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CITY OF LAKE WORTHTEXASGENERAL PURPOSE FINANCIAL STATEMENTSSEPTEMBER 30, 2002C O N T E N T SPAGEIndependent Auditor's Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Combined Balance Sheet-All Fund Types And Account Groups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3-4Combined Statement of Revenues, Expenditures And Changes in Fund Balance-All Governmental Fund Types . . . . . . . . . . . 5Combined Statement of Revenues, Expenditures and Changes in Fund Balances-Budget and Actual (Non GAAP Budgetary Basis)-General, Special Revenue and Debt Service Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-7Combined Statement of Revenues, Expenses, Changes in In Retained Earnings – All Proprietary Fund Types . . . . . . . . . . . . . . . . . . . 8Combined Statement of Cash Flows All Proprietary Fund Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-27SUPPLEMENTARY SCHEDULES:Supplemental Tax Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29Combined Schedule of Notes Payable, Certificates of Obligation and Capital Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30-31Insurance in Force ...
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CITY OF LAKE WORTH
TEXAS
GENERAL PURPOSE FINANCIAL STATEMENTS
SEPTEMBER 30, 2002
C O N T E N T S
Independent Auditor's Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Combined Balance Sheet-All Fund Types And Account Groups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Combined Statement of Revenues, Expenditures And Changes in Fund Balance-All Governmental Fund Types . . . . . . . . . . . Combined Statement of Revenues, Expenditures and Changes in Fund Balances-Budget and Actual (Non GAAP Budgetary Basis)-General, Special Revenue and Debt Service Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Combined Statement of Revenues, Expenses, Changes in In Retained Earnings All Proprietary Fund Types . . . . . . . . . . . . . . . . . . . Combined Statement of Cash Flows All Proprietary Fund Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SUPPLEMENTARY SCHEDULES: Supplemental Tax Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Combined Schedule of Notes Payable, Certificates of Obligation and Capital Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Insurance in Force . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
PAGE 2 3-4 5
6-7 8
9
10-27
29 30-31 32-41
INDEPENDENT AUDITOR'S REPORT
December 27, 2002
I have audited the accompanying general purpose financial statements of the City of Lake Worth, Texas, as of September 30, 2002, and for the year ended, as listed in the table of contents. These general purpose financial statements are the responsibility of the management of the City of Lake Worth, Texas. My responsibility is to express an opinion on these general purpose financial statements based on my audit.
I have conducted my audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall general purpose financial statement presentation. I believe that my audit provides a reasonable basis for my opinion.
In my opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the City of Lake Worth, Texas, as of September 30, 2002, and the results of its operations and the cash flows of its proprietary fund types for the year then ended in conformity with accounting principles generally accepted in the United States of America.
My audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The accompanying financial information listed as supplementary information in the table of contents is presented for purposes of additional analysis and is not a required part of the general purpose financial statements of the City of Lake Worth, Texas. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in my opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
MALCOM B. WETSEL, INC.
2
ASSETS AND OTHER DEBTS
Pooled cash and cash equivalents Non-pooled cash and cash equivalents Pooled investments Non-pooled investments Receivable: Taxes net of allowances of $44,314 Accounts Other Due from other funds Due from other governments Inventory of supplies - at cost Land Buildings Accumulated depreciation Improvements other than building Accumulated depreciation Machinery and equipment Accumulated depreciation Assets under capital lease Accumulated depreciation Amount available in debt service Amount to be provided for bonds, capitalized leases and notes payable
TOTAL ASSETS AND OTHER DEBITS
The accompanying notes are an integral part of these financial statements.
CITY OF LAKE WORTH, TEXAS COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 2002
GENERAL
$ 148,923 33,875 1,578,253 --- 2,994 140,680 101 1,459 146,110 ------------
---------------------
---
$ 2,052,395
GOVERNMENTAL FUND TYPE SPECIAL DEBT REVENUE SERVICE
$ --- 758 --- 906,549 ------------ 73,055 ------------
---------------------
---
$ 980,362
$ 3,647 --- 164,501 --- 348 --- 2 5,091 ---------------
---------------------
---
$ 173,589
3
CAPITAL PROJECTS
$ 2,692 --- 3,940,417 740,080 ------ 2 --- 509,870 ------------
---------------------
---
$ 5,193,061
PROPRIETARY FUND TYPE ENTERPRISE
$ 46,719 500 --- 452,859 --- 203,318 1,784 230 --- 13,556 46,240 206,435 (66,409)
5,459,451 (1,698,994) 482,066 (219,929) 732,006 (182,632) ---
---
$ 5,477,200
ACCOUNT GROUPS GENERAL GENERAL LONG-TERM FIXED ASSETS DEBT
$ --------------------------------- 526,645 4,077,066 ---
606,552 --- 2,009,609 --- 181,779 ------
---
$ 7,401,651
$ ---------------------------------------
------------------ 173,557
11,052,005
$ 11,225,562
TOTALS (MEMO ONLY)
$ 201,981 35,133 5,683,171 2,099,488 3,342 343,998 1,889 6,780 729,035 13,556 572,885 4,283,501 (66,409)
6,066,003 (1,698,994) 2,491,675 (219,929) 913,785 (182,632) 173,557
11,052,005
$ 32,503,820
---
---
$ 32 ------------------
---------$ 32
$ ---
---
---
$ 461,819 ------------------
$ ---
---
---
GOVERNMENTAL FUND TYPE SPECIAL DEBT REVENUE SERVICE
CAPITAL PROJECTS
$ 4,386 ------------------
---------$ 4,386
$ ---
2,584,577
---
$ ---------------------
ACCOUNT GROUPS GENERAL GENERAL LONG-TERM FIXED ASSETS DEBT
$ ---
---------$ ---
---
7,401,651
$ ---
---------$ 461,819
---
---
$ 174,148 1,336 90,396 1,459 19,900 120,439 ---
PROPRIETARY FUND TYPE ENTERPRISE
$ 2,430,978
13,897 40,070 ---$ 461,645
2,584,577
232,368 --------- 1,521,118
$ 2,430,978
7,401,651
$ 975,976
--- 173,557 ---------
$ 1,753,486
------ 975,976 ------
$ ---
---
$ ------------ 12,504 44,878 425,000
12,505 80,675 10,650,000 $ 11,225,562
$ 933,973 1,336 90,396 6,780 32,404 165,317 425,000
26,402 120,745 10,650,000 $ 12,452,353
---
TOTALS (MEMO ONLY)
$ 32,503,820
$ 20,051,467
232,368 173,557 975,976 4,731,242 1,521,118
$ ---
$ 5,193,061
$ 5,477,200
$ 7,401,651
$ 11,225,562
---------------
$ 4,731,242
--------- 4,731,242 ---
$ 173,557
---------------
$ 7,401,651
---------------
$ 5,015,555
---------$ 298,909
$ 293,588 ------ 5,321 ---------
GENERAL LIABILITIES, FUND EQUITY AND OTHER CREDITS Liabilities: Accounts payable Accrued interest Deposits Due to other funds Current portion Notes payable Capitalized leases Certificates of obligation Non-current portion Notes payable Capitalized leases Certificates of obligations TOTAL LIABILITIES Fund Equity and Other Credits: Contributed capital Investment in general fixed assets Retained earnings: Unreserved Fund balances: Unreserved: Designated for: See Detail - Note P Debt service Special projects Capital projects Undesignated TOTAL FUND EQUITY AND OTHER CREDITS TOTAL LIABILITIES, FUND EQUITY AND OTHER CREDITS
The accompanying notes are an integral part of these financial statements.
4
$ 2,052,395
$ 980,362
$ 173,589
CITY OF LAKE WORTH, TEXAS COMBINED BALANCE SHEET ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 2002
