,774,273 13,139,889 12,251,028
174,746,808 155,984,061 152,328,276 141,635,730 134,051,840 127,069,718
131,024,780 79,418,380 40,019,932 30,602,131 27,870,439 26,724,994
- - 1,027 57,786 31,743 18,245
- - - - 2,613 -
1,381,578,258$ 1,177,001,246$ 1,093,337,047$ 1,014,774,613$ 933,238,190$ 868,300,583$
2.00%2.00%2.00%2.00%2.00%2.00%
City of Georgetown, Texas
Direct and Overlapping Sales Tax Rates
Last Ten Fiscal Years
156
City
Fiscal Direct State of
Year Rate Texas
2016 2%6.25%
2017 2%6.25%
2018 2%6.25%
2019 2%6.25%
2020 2%6.25%
2021 2%6.25%
2022 2%6.25%
2023 2%6.25%
2024 2%6.25%
2025 2%6.25%
Source: Information furnished by City of Georgetown.
City of Georgetown, Texas
Sales Tax Revenue Payers by Industry
Fiscal Years 2025 and 2016
157
Number Percent Tax Percent
NAICS Sectors of Filers of Total Liability of Total
Agriculture/Forestry/Fishing/Hunting 14 0.47%3,783$ 76$ 0.00%
Mining, quarrying, oil & gas extraction 2 0.07%- - 0.00%
Utilities 8 0.27%53,419,812 1,068,396 2.83%
Construction 263 8.81%47,982,085 959,642 2.54%
Manufacturing 195 6.53%43,393,013 867,860 2.30%
Wholesale trade 106 3.55%92,001,021 1,840,020 4.88%
Retail trade 1,038 34.76%973,906,256 19,478,125 51.62%
Transportation, warehousing 21 0.70%26,513,512 530,270 1.41%
Information 50 1.67%16,937,791 338,756 0.90%
Finance, insurance 15 0.50%119,614,611 2,392,292 6.34%
Real estate, rental, leasing 63 2.11%13,270,111 265,402 0.70%
Professional, scientific, technical svcs 225 7.54%13,201,597 264,032 0.70%
Management of companies, enterprises 5 0.17%97,217 1,944 0.01%
Admin, support, waste mgmt, remediation svcs 159 5.32%21,072,688 421,454 1.12%
Educational svcs 23 0.77%678,617 13,572 0.04%
Healthcare, social assistance 57 1.91%983,712 19,674 0.05%
Arts, entertainment, recreation 112 3.75%17,607,919 352,158 0.93%
Accommodation, food services 339 11.35%275,129,267 5,502,585 14.58%
Other svcs (except public administration)211 7.07%170,561,739 3,411,235 9.04%
Public administration 5 0.17%137,852 2,757 0.01%
Other 75 2.51%- - 0.00%
Totals 2,986 100.00%1,886,512,603$ 37,730,250$ 100.00%
Number Percent Tax Percent
NAICS Sectors of Filers of Total Liability of Total
Agriculture/Forestry/Fishing/Hunting 3 0.17%-$ -$ 0.00%
Mining, quarrying, oil & gas extraction 2 0.12% - - - 0.00%
Utilities 7 0.41%23,300,359 466,007 2.61%
Construction 119 6.89%32,632,561 652,651 3.65%
Manufacturing 115 6.66%22,890,673 457,813 2.56%
Wholesale trade 69 4.00%20,757,315 415,146 2.32%
Retail trade 612 35.46%552,155,541 11,043,111 61.80%
Transportation, warehousing 17 0.98%1,868,373 37,367 0.21%
Information 34 1.97%50,831,951 1,016,639 5.69%
Finance, insurance 11 0.64%3,260,095 65,202 0.36%
Real estate, rental, leasing 31 1.80%3,448,108 68,962 0.39%
Professional, scientific, technical svcs 135 7.82%8,237,405 164,748 0.92%
Management of companies, enterprises 3 0.17% - - 0.00%
Admin, support, waste mgmt, remediation svcs 106 6.14%7,701,976 154,040 0.86%
Educational svcs 8 0.46%543,793 10,876 0.06%
Healthcare, social assistance 29 1.68%424,063 8,481 0.05%
Arts, entertainment, recreation 55 3.19%12,199,537 243,991 1.37%
Accommodation, food services 176 10.20%126,060,979 2,521,220 14.11%
Other svcs (except public administration)143 8.29%27,095,153 541,903 3.03%
Public administration 5 0.29%18,236 365 0.00%
Other 46 2.67%35,018 - 0.00%
Totals 1,726 100.00%893,461,136$ 17,868,522$ 100.00%
Source: Window on State Government.
Notes: The City direct sales tax rate for both 2025 and 2016 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.
*Only first three Quarters for 2025 (City FY25 October 2024 to June 2025) was available at time of update
2025*
2016
City of Georgetown, Texas
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
158
General Sales Tax Special
Fiscal Obligation Revenue Assessment Related Subscription Lease
Year Bonds Bonds Bonds Premiums Liability Liability
2016 154,191,338 7,225,000 - 4,596,657 - -
2017 170,194,599 6,685,000 - 6,020,112 - -
2018 192,278,643 6,125,000 - 9,391,939 - -
2019 204,223,225 5,555,000 - 11,175,985 - -
2020 210,843,700 4,960,000 - 10,360,307 - -
2021 246,977,899 4,340,000 - 18,313,360 - -
2022 283,870,024 3,695,000 7,681,000 20,159,633 - -
2023 315,624,546 3,025,000 7,619,000 23,896,674 2,154,663 2,801,493
2024 364,878,674 2,320,000 7,423,000 27,880,502 4,391,207 1,882,870
2025 438,045,418 1,580,000 7,219,000 29,817,135 2,547,434 921,004
Note: Details regarding the City's outstanding debt can be found in the notes to the financial statements.
Governmental Activities
159
General Total Percentage
Revenue Obligation PPFCO Related Subscription Primary of Personal Per
Bonds Bonds Premiums Liability Government Income Capita
72,545,000 15,286,384 - 2,943,619 - 256,787,998 10.25%4,323
92,730,000 13,865,309 - 5,152,405 - 294,647,425 9.56%4,774
93,335,000 12,491,356 - 5,043,308 - 318,665,246 9.88% 4,868
87,295,000 12,336,775 - 4,778,117 - 325,364,102 11.12% 4,802
100,220,124 12,066,301 - 4,925,077 - 343,375,508 8.94% 4,753
88,515,000 32,732,100 48,025,000 6,111,744 - 445,015,103 10.29% 5,835
301,600,000 32,039,975 43,850,000 20,052,422 - 712,948,054 11.90% 8,495
398,235,000 30,855,455 39,310,000 27,893,686 48,432 853,061,252 12.16% 9,138
499,085,000 42,745,855 34,690,000 37,597,454 48,432 1,031,088,461 14.70% 11,045
585,780,000 21,259,493 29,990,000 41,841,779 57,375 1,159,058,637 13.23% 10,072
Business-Type Activities
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
160
Taxable
Assessed Gross Less Debt
Fiscal Assessed Valuation Bonded Service Funds
Year Population Value (1)Per Capita Debt (2) (4)Available
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 8,681,840,882 120,176 222,910,001 2,195,384
2021 76,270 9,174,336,112 120,288 327,735,000 2,254,777
2022 83,927 10,950,056,383 130,471 359,760,000 738,984
2023 93,354 13,880,992,887 148,692 385,790,001 146,822
2024 104,163 16,752,529,016 160,830 442,314,528 2,417,810
2025 115,079 18,391,675,246 159,818 489,294,910 2,306,985
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.
(3) Less debt service funds available.
(4) Excludes special assessment debt
161
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)
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
220,714,617 2.54% 2.54% 3,055 3,055
325,480,223 3.55% 3.55% 4,267 4,267
359,021,016 3.28% 3.28% 4,278 4,278
385,643,179 2.78% 2.78% 4,131 4,131
439,896,718 2.63% 2.63% 4,223 4,223
486,987,925 2.65% 2.65% 4,232 4,232
City of Georgetown, Texas
Computation of Direct and Estimated Overlapping Bonded Debt
Last Ten Fiscal Years
162
Per
Taxing Body Amount As of Percent Amount Capita (1)
ESTIMATED OVERLAPPING DEBT
Georgetown I.S.D.1,107,370,000$ 09/30/2025 67.92% 752,125,704$ 7,547$
Austin CCD 657,685,000 09/30/2025 0.00%- -
Berry Creek Highlands MUD 5,700,000 09/30/2025 99.99%5,699,430 57
Jarrell ISD 378,085,104 09/30/2025 26.53%100,305,978 1,007
Somerset Hills Road District 23,205,000 09/30/2025 100.00%23,205,000 233
Southeast Williamson County 48,490,000 09/30/2025 100.00%48,490,000 487
Upper Brushy Creek WCID 48,465,000 09/30/2025 1.35%654,278 7
Williamson County 1,422,205,000 09/30/2025 13.79%196,122,070 1,968
Williamson Co MUD #28 53,940,000 09/30/2025 100.00% 53,940,000 541
Williamson Co MUD #29 42,210,000 09/30/2025 100.00% 42,210,000 424
Williamson Co MUD #34 17,135,000 09/30/2025 100.00%17,135,000 172
Total estimated overlapping debt 3,804,490,104$ 32.59% 1,239,887,460$ 12,443$
DIRECT DEBT - City of Georgetown (3)480,129,991 09/30/2025 100.00% 480,129,991 4,817
DIRECT AND ESTIMATED OVERLAPPING DEBT 4,284,620,095$ 1,720,017,451$ 17,260$
RATIO OF DIRECT AND OVERLAPPING TAX SUPPORTED
DEBT TO TAXABLE ASSESSED VALUATION
Source:
(1) GISD taxpayer population - 142,933
Berry Creek Highlands MUD population - 1,365
Jarrell ISD taxpayer population - 19,349
Somerset Hills Road District population - 6,175
Southeast Williamson County population - 5,190
Upper Brushy Creek WCID population - 396,300
Williamson County population - 727,480
Williamson Co MUD #28 population - 2,395
Williamson Co MUD #29 population - 3,245
Williamson Co MUD #34 population - 1,668
City of Georgetown population - 115,079
(2) Information represents the share of the respective debt which are obligations of the citizens
of the City of Georgetown
(3) Direct debt of the City of Georgetown does not include the Special Assessment bonds of the Parks at Westhaven PID
Debt City's Share (2)
163
City of Georgetown, Texas
Computation of Legal Debt Margin
Last Ten Fiscal Years
164
2025 2024 2023 2022
DEBT LIMIT 248,287,616$ 226,159,142$ 187,393,404$ 123,188,134$
Total net debt applicable to limit (1)35,100,000 34,520,000 30,315,000 25,105,000
LEGAL DEBT MARGIN 213,187,616$ 191,639,142$ 157,078,404$ 98,083,134$
Total net debt applicable to limit
as a percentage of debt limit 14.14%15.26%16.18%20.38%
ASSESSED VALUATION MINUS EXEMPTIONS 2024 18,391,675,246$
Allowable tax levy for annual debt service purpose:
$1.50 per $100 of assessed valuation, assuming 90% collection rate 248,287,616$
2025 annual debt service requirements
for general obligation debt:
Principal 35,100,000
Interest and fiscal charges 17,677,958 52,777,958
Legal margin for annual debt service requirements 195,509,658$
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 $1.50 per $100 of valuation, based on 90% collection of tax.
(1) The legal margin computation includes the general obligation debt that will be repaid by self-supporting sources
such as the Airport, Stormwater Drainage, Water, Electric, and Georgetown Transportation Enhancement Corporation (GTEC) funds.
165
2021 2020 2019 2018 2017 2016
103,211,281$ 97,670,710$ 88,091,442$ 79,770,002$ 72,922,134$ 65,678,340$
23,760,000 13,940,000 12,502,643 12,725,000 10,354,174 9,082,545
79,451,281$ 83,730,710$ 75,588,799$ 67,045,002$ 62,567,960$ 56,595,795$
23.02%14.27%14.19%15.95%14.20%13.83%
City of Georgetown, Texas
Revenue Bond Coverage
Utility Funds (1)
Last Ten Fiscal Years
166
Operating
Expenses Net Revenue
Fiscal Eligible Interest (Excluding Available for
Year Revenues Earnings Depreciation) Debt Service
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 172,989,001 1,504,417 119,498,271 54,995,147
2021 198,281,733 464,333 118,941,398 *79,804,668
2022 218,998,259 2,641,666 130,606,960 *91,032,965
2023 225,784,253 19,644,597 142,979,543 *102,449,307
2024 232,756,597 28,689,971 152,017,822 *109,428,746
2025 295,908,030 26,396,085 169,621,750 *152,682,365
Source: Finance and Administration Division.
Notes: (1) Electric, Water, and Wastewater only.
* Removed Amortization of Regulatory Asset from Calculation
167
Debt Service Requirements
Interest and Times
Principal Fiscal Charges Total Coverage
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
6,580,745 3,237,072 9,817,817 5.60
7,337,253 3,512,316 10,849,569 7.36
7,577,888 4,846,506 12,424,394 7.33
8,490,870 17,575,879 26,066,749 3.93
12,790,000 17,971,009 30,761,009 3.56
14,665,000 23,343,094 38,008,094 4.02
City of Georgetown, Texas
Utility System Condensed Statement of Operations (1)
For the Last Ten Fiscal Years
168
2025 2024 2023 2022
REVENUES
Water System 123,780,168$ 92,101,774$ 74,815,224$ 64,358,893$
Electric System 105,834,126 97,596,894 91,457,318 86,877,653
Miscellaneous 14,909,052 13,790,255 12,480,835 16,175,137
Interest Earnings 26,396,075 28,689,981 19,644,597 2,641,666
Total revenues 270,919,421 232,178,904 198,397,974 170,053,349
EXPENSES (1)
Water System 41,975,369 36,712,665 34,690,382 28,321,528
Electric System 24,222,990 21,232,166 19,780,078 17,524,284
Utility Contracts 88,674,624 88,749,436 81,689,907 78,588,958
Total expenses 154,872,983 146,694,267 136,160,367 124,434,770
NET AVAILABLE FOR
DEBT SERVICE 116,046,438$ 85,484,637$ 62,237,607$ 45,618,579$
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, 2026 -2055 32,294,946$
Coverage of Average Requirements by Fiscal Year 2025 Net Income 3.59
Maximum Principal and Interest Requirements, 2026 46,266,472$
Coverage of Maximum Requirements by Fiscal Year 2025 Net Income 0.40
169
2021 2020 2019 2018 2017 2016
56,268,199$ 49,491,109$ 44,271,022$ 41,055,098$ 37,776,171$ 34,861,125$
80,933,054 85,733,317 80,255,956 69,170,339 65,001,374 61,570,922
16,331,769 8,516,124 6,447,569 6,348,385 5,661,272 5,107,307
464,333 1,504,417 2,185,604 1,421,310 529,545 263,279
153,997,355 145,244,967 133,160,151 117,995,132 108,968,362 101,802,633
24,643,443 29,882,636 24,329,664 22,201,454 21,485,743 13,520,486
17,702,987 16,563,721 18,713,967 18,876,347 16,712,384 14,623,945
71,031,640 66,283,879 61,833,672 59,621,450 53,567,891 51,999,930
113,378,070 112,730,236 104,877,303 100,699,251 91,766,018 80,144,361
40,619,285$ 32,514,731$ 28,282,848$ 17,295,881$ 17,202,344$ 21,658,272$
City of Georgetown, Texas
Utility System Condensed Statement of System Equity (2)
For the Last Ten Fiscal Years
170
2025 2024 2023 2022
Utility system (1)999,419,269$ 905,321,087$ 825,369,288$ 745,750,539$
Less: accumulated
depreciation (293,264,104)(261,576,273)(239,430,504)(219,203,897)
Net value of system 706,155,165 643,744,814 585,938,784 526,546,642
Plus: Construction in Progress 514,987,092 319,215,479 162,977,727 56,910,557
Net plant 1,221,142,257 962,960,293 748,916,511 583,457,199
Plus: Working capital 542,490,590 537,669,619 529,100,424 472,563,790
Total 1,763,632,847 1,500,629,912 1,278,016,935 1,056,020,989
Revenue bond debt (2)585,780,000 499,085,000 398,235,000 301,600,000
CITY'S EQUITY IN SYSTEM 1,177,852,847$ 1,001,544,912$ 879,781,935$ 754,420,989$
PERCENTAGE CITY'S
EQUITY IN SYSTEM 66.79%66.74%68.84%71.44%
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.
171
2021 2020 2019 2018 2017 2016
693,019,892$ 645,250,729$ 611,718,902$ 553,287,525$ 525,643,929$ 494,823,457$
(200,858,513)(183,285,833)(162,305,826)(146,759,978)(133,268,971)(121,636,964)
492,161,379 461,964,896 449,413,076 406,527,547 392,374,958 373,186,493
29,392,041 20,817,803 9,721,532 12,635,837 7,358,762 12,759,150
521,553,420 482,782,699 459,134,608 419,163,384 399,733,720 385,945,643
210,105,683 149,323,989 93,607,376 93,545,021 93,642,260 62,636,620
731,659,103 632,106,688 552,741,984 512,708,405 493,375,980 448,582,263
88,515,000 95,585,000 87,295,000 98,311,788 99,715,131 84,655,583
643,144,103$ 536,521,688$ 465,446,984$ 414,396,617$ 393,660,849$ 363,926,680$
87.90%84.88%84.21%80.83%79.79%81.13%
City of Georgetown, Texas
Demographic and Economic Statistics
Last Ten Fiscal Years
172
Per
Capita
Fiscal Personal Personal School Unemployment
Year Population Income Income Enrollment Rate
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%
2021 76,270 4,323,975,110 56,693 12,741 4.50%
2022 83,927 5,990,037,844 71,372 13,005 3.60%
2023 93,354 7,012,659,126 75,119 13,479 4.30%
2024 104,163 7,585,982,964 72,828 13,884 4.20%
2025 115,079 8,763,956,324 76,156 14,012 4.50%
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.
Population for 2024 reflects city's population estimate for month ending Sep 30, 2025.
Personal income calculated using city's population estimate and per capita income data.
Unemployment rate reflects estimate for month ending Sep 30, 2025.
City of Georgetown, Texas
Principal Employers
Current Year and Nine Years Ago
173
Percentage Percentage
of Total City of Total City
Employer Employees Rank Employment Employees Rank Employment
Georgetown ISD 2,000 1 1.82%1,550 2 2.73%
Williamson County Govt 1,937 2 1.76%1,582 1 2.79%
City of Georgetown 992 3 0.90%682 3 1.20%
ZT Systems 525 4 0.48%
St. David's Hospital 516 5 0.47%512 4 0.90%
Airborn, Inc 505 6 0.46%482 5 0.85%
Southwestern University 479 7 0.44%450 6 0.79%
Rock Springs Hospital 257 8 0.23%
Chatsworth Products Georgetown 254 9 0.23%
Costco 244 10 0.22%
Wesleyan Homes 0.00%340 7 0.60%
Caring Home Health 0.00%269 8 0.47%
Lone Star Circle of Care 0.00%201 9 0.35%
Sun City (Del Webb)0.00%170 10 0.30%
Totals 7,709 7.01% 6,238 10.99%
Source: Economic Development Department.
2025 2016
City of Georgetown, Texas
Full Time Equivalent City Government Employees by Function
Last Ten Fiscal Years
174
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Function
General Government
Culture & Recreation
Administration 11 11 2 2 2 2 2 2 2 -
CVB 5 5 5 5 5 5 5 5 5 -
Parks 29 29 31 29 28 28 28 28 20 21
Recreation 24 24 27 27 27 26 26 25 23 27
Rec. Programs 5 5 8 5 5 6 6 6 6 6
Library 28 25 26 24 24 24 24 24 24 23
Development
Development Engineering 9 - - - - - - - - -
Planning 21 20 19 18 15 13 13 12 11 10
Inspection Svcs. 22 23 23 21 19 15 15 14 14 13
Code Enforcement 6 6 6 6 6 6 5 5 5 5
Environmental
Environmental Svcs. - - 3 1 1 1 1 1 1 1
Fire Services
Fire Based Paramedic Program 24 24 24 24 24 23 23 23 19 15
Support Svcs. 23 23 22 21 18 15 15 14 14 14
Emergency Svcs. 126 126 120 117 109 106 106 88 88 84
General Government
Ask GTX Call Center 9 9 - - - - - - - -
General Government 12 7 15 6 5 4 3 3 3 2
Community Services 2 2 2 1 2 2 - - - -
City Secretary 9 9 8 8 6 6 6 6 5 5
City Manager's Office 11 13 13 11 11 12 9 9 10 10
Highways / Streets
Transportation Admin. 4 4 2 4 4 4 3 3 4 2
Streets 31 30 30 23 22 19 20 20 19 19
Police Services
Administration 5 4 4 4 4 4 4 4 4 4
Field Operations 135 136 133 124 119 117 111 110 106 103
Animal Svcs. 13 12 12 12 12 12 12 11 11 11
Municipal Court 4 4 5 6 7 7 7 7 7 7
Fleet Services 10 10 10 10 10 10 10 9 9 9
Facilities Maintenance 8 8 8 8 7 6 6 6 7 7
Information Technology 42 40 40 39 38 25 25 23 22 18
Joint Svcs. 128 128 128 105 101 110 110 109 104 101
Water 144 112 99 78 60 60 57 52 58 51
Sewer 18 20 16 13 10 7 7 7 7 7
Electric 91 85 79 80 76 74 77 77 67 73
Other Enterprises 23 22 17 17 16 15 15 14 15 14
Total 1,032 976 937 849 793 764 751 717 690 658
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.
175
City of Georgetown, Texas
Operating Indicators by Functions
Last Ten Fiscal Years
176
Function 2025 2024 2023 2022
Culture and recreation
Recreation Center memberships 24,512 27,708 27,237 22,090
CVB number of visitor inquiries 39,995 42,547 40,927 43,865
Library
Circulation 490,697 498,454 518,558 504,946
Number of patrons added 6,249 6,131 6,534 6,229
Economic Development
Number of proposals generated 64 78 57 25
Community Development
Inspections/Code Enforcement
Number of inspections 77,151 76,290 77,343 93,064
New residential permits issued 1,493 2,166 1,520 2,585
New commercial permits issued/TFO/Industrial 239 247 75 60
Number of code enforcement violations 3,572 3,525 2,738 1,734
Planning and Development Services
Development applications filed 1,788 1,904 1,850 1,079
Annexations (in acres)866 68 403 329
Fire Services
Number of calls for service 15,972 15,375 14,481 13,322
General Govt
Bond rating - S&P AAA AAA AA+AA+
City Manager's Office
Number of public information requests processed 4,773 3,942 3,765 3,853
Police Services
Number of calls for service 74,545 37,412 39,473 35,536
Number of traffic accidents 3,667 3,388 3,458 3,063
Animal Services
Number of pets impounded 1,135 1,782 1,437 1,297
Number of adoptions 523 937 756 749
Municipal Court
Number of court cases 6,175 5,912 5,425 2,691
Number of warrants served 197 346 187 247
Utility Office
Number of utility customers 76,508 73,066 68,193 64,049
Water
Number of new connects 3,507 3,795 3,074 4,849
Average daily water treated (million gallons)28.6 25.8 26.2 27.9
Average daily consumption (million gallons)23.8 21.3 26.2 22.8
Sewer
Number of new connects 1,886 2,209 2,788 3,566
Average daily wastewater treated (million gallons)7.3 7.2 6.4 6.0
Electric
kWhs consumed 849,425,644 818,155,349 765,487,262 732,900,202
Number of new connects 1,388 952 2,257 1,066
AMR
Total number of work orders completed 101,858 102,716 89,627 52,325
Total reads by AMR 1,614,669 1,472,125 1,046,458 1,000,515
Other Enterprises
Stormwater & Drainage
Number of detention ponds cleaned 708 696 636 300
Number of work orders 199 222 173 21
Airport
Gallons of fuel sold 1,198,609 1,080,710 1,111,756 1,034,117
Sources: Various City departments and City-Monthly Activity Indicators Report.
177
2021 2020 2019 2018 2017 2016
13,559 11,713 13,127 13,001 12,433 12,944
35,492 39,063 78,857 77,119 75,302 69,108
363,581 430,995 547,279 498,281 533,602 513,725
3,363 3,025 4,791 4,100 3,529 3,818
89 68 61 68 62 51
83,763 75,520 61,741 55,702 41,834 40,500
2,520 1,882 1,334 1,193 728 703
77 70 48 66 85 66
11,598 13,838 17,687 18,777 8,702 13,784
728 600 530 430 408 385
129 75 428 962 649 246
9,995 10,613 10,539 10,070 9,362 8,510
AA+AA+AA+AA+AA+AA+
2,957 2,493 2,028 1,818 1,589 1,290
37,957 35,090 33,618 30,307 25,803 24,704
2,855 2,244 2,534 2,358 2,145 2,156
1,308 1,384 1,358 1,462 1,533 1,891
706 783 803 888 1,028 872
3,165 3,397 4,406 3,925 4,797 4,905
17 170 150 146 225 278
57,070 54,206 50,539 46,534 43,281 40,372
5,357 4,003 3,065 4,446 2,351 1,532
22.5 22.5 19 20 19 13
22.5 22.5 19 18 16 16
3,683 1,827 2,873 2,355 2,006 1,221
5.6 5.4 6 5 4 5
677,712,117 664,967,846 643,472,635 649,208,058 621,464,114 605,019,836
2,002 1,501 1,102 1,254 581 315
47,558 38,205 9,237 5,203 3,677 3,223
858,963 852,737 1,064,472 741,638 723,463 694,802
320 318 600 600 552 456
335 225 340 263 233 242
919,324 793,970 732,974 759,400 866,833 778,328
City of Georgetown, Texas
Capital Assets by Functions
Last Ten Fiscal Years
178
Function 2025 2024 2023 2022
Culture and recreation
Parks (developed acres)1,169 1,148 1,152 1,115
Recreation Centers 1 1 1 1
Senior Centers 1 1 1 1
Libraries 1 1 1 1
Mobile Book Unit 1 1 1 1
Fire Services
Fire stations 7 7 7 7
Fire vehicles 89 75 62 54
Highways and streets
Center line miles 500 478 460 445
Police Services
Police stations 1 1 1 1
Police vehicles 146 134 108 101
Police motorcycle units - - - -
Electric
Meters 35,831 34,443 32,626 31,234
Sources: Various City departments and City budget document.
179
2021 2020 2019 2018 2017 2016
1,115 1,084 1,054 1,054 494 480
1 1 1 1 1 1
1 1 1 1 1 1
1 1 1 1 1 1
- - - - - -
7 5 5 5 5 5
50 48 43 38 36 36
421 397 438 327 326 324
1 1 1 1 1 1
108 99 97 92 91 88
- 4 6 6 6 6
30,697 28,562 27,660 26,558 25,607 24,881
City of Georgetown, Texas
Ten Largest Electric Customers
For the Fiscal Year Ended September 30, 2025
180
% of Total
Customer Electric Usage
CITICORP OF N AMERICA, INC.10.54%
CITY OF GEORGETOWN 4.46%
FINDLAY MACHINE AND TOOL 3.18%
ZT SYSTEMS 2.42%
SOUTHWESTERN UNIVERSITY 2.21%
WILLIAMSON COUNTY 1.88%
SCOTT & WHITE MEDICAL CENTER 1.46%
GEORGETOWN INDEPENDENT SCHOOL DISTRICT 1.36%
ROUND ROCK PREMIUM OUTLETS 1.14%
HEB GROCERY CO 1.14%
TOTAL 29.78%
Source: City of Georgetown Customer Care.
City of Georgetown, Texas
Water Usage (Gallons)
Last Ten Fiscal Years
181
Fiscal Average
Year Day Peak Day Total
Ended Usage Production Usage
September 30, (000s) (000s) (000s)
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
2021 19,580 38,420 7,146,831
2022 22,794 38,931 8,319,823
2023 21,497 46,410 7,846,401
2024 21,469 44,900 7,836,294
2025 23,350 48,400 8,522,874
Source: City of Georgetown
City of Georgetown, Texas
Ten Largest Potable Water Customers
For the Fiscal Year Ended September 30, 2025
182
Water Usage % of Total
Customer (1,000 Gallons) Water Usage
CITICORP OF N AMERICA, INC.53,616 0.63%
CITY OF GEORGETOWN 52,137 0.61%
SOUTHWESTERN UNIVERSITY 44,539 0.52%
WILLIAMSON COUNTY 36,482 0.43%
PULTE HOMES OF TEXAS LP 35,240 0.41%
DDC MERRITT HERITAGE LTD 34,061 0.40%
GEORGETOWN ISD 33,654 0.39%
PERRY HOMES 31,026 0.36%
CITY OF FLORENCE 27,092 0.32%
VILLAGES OF GEORGETOWN 26,629 0.31%
TOTAL 374,476 4.39%
Source: City of Georgetown Customer Care.
City of Georgetown, Texas
Daily Flow (Wastewater Treatment)
Last Ten Fiscal Years
183
Fiscal
Year Gallons
2016 4,871,523
2017 4,068,219
2018 4,517,592
2019 6,433,000
2020 6,216,592
2021 8,365,370
2022 10,521,384
2023 8,044,566
2024 10,558,470
2025 11,574,230
Source: City of Georgetown
Average Daily Wastewater Flow
City of Georgetown, Texas
Ten Largest Wastewater Customers
For the Fiscal Year Ended September 30, 2025
184
Volume
Customer (1,000 Gallons) % of Total
CITICORP OF N AMERICA, INC.52,713 1.25%
WILLIAMSON COUNTY 31,404 0.74%
Georgetown Independent School District 28,881 0.68%
SOUTHWESTERN UNIVERSITY 21,914 0.52%
PERRY HOMES 20,576 0.49%
PULTE HOMES OF TEXAS LP 17,068 0.40%
GEORGETOWN INFINITI 15,565 0.37%
CITY OF GEORGETOWN 14,473 0.34%
ST DAVIDS GTWN HOSPITAL 13,646 0.32%
TAYLOR MORRISON 12,227 0.29%
228,467 5.41%
Source: City of Georgetown
City of Georgetown, Texas
Valuation, Exemptions and Ad Valorem Tax Debt
For the Fiscal Year Ended September 30, 2025
185
VALUATION, EXEMPTIONS AND AD VALOREM TAX DEBT
SEPTEMBER 30, 2025
2024/25 Market Valuation Established by Williamson Central Appraisal District
(excluding totally exempt property)19,802,369,296
Less Exemptions/Reductions at 100% Market Value:(1,410,694,050)
2024/25 Taxable Assessed Valuation 18,391,675,246
City Funded Debt Payable from Ad Valorem Taxes (1)387,939,910$
The Bonds 37,565,000
The Certificates 63,790,000
Total Debt Payable from Ad Valorem Taxes (1)489,294,910
Interest and Sinking Fund (2,306,985)
Net Debt Payable from Ad Valorem Taxes 486,987,925
Ratio of Net Tax Supported Debt to Taxable Assessed Valuation (1)2.65%
2025 Estimated Population - 115,079
Per Capita Taxable Assessed Valuation - $159,818
Per Capita Net Ad Valorem Tax Debt Payable from Ad Valorem Taxes - $4,232
City of Georgetown, Texas
Taxable Assessed Valuations by Category
Last Ten Fiscal Years
186
Category Amount % of Total Amount % of Total
Real, Residential, Single-Family 12,586,253,595$ 61.19%12,287,568,313$ 63.81%
Real, Residential, Multi-Family 2,162,197,626 10.51%1,994,628,957 10.36%
Real, Vacant Lots/Tracts 252,135,174 1.23%276,136,734 1.43%
Real, Acreage (Land Only)394,599,239 1.92%392,272,745 2.04%
Real, Farm and Ranch Improvements 187,935,789 0.91%146,458,431 0.76%
Real, Commercial/industrial 3,157,407,680 15.35%2,600,894,495 13.51%
Real and Intangible, Personal, Utilities, Other 158,473,235 0.77%122,281,531 0.63%
Tangible Personal, Commercial 1,049,761,804 5.10%840,963,964 4.37%
Tangible Personal, Industrial - 0.00%- 0.00%
Tangible Personal, Other, Inventory 619,787,967 3.01%595,990,099 3.09%
Total Appraisal Value Before Exemptions 20,568,552,109$ 100.00%19,257,195,269$ 100.00%
Less: Total Exemptions/Reductions 2,176,876,863 2,504,666,253
Taxable Assessed Value 18,391,675,246$ 16,752,529,016$
2020 2019
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$
Source: Williamson County Appraisal District
2025 2024
187
2021
Amount % of Total Amount % of Total Amount % of Total
12,032,925,491$ 68.48%8,154,721,328$ 65.63%6,318,239,568$ 62.68%
1,214,014,651 6.91%818,970,533 6.59%633,531,009 6.29%
174,253,795 0.99%147,232,992 1.18%153,372,158 1.52%
453,661,017 2.58%373,263,529 3.00%356,440,543 3.54%
213,435,675 1.21%112,143,114 0.90%111,480,801 1.11%
2,078,674,336 11.83%1,666,799,158 13.41%1,469,237,893 14.58%
105,789,450 0.60%97,602,903 0.79%71,978,325 0.71%
723,300,791 4.12%636,474,210 5.12%578,114,694 5.74%
- 0.00%0.00%- 0.00%
575,014,503 3.27%418,065,418 3.36%387,242,840 3.84%
17,571,069,709$ 100.00%12,425,273,185$ 100.00%10,079,637,831$ 100.00%
3,690,076,822 1,475,216,802 905,301,719
13,880,992,887$ 10,950,056,383$ 9,174,336,112$
2016
Amount % of Total Amount % of Total Amount % of Total
5,269,955,833$ 67.22%4,843,150,575$ 66.57%4,461,872,364$ 66.73%
321,729,040 4.10%301,347,956 4.14%244,374,369 3.65%
113,986,653 1.45%102,618,534 1.41%109,578,980 1.64%
413,248,527 5.27%392,906,486 5.40%400,074,586 5.98%
12,051,614 0.15%11,464,706 0.16%10,959,024 0.16%
1,090,806,455 13.91%1,119,423,577 15.39%1,018,036,078 15.22%
55,881,385 0.71%20,955,168 0.29%39,895,007 0.60%
441,440,286 5.63%365,113,563 5.02%294,660,363 4.41%
- 0.00%- 0.00%- 0.00%
120,423,148 1.54%118,430,638 1.63%107,456,924 1.61%
7,839,522,941$ 100.00%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$
2018
2022
2017
2023
City of Georgetown, Texas
Authorized but Unissued General Obligation Bonds
September 30, 2025
188
Date Amount Amount Unissued
Purpose Authorized Authorized Issued Balance
Roads 05/09/2015 105,000,000$ 102,975,000$ 2,025,000$
Roads 05/10/2021 90,000,000 90,000,000 -
Facilities-Prop A 11/7/2023 56,000,000 7,000,000 49,000,000
Parks Facilities-Prop B 11/7/2023 49,000,000 - 49,000,000
Facilities-Prop C 11/7/2023 15,000,000 3,000,000 12,000,000
Parks Facility-Prop D 11/7/2023 10,000,000 - 10,000,000
Total 325,000,000$ 202,975,000$ 122,025,000$
189
City of Georgetown, Texas
General Fund Revenues and Expenditure History
Last Ten Fiscal Years
190
2025 2024 2023 2022
Revenues:
Taxes 63,698,236$ 60,325,676$ 55,933,478$ 52,808,791$
Charges for Services 17,214,270 17,806,445 27,871,272 27,540,383
Fines and Forfeitures 654,997 578,769 583,368 395,868
Miscellaneous and Interest 10,199,627 12,105,173 11,250,463 9,168,270
Total Revenues 91,767,130 90,816,063 95,638,581 89,913,312
Expenditures:
General Government 15,718,666 15,875,730 15,200,563 8,183,267
Development Services 7,195,532 5,446,318 4,850,483 4,272,405
Culture / Recreation 16,437,516 15,392,263 14,188,891 12,854,601
Fire Services 33,644,309 31,779,911 28,414,442 24,149,250
Police Services 28,911,949 26,425,074 23,235,945 20,596,780
Environmental Services / Streets 7,471,848 6,669,037 20,702,518 15,141,625
Capital Outlay 473,593 349,183 1,001,300 670,030
Total Expenditures 109,853,413 101,937,516 107,594,142 85,867,958
Excess (Deficiency) of
Revenues Over Expenditures (18,086,283) (11,121,453) (11,955,561) 4,045,354
Transfers In 20,669,394 14,539,171 13,101,180 10,355,279
Transfers Out (3,685,501) (1,191,998) (3,429,079) (6,931,401)
Proceeds from lease - - 619,543 234,571
Proceeds from lease - - 99,375 -
Net Increase (Decrease)(1,102,390) 2,225,720 (1,564,542) 7,703,803
Fund Balance, Beginning of Year 38,176,422 35,950,702 37,515,244 29,811,441
Fund Balance, End of Year 37,074,032$ 38,176,422$ 35,950,702$ 37,515,244$
Source: City's Audited Financial Statements.
Fiscal Year Ending September 30,
191
2021 2020 2019 2018 2017 2016
46,453,931$ 40,326,794$ 36,564,950$ 33,892,988$ 31,618,006$ 29,675,061$
23,379,815 20,732,256 22,894,696 16,236,312 14,490,911 12,789,375
375,174 363,513 348,353 352,296 453,675 476,138
7,056,643 5,883,819 1,511,303 1,082,940 825,006 1,074,393
77,265,563 67,306,382 61,319,302 51,564,536 47,387,598 44,014,967
5,746,940 4,815,269 4,914,894 4,913,556 4,436,866 3,237,092
3,693,025 3,380,104 3,126,561 2,910,130 2,389,998 2,297,979
10,915,628 10,485,028 10,994,484 10,319,911 9,552,133 9,447,132
22,039,309 19,557,377 18,113,884 13,526,334 12,500,721 11,806,803
18,598,445 17,188,341 16,295,091 15,804,410 14,471,049 13,778,073
13,809,311 12,263,385 12,294,557 12,663,901 10,310,775 10,333,422
191,594 1,213,733 - - - -
74,994,252 68,903,237 65,739,471 60,138,242 53,661,542 50,900,501
2,271,311 (1,596,855) (4,420,169) (8,573,706) (6,273,944) (6,885,534)
10,017,430 8,877,033 7,686,360 9,165,637 9,592,342 8,909,975
(3,673,910) (524,860) (771,646) (1,970,809) (2,489,735) (1,531,334)
- - - - - -
- - - - - -
8,614,831 6,755,318 2,494,545 (1,378,878) 828,663 493,107
21,196,610 14,441,292 11,946,747 13,325,625 12,496,962 12,003,855
29,811,441$ 21,196,610$ 14,441,292$ 11,946,747$ 13,325,625$ 12,496,962$
Fiscal Year Ending September 30,
City of Georgetown, Texas
Municipal Sales Tax History – General Fund
Last Ten Fiscal Years
192
Fiscal
Year % of Equivalent of
Ended Total Ad Valorem Ad Valorem Per Tax
September 30, Collected Tax Levy Tax Rate Capita Levy Rate
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
2021 23,895,422 65.72% 0.2747 313 36,361,454 0.4180
2022 28,335,537 68.48% 0.2746 338 41,374,812 0.4010
2023 28,571,800 57.10% 0.2136 306 50,038,063 0.3740
2024 30,293,223 51.54% 0.1927 291 58,780,343 0.3740
2025 31,673,955 50.95% 0.1858 275 62,167,624 0.3647
City of Georgetown, Texas
Monthly and Volumetric Water Rates
For the Fiscal Year Ended September 30, 2025
193
Customer Meter Size Inside City Outside City
5/8 inch $30.50 $36.70
3/4 inch 45.75 55.05
1 inch 76.25 91.75
1 1/2 inch 152.50 183.50
2 inch 305.00 367.00
3 inch 732.00 880.80
4 inch 1,281.00 1,541.40
6 inch 2,806.00 3,376.40
8 inch 4,880.00 5,872.00
Fire Hydrant 732.00 880.80
Residential Water Rates
1,000
Gallons
Volumetric
Rate
0 - 7 $2.55
7 - 15 3.85
15 - 25 6.75
25 and over 13.50
Nonresidential Water Rates
Cost per thousand gallons, Tier 1 $3.40
Cost per thousand gallons, Tier 2 9.15
Irrigation Meter, cost per
thousand gallons, Tier 1 10.15
Fire Hydrant Meter 12.00
Source: City of Georgetown
Note: Rates effective October 1, 2024
Customer Charge per Month
City of Georgetown, Texas
Monthly Wastewater Rates
For the Fiscal Year Ended September 30, 2025
194
Net Monthly Rate:
Flat Rate Inside City Limits: $54.35
Flat Rate Outside City Limits: $62.50
* Low income residential discount: 20% below current
flat rate for qualifying households
Net Monthly Rate:
a. Inside City Limits
1. Customer Charge $82.15 per month
2. Volumetric Charge*$4.75 per 1,000 gallons
b. Outside City Limits
1. Customer Charge $94.55 per month
2. Volumetric Charge*$5.40 per 1,000 gallons
Net Monthly Rate:
a. Inside City Limits
1. Volumetric Charge*2/3 Residential Rate x # of Dwelling Units
b. Outside City Limits
1. Volumetric Charge*2/3 Residential Rate x # of Dwelling Units
* Multifamily Dwellings served by one master meter will be billed on a per unit basis.
The minimum charge will be based on premises location and multiplied by number of swelling unit.
Any non-residential portion of a multifamily location with a separate meter shall be considered a small commercial,
commercial, or large commercial consumer, depending upon the size of the line to said meter.
Net Monthly Rate:
a. Inside City Limits
1. Customer Charge $145.90 per month
2. Volumetric Charge*$4.75 per 1,000 gallons
b. Outside City Limits
1. Customer Charge $167.90 per month
2. Volumetric Charge*$5.40 per 1,000 gallons
Net Monthly Rate:
a. Inside City Limits
1. Customer Charge $113.65 per month
2. Volumetric Charge*$4.75 per 1,000 gallons multiplied by the customer's wastewater strength factor
b. Outside City Limits
1. Customer Charge $125.75 per month
2. Volumetric Charge*$5.40 per 1,000 gallons multiplied by the customer's wastewater strength factor
Net Monthly Rate:
a. Inside City Limits
1. Customer Charge $177.10 per month
2. Volumetric Charge*$4.75 per 1,000 gallons multiplied by the customer's wastewater strength factor
b. Outside City Limits
1. Customer Charge $199.00 per month
2. Volumetric Charge*$5.40 per 1,000 gallons multiplied by the customer's wastewater strength factor
Source: City of Georgetown
Note: Rates effective October 1, 2024
Commercial
Large Commercial
Large Industrial
Multifamily
Residential and Small Commercial
Industrial
City of Georgetown, Texas
Monthly Electric Rates
For the Fiscal Year Ended September 30, 2025
195
All Customers
Purchased Power Cost Adjustment: $0.01375 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%
Energy Conservation
Residential $1.00 per month
Net Energy Metering - Residential $1.00 per month
Small General $1.00 per month
Net Energy Metering - Small General $1.00 per month
School $5.00 per month
Municipal Water and Wastewater Pumping $5.00 per month
Municipal $5.00 per month
Large General $10.00 per month
Commercial & Industrial $15.00 per month
Large Commercial & Industrial $25.00 per month
Very Large Commercial & Industrial $25.00 per month
Streetlight Fee
Monthly Fee $2.40 per account within City limits
Residential Service
Customer Charge: $24.80 per month
Energy Charge: $0.0958 per kWh
Electric Discount (Medicaid): $7.44 Credit against meter base charge
Net Energy Metering (NEM) Effective 03/01/25)
Customer Charge: $24.80 per month
Com Customer Charge: $24.80 per month
Energy Received Credit: $0.04321 per kWh
Small General Service
Customer Charge: $50.00 per month
Energy Charge: $0.0902 per kWh
Minimum Bill: $50.00 per month
School Charge
Customer Charge: $200.00 per month
Energy Charge: $0.1150 per kWh
Minimum Bill: $200.00 per month
Water & Wastewater Pumping Service
Customer Charge: $195.00 per month
Energy Charge: $0.04504 per kWh
Demand Charge: $19.58 per kWh
Minimum Bill: $195.00 per month
City of Georgetown, Texas
Monthly Electric Rates (Continued)
For the Fiscal Year Ended September 30, 2025
196
Municipal Service
Customer Charge: $132.00 per month
Energy Charge: $0.0700 per kWh
Minimum Bill: $132.00 per month
Large General Service
Customer Charge: $175.00 per month
Demand Charge: $11.00 per kWh (50 kW minimum), but not less than $550.00
Energy Charge: $0.06543 per kWh
Minimum Bill: $725.00 per month
Commercial & Industrial Services
Customer Charge: $350.00 per month
Demand Charge: $16.00 per kWh, but not less than $8,000.00 per month
Energy Charge: $0.05648 per kWh
Minimum Bill: $8,350.00 per month
Large Commercial & Industrial Service
Customer Charge: $510.00 per month
Demand Charge: $19.25 per kWh, but not less than $38,500.00
Energy Charge: $0.05317 per kWh
Minimum Bill: $39,010.00 per month
Very Large Commercial & Industrial Service
Customer Charge: $5,500.00 per month
Demand Charge: $19.25 per kWh
Energy Charge: $0.05317 per kWh
High Pressure Sodium Lighting Service
Security
Lighting
100 Watt per light (35 kWh) $8.50 per month
200 Watt per light (71 kWh) $14.50 per month
250 Watt per light (86 kWh) $16.70 per month
400 Watt per light (137 kWh) $23.50 per month
Source: City of Georgetown
Effective October 1, 2024
PCA effective February 1, 2021
197
Compliance Section
198
1601 South MoPac Expressway, Suite D250
Austin, Texas 78746
512-609-1900
Weaver and Tidwell, L.L.P.
199 CPAs AND ADVISORS | WEAVER.COM
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, 2025, and the related notes to the financial statements, which collectively comprise
the City’s basic financial statements and have issued our report thereon dated February 27, 2026.
Report on 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 was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material
weaknesses or significant deficiencies may exist that were not identified.
Report on 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
200
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
February 27, 2026
1601 South MoPac Expressway, Suite D250
Austin, Texas 78746
512-609-1900
Weaver and Tidwell, L.L.P.
201 CPAs AND ADVISORS | WEAVER.COM
Independent Auditor’s Report on Compliance for Each Major Federal
Program and Report on Internal Control over Compliance
Required by the Uniform Guidance
To the Honorable Mayor and
Members of City Council
City of Georgetown, Texas
Report on Compliance for Each Major Federal Program
Opinion on Each Major Federal Program
We have audited the compliance of the City of Georgetown, Texas (the City) with the types of
compliance requirements identified as subject to audit 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, 2025. 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.
In our opinion, the City complied, in all material respects, with the 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, 2025.
Basis for Opinion on Each Major Federal Program
We conducted our audit of compliance in accordance with auditing standards generally accepted
in the United States of America (GAAS); the standards applicable to financial audits contained
in Government Auditing Standards issued by the Comptroller General of the United States
(Government Auditing Standards); and the audit requirements of Title 2 U.S. Code of Federal Regulations
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards (Uniform Guidance). Our responsibilities under those standards and the Uniform Guidance are
further described in the Auditor’s Responsibilities for the Audit of Compliance section of our report.
We are required to be independent of the City and to meet our other ethical responsibilities,
in accordance with relevant ethical requirements relating to our audit. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on
compliance for each major federal program. Our audit does not provide a legal determination of the
City’s compliance with the compliance requirements referred to above.
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design,
implementation, and maintenance of effective internal control over compliance with the requirements
of laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the
City’s federal programs.
The Honorable Mayor and
Members of the City Council
City of Georgetown, Texas
202
Auditor’s Responsibilities for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the
compliance requirements referred to above occurred, whether due to fraud or error, and express an
opinion on the City’s compliance based on our audit. Reasonable assurance is a high level of assurance
but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance
with GAAS, Government Auditing Standards and the Uniform Guidance will always detect material
noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is
higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control. Noncompliance with the compliance requirements
referred to above is considered material, if there is a substantial likelihood that, individually or in the
aggregate, it would influence the judgment made by a reasonable user of the report on compliance
about the City’s compliance with the requirements of each major federal program as a whole.
In performing an audit in accordance with GAAS, Government Auditing Standards and the Uniform
Guidance we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material noncompliance, whether due to fraud or error, and design
and perform audit procedures responsive to those risks. Such procedures include examining, on
a test basis, evidence regarding the City’s compliance with the compliance requirements
referred to above and performing such other procedures as we considered necessary in the
circumstances.
Obtain an understanding of the City’s internal control over compliance relevant to the
audit in order to design audit procedures that are appropriate in the circumstances 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 the City’s internal control
over compliance. Accordingly, no such opinion is expressed.
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit and any significant deficiencies and material weaknesses in
internal control over compliance that we identified during the audit.
Report on 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 a 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.
The Honorable Mayor and
Members of the City Council
City of Georgetown, Texas
203
Our consideration of internal control over compliance was for the limited purpose described in the
Auditor’s Responsibilities for the Audit of Compliance section above and was not designed to identify all
deficiencies in internal control over compliance that might be material weaknesses or significant
deficiencies in internal control over compliance. Given these limitations, during our audit we did not
identify any deficiencies in internal control over compliance that we consider to be material weaknesses,
as defined above. However, material weaknesses or significant deficiencies in internal control over
compliance may exist that were not identified.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal
control over compliance. Accordingly, no such opinion is expressed.
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
February 27, 2026
City of Georgetown, Texas
Schedule of Expenditures of Federal Awards
Fiscal Year Ended September 30, 2025
204
Federal
Assistance Federal
Listing Award Federal
FEDERAL GRANTOR / PASS-THROUGH GRANTOR / PROGRAM Number Number Expenditures
U.S. Department of Housing & Urban Development
Passed through Williamson County
CDBG Entitlement Grants Cluster:
Community Development Block Grant (Home Repair FY22) 14.218 B-22-UC-48-0502 67,116$
Total Assistance Listing Number 14.218
Total CDBG Entitlement Grants Cluster 67,116
Total U.S. Department of Housing & Urban Development 67,116
U.S. Department of Justice
Direct Programs
Equitable Sharing Program 16.922 TX2460200 7,272
Total U.S. Department of Justice 7,272
Federal Aviation Administration
Passed through Texas Department of Transportation-Aviation Division
Airport Pavement Project 20.106 2314GRGTN 49,429
Total Federal Aviation Administration 49,429
U.S. Department of Transportation
Passed through Texas Department of Transportation
STEP - Click it of Ticket 20.616 6,983
STEP - Operation Slow Down 20.600 6,270
Ronald Reagan Blvd at CR 245 (AFR) 20.205 CSJ 0914-05-239 28,029
Williams Drive Safety Lighting (AFA) 20.205 CSJ-0914-05-216 66,982
Total Assistance Listing Number 20.205 95,011
Total U.S. Department of Transportation 108,264
U.S. Department of Treasury
Direct Programs
COVID-19 - Coronavirus State and Local Fiscal Recovery Funds 21.027 2,685,766
Total U.S. Department of Treasury 2,685,766
Institute of Museum & Library Services
Texas State Library & Archives Commission
State Library Program 45.310 LS-256843-OLS-24 37,317
Total Institute of Museum & Library Services 37,317
Federal Emergency Management Agency
Passed through Texas Department of Public Safety - TDEM
Wildfire Season 2025 97.036 TX-TFMS-250001 59,761
04JUL Severe Weather 97.036 TX-TFMS-250013 98,241
July Severe Weather/Flood 97.036 FEMA-4879-DR-TX 83,217
Total Assistance Listing Number 97.036 241,219
Total Federal Emergency Management Agency 241,219
Total expenditures of federal awards 3,196,383$
City of Georgetown, Texas
Notes to the Schedule of Expenditures of Federal Awards
Fiscal Year Ended September 30, 2025
205
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, 2025, 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.
Note 4. Expenditures Incurred in a Prior Year
The City disclosed amounts in the Schedule for expenditures incurred in a prior year as follows:
Description Amount
ALN 97.036 - Federal Emergency Management Agency Winter Storm Mara Relief 158,002$
City of Georgetown, Texas
Schedule of Findings and Questioned Costs
Fiscal Year Ended September 30, 2025
206
Section 1. Summary of Auditor’s Results
Financial Statements
1. Type of auditor’s report issued
Unmodified
2. Internal Control over Financial Reporting:
a. Material Weakness(es) identified? No
b. Significant Deficiency identified that are not
considered to be material weaknesses? No
3. Noncompliance material to Financial Statements noted? No
Federal Awards
4. Internal control over major programs:
a. Material Weakness(es) identified? No
b. Significant Deficiency(ies) identified that are
not considered to be material weaknesses? No
5. Type of auditor’s report issued on compliance with
major programs Unmodified
6. Any Audit Findings Disclosed that are Required to be
Reported in Accordance with Uniform Guidance § 200.516(a)? No
7. Identification of Major Programs
21.027 Coronavirus State and Local Fiscal Recovery Funds
8. Dollar Threshold Used to Distinguish Between
Type A and Type B Federal Programs $750,000
9. Auditee Qualified as a Low-Risk Auditee? Yes
City of Georgetown, Texas
Schedule of Findings and Questioned Costs - Continued
Fiscal Year Ended September 30, 2025
207
Section 2. Financial Statement Findings
None
Section 3. Schedule of Prior Audit Findings and Questioned Costs
Finding 2024-001
Significant Deficiency in Internal Control over Financial Reporting—Financial Statement Misstatements
Current Status
The City reviewed its internal controls regarding billing of Contribution in Aid of Construction (CIAC)
revenues and implemented new procedures and resolved this internal control deficiency in the current
fiscal year.