HomeMy WebLinkAboutCity of Lubbock - Public Financial ReportPOPULAR ANNUAL
FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED
SEPTEMBER 30, 2021
Letter from the Mayor
Popular Annual Financial Report | 1
Dear Lubbock Residents:
On behalf of the City Council and the City of Lubbock, I am pleased to present the
Popular Annual Financial Report (PAFR) for the Fiscal Year ending September 30,
2021. The city’s Finance Department publishes the PAFR each year so that citizens
can see for themselves the financial health of our city. The information found in this
report is useful, accessible, and easy to understand. This document tells the story of
the financial efforts of the City, how it impacts our citizens, and makes Lubbock the
place we know and love.
Fiscal Discipline is this City Council’s priority, and it has been at the forefront during
my entire tenure as Mayor. The PAFR reflects the City Council’s commitment to
financial transparency and accountability. The PAFR is prepared in accordance
with Generally Accepted Accounting Principles (GAAP), and has information that
comes directly from the City’s Annual Comprehensive Financial Report, a docu-
ment that is independently audited by Weaver and Tidwell, LLP. The audit received
an unmodified opinion, which is the most favorable opinion the City can receive.
The financial report for the City of Lubbock’s operations, activities, revenues, and
expenses are all positive.
Thank you to City staff for their work on the 2021 PAFR. Their efforts ensure that
the City of Lubbock remains an efficient and well-managed municipality. If you
have any questions about this report or need any additional information, I hope you
will contact my office.
It’s always a great day in Lubbock.
Daniel M. Pope
Mayor
Description of Our City
The City is a political subdivision and municipal corporation of the State, duly or-
ganized and existing under the laws of the State, including the City’s Home Rule
Charter. The City was incorporated in 1909, and first adopted its Home Rule Charter
in 1917. The City operates under a Council/Manager form of government with
a City Council comprised of the Mayor and six Council members. The Mayor is
elected at-large for a two-year term ending in an even-numbered year. Each of the
six members of the City Council is elected from a single-member district for a four-
year term of office. City Council elections are held every two years, with elections for
Council members in Districts 1, 3, and 5 being staggered with elections for Council
members in Districts 2, 4, and 6. The City Manager is the chief administrative officer
of the City.
The City has strong manufacturing, wholesale and retail trade, healthcare, educa-
tion, and government sectors. Manufacturing includes a diverse group of em-
ployers who support approximately 4,900 workers. Our central location and access
to transportation contributes to Lubbock’s development as a regional warehousing
and distribution center. Also due to its location, Lubbock serves as the major retail
trade center for a 26-county retail trade area of more than a half million people.
Lubbock is home to three universities and one community college: Texas Tech
University, Lubbock Christian University, Wayland Baptist University – Lubbock
Center, and South Plains College. Fall 2021 enrollment for all higher education
institutions in Lubbock was 56,994, an increase of 0.7 percent from the Fall 2020
enrollment of 56,595.
Top Row: Shelia Patterson Harris, District 2; Daniel Pope, Mayor; Latrelle Joy, District 6
Bottom Row: Randy Christian, District 5; Steve Massengale, Mayor Pro Tem. District 4;
Jeff Griffith, District 3; Juan Chadis, District 1
CITY FACTS
Population- 265,609
Per Capita Income $46,502
Median Age- 31.7
Public Safety
Police Reports Processed- 92,545
Police Crime/Incident Reports- 44,457
Police Calls- 704,151
Number of Police Officers- 440
Fire/Arson Investigations- 234
Inspection Activities Performed- 4,129
Number of Fire Stations- 19
Number of Fire Fighters & Officers- 406
LP&L
Average Daily Usage (kwh)- 7,049,552
Number of Meters- 108,557
Number of Sub-stations- 41
Number of Steam Turbines- 6
Number of Gas Turbines- 4
Miles of Distribution Lines- 4,526
Miles of Transmission Lines- 174
Streets & Traffic Engineering
Miles of Paved Streets- 1,277
Miles of Unpaved Streets- 58
Sewer
Miles of Sewer Lines- 1,275
Airport
Number of Airlines- 3
Scheduled Daily Flights- 19
Annual Passengers- 366,837
Culture & Recreation
Number of Libraries- 4
Number of Library Visitors- 223,473
Municipal Swimming Pools- 4
Number of Parks & Playgrounds- 138
Number of Recreation Centers- 9
Number of Dog Parks- 2
Municipal Water Utility
Daily Average Water (Gal)- 34,457,140
Water Distribution Miles- 2,011
Number of Meters- 95,701
Number of Fire Hydrants 7,403
Number of Water Wells- 175
Acres of Water Rights- 246,547
Number of Gallons Allocated
Annually by Canadian River Municipal
Water Authority (in Millions)- 10,747
Table of Contents
1 Letter from the Mayor 6 Citywide Revenues
2 Our City 7 Citywide Expenses
3 A Note About the PAFR 8 General Fund Balance Sheet
4 Financial Highlights 9 General Fund Income Statement
5 Condensed Statement 10 Proprietary Funds
of Net Position 11 Capital Assets & Debt
2 |Popular Annual Financial Report
The City’s Top Employers
% of Total City
Principal Employers Employees Employment
1. Texas Tech University 5,253 3.38%
2. Covenant Health System 4,831 3.11%
3. United Supermarkets 4,000 2.58%
4. Lubbock ISD 3,987 2.57%
5. University Medical Center 3,684 2.37%
6. TTU Health Sciences Center 3,442 2.22%
7. City of Lubbock 2,365 1.52%
8. Frenship ISD 1,258 0.81%
9. Lubbock County 1,194 0.77%
10. Living Center 866 0.56%
A Note About the PAFR
This report provides an overview of the City’s financial position, including sources of
revenues and expenditures, as well as economic information about the community.
The Popular Annual Financial Report of the City of Lubbock is published to increase
public awareness about the City’s financial condition in a format that is easy to read and
understandable.
The Popular Annual Financial Report summarizes the financial activities of the City
of Lubbock’s governmental and proprietary funds and draws its information from the
2021 Annual Comprehensive Financial Report. The Annual Comprehensive Financial
Report was prepared in conformance with generally accepted accounting principles
(GAAP) and includes financial statements audited by Weaver and Tidwell LLP. The
City received an unmodified (or clean) opinion that the financial statements present
fairly, in all material respects, the respective financial position of the governmental
activities, the business-type activities, each major fund, and the aggregate remaining
fund information of the City. The amounts within the Annual Comprehensive Finan-
cial Report were arrived at by employing accrual and modified accrual basis accounting
techniques as prescribed by the GASB (Governmental Accounting Standards Board).
Government-wide data on pages 5-7 and 11 is presented similar to a consolidated finan-
cial statement for a private business (accrual basis). General fund financial information
on page 8 and 9 is presented under standard governmental accounting rules (modi-
fied accrual basis). Modified accrual accounting is a governmental accounting method
based on revenues being recognized in the period when they become available and
measurable (known).
This Popular Annual Financial Report is unaudited and is presented on a non-GAAP
basis. The differences between the GAAP basis presentation in the Annual Com-
prehensive Financial Report and the non-GAAP presentation in the Popular Annual
Financial Report are as follows: the use of prescribed accounting methods and financial
statement formats; the presentation of segregated funds; and the disclosure of all ma-
terial financial and non-financial matters in notes to the financial statements. Compo-
nent unit information has been excluded from this presentation in order to focus on
the primary government. Individuals who desire to review the audited GAAP-based,
full disclosure financial statements should refer to the City’s Annual Comprehensive
Financial Report, which is available on the City’s website at www.ci.lubbock.tx.us, or
by contacting the Accounting Department at 1314 Avenue K, Lubbock, Texas, 79401.
Popular Annual Financial Report | 3
The following financial highlights summa-
rize the City’s financial position and oper-
ations as presented in more detail in the
Annual Comprehensive Financial Report.
• The City’s total government-wide
assets and deferred outflows exceed-
ed its liabilities and deferred inflows
at September 30, 2021 by $1.2 billion
(net position).
• The City’s total net position in-
creased by $108.8 million resulting
from operations during the fiscal year.
• The ending unassigned fund balance
for the General Fund was $87.8 mil-
lion, or 37.0 percent of total General
Fund revenues, an increase of $16.3
million from the prior year.
• The City’s governmental funds
reported combined ending fund
balances of $229.6 million, of which
$87.8 million is available for spending
at the City’s discretion.
• The City’s enterprise funds reported
combined ending net position of $1.1
billion, of which $80.0 million is avail-
able for spending at the City’s discretion.
• During FY 2021, the City issued
$408.5 million in bonded debt. Part
of this was used to refund debt, which
decreased debt service requirements
by $7.3 million.
Oct 2019
US
5.0
6.0
7.0
3.8
4.9
4.34.0
3.0
2.0
Oct 2020
Texas
Unemployment Rate
Ra
t
e
Oct 2021
Lubbock
FY19
78.2 million
FY20
80.7 million
Annual Sales Tax Collection
$
M
i
l
l
i
o
n
s
FY21
90.0 million
40
50
60
70
80
90
Sales Tax Collections: Sales tax collections in FY 2021 totaled $89.8 million,
11.3 percent higher than collections through the same period in FY 2020.
Employment: The total non-agricultural employment estimate for October
2021 was 152,000, an increase of 3.5 percent over the revised October 2020 esti-
mate. The unemployment rate for the Lubbock Metropolitan Statistical Area
(MSA) in October 2021 was 3.8 percent, a decrease of 2.1 percent, largely at-
tributed to Lubbock’s rebounding from effects of the Covid-19 pandemic. His-
torically, Lubbock has had a low rate of unemployment that is well below the
national and state unemployment rates.
Credit Rating
Similar to an individual’s credit score,
ratings for municipalities influence the city’s ability to finance projects. A bond
rating is a letter grade assigned to bonds that indicates their credit quality. Private
independent rating services evaluate a bond issuer’s financial strength, or its
ability to pay a bond’s principal and in-terest, in a timely fashion. In June 2021,
Fitch Ratings, Inc and Standard and Poor’s (S&P) each reaffirmed the City’s
bond rating of AA+AA+ and characterized the City’s rating outlook as stable. This
rating allows the City to enjoy favorable interest rates on the issuance of debt.
Financial Highlights
4 |Popular Annual Financial Report
Condensed Statement of Net Position
Government-Wide Financial Analysis
As noted earlier, net position serves as a useful indicator of the City’s financial position. Assets and deferred outflows exceeded
liabilities and deferred inflows by $1.2 billion (net position) at the close of the fiscal year, compared to assets and deferred
outflows exceeding liabilities and deferred inflows by $1.1 billion (net position) at the end of the prior fiscal year. As a result
of operations, total net position increased by $108.8 million during the period.
Approximately 96.8 percent of the City’s net position reflects its investment in capital assets, e.g., land, buildings, infrastruc-
ture, machinery and equipment, less accumulated depreciation and any related outstanding debt used to acquire those assets.
The City uses capital assets to provide services to citizens; consequently, those assets are not available for future spending.
Although the City’s investment in capital assets is reported net of related debt, the resources needed to repay this debt must
be provided from other sources since the capital assets cannot be used to liquidate the liabilities.
The City has restricted net position totaling $102.2 million, which represent resources subject to external restrictions on how
they may be used. Such resources include bond funds restricted for spending on specified capital projects, debt service re-
serves restricted by bond covenants, passenger facility charges restricted for airport improvements, and special revenue funds
restricted for specific purposes.
The unrestricted net position is the amount that may be used to meet the government’s ongoing obligation to citizens and
creditors. The adoption of GASB Statement No. 68 in FY 2015 and No. 75 in FY 2018 resulted in the City’s reporting of net
pension liabilities, and deferred inflows of resources, deferred outflows of resources for the pension plan and the recognition
of pension expense. Both statements had a significant negative effect on the City’s net position and consequently unrestricted
net position.
At the end of the current fiscal year, the City is able to report positive balances in all three categories of net position for business
type activities. The government-wide unrestricted net position increase by $4.9 million from FY 2020.
(in thousands)
2021 2020
Assets
Current & Other Assets $ 748,092 $ 729,662
Capital Assets 2,476,813 2,251,524
Total assets 3,224,905 2,981,186
Deferred Outflows
of Resources 67,242 51,416
Liabilities
Current Liabilities 261,437 337,808
Noncurrent Liabilities 1,757,291 1,531,798
Total Liabilities 2,018,728 1,869,606
Deferred inflows
of resources 48,818 47,221
Net position
Net Investment in Capital 1,184,807 1,091,638
Restricted 102,264 91,504
Unrestricted (62,470) (67,367)
Total net position $ 1,224,601 $ 1,115,775
Government-Wide Net Position
Popular Annual Financial Report | 5
FY 2021 FY 2020 FY 2019
Charges for Service $ 486,663 $ 422,697 $ 422,414
Grants & Contributions 81,697 77,128 54,347
Property Tax 105,517 103,521 97,440
Sales & Other Taxes 99,256 88,106 87,758
Franchise Fees 29,733 26,326 9,617
Other 25,413 32,220 33,755
Total $ 828,279 $ 749,998 $ 705,331
Total revenues for all of the City’s activities were $828 million in
fiscal year 2021, or a 10.4% increase from fiscal year 2020. The
increase stems primarily from increases in charges for services, but
property tax and sales tax revenues also had significant growth. The
charges for services category represents receipts primarily from
electric, water/wastewater, storm water, and solid waste. Charges for
services were $487 million in 2021, a 15.1% increase from 2020.
Property taxes totaled $105.5 million in fiscal year 2021 compared
to $103.5 million in fiscal year 2020, with total assessed values in-
creasing 11.8% compared to the prior year. The property tax rate
decreased from $.55802 per $100 of assessed value. Sales tax to-
taled $90.0 million in fiscal year 2021, which was an increase of
11.5% compared to the prior year.
Citywide Revenues(In Thousands)
6 |Popular Annual Financial Report
• The Statement of Net Position presents infor-
mation on the City’s assets, liabilities (including capital
assets and short and long-term liabilities), and deferred
inflows/outflows of resources with the difference re-
ported as net position. Over time, increases or decreas-
es in net position serve as a useful indicator of whether
the financial position of the City is improving or dete-
riorating.
• The Statement of Activities presents a compar-
ison between direct expenses and program revenues
for each of the City’s functions. Direct expenses are
specifically associated with an activity and are therefore
clearly identifiable with that activity. Program revenues
include charges paid by the recipient of the goods or
services offered by the program. Program revenues also
include grants and contributions restricted to meeting
the operational or capital requirements of a particular
activity. Revenues not directly related to a specific activ-
ity are presented as general revenues. The comparison
of direct expenses with revenues from activities iden-
tifies the extent to which each activity is self-financing,
or alternatively, draws from any City generated general
revenues.
• Governmental activities (activities principally sup-
ported by taxes and intergovernmental revenues) of
the City include administrative services as well as
general government, community services, cultural
and recreation, economic and business development,
fire, health, police, other public safety, solid waste, and
streets and traffic. The General Fund is the chief op-
erating fund of the City.
• Business-type activities (activities intended to recov-
er all of their costs through user fees and charges) of
the City include electric, water/wastewater, storm wa-
ter, transit, airport, civic centers, cemetery, and Lake
Alan Henry Recreation. Electric includes Lubbock
Power and Light (LP&L).
Accounting Terms
58.7%12.7%
12
.
0
%
3
.
6
%
3.
1
%
9.9%
Popular Annual Financial Report | 7
Total expense for the City’s activities were $719 million in fiscal year 2021, a 12.2% increase from fiscal year 2020. Govern-
mental expenses increased primarily due to pension expense in fire and health expenses related to providing aid in response
to the COVID-19 pandemic. Electric operating expenses increased $60.8 million. The primary operating expenses contribut-
ing to the increase included higher energy prices, below cost rates in 2020 and the ERCOT integration. These were offset by
decreases in police expense due to retirements and vacancies, payroll covered by Cares Act funding, and canceled events that
usually had police presence. Other public safety grant expenses decreased as well.
Citywide Expenses
(In Thousands)
15.
8
%
20.3%
2.
6
%
2.8%2.5%
8.3
%
3.
0
%
4.
4
%
3
.
4
%
36.
9
%
FY 2021 FY 2020 FY 2019
Administrative Svcs/General Govt $ 21,533 $ 18,499 $16,151
Other 59,690 57,732 60,070
Cultural & Recreation 17,904 18,630 19,543
Economic & Business Development 20,025 18,535 20,175
Public Safety 145,810 146,022 149,712
Solid Waste 18,801 19,575 19,604
Electric 266,510 199,683 193,325
Water/Wastewater 113,325 111,443 101,953
Airport 24,394 17,823 18,545
Other Business Type 31,461 33,048 32,291
Total $ 719,453 $ 640,990 $ 631,369
General Fund
Balance Sheet
2021 2020
Assets
Cash & Cash Equivalents 615,131 1,664,785
Investments 74,066,559 61,812,855
Taxes Receivable (net) 16,872,731 14,721,259
Accounts Receivable (net) 5,951,055 2,960,162
Interest Receivable 124,018 122,819
Due From Other Funds 2,710,865 3,180,864
Due From Others 1,492,126 1,226,236
Inventory 141,304 158,566
Restricted Investments 246,718 3,235,247
Total Assets 102,220,507 89,082,793
Liabilities
Accounts Payable 3,496,205 4,404,597
Accrued Liabilities 8,459,233 7,511,162
Unearned Revenue 42,993 269,171
Total Liabilities 11,998,431 12,184,930
Deferred Inflows of Resources
Unavailable Revenue 2,004,962 1,948,905
Total Deferred Inflows of Resources 2,004,962 1,948,905
Fund Balance
Nonspendable 141,304 158,566
Restricted 246,718 3,235,247
Unassigned 87,829,092 71,555,145
Total Fund Balance 88,217,114 74,948,958
Total Liabilities Deferred Inflows
of Resources & Fund Balances 102,220,507 89,082,793
8 |Popular Annual Financial Report
Statement of Revenues, Expenditures & Changes in Fund Balance
2021 2020
Revenues
Taxes 157,516,522 145,388,175
Franchise Taxes 29,115,534 25,857,142
Fees & Fines 2,285,580 2,134,434
Licenses & Permits 4,740,047 4,549,345
Intergovernmental 749,047 607,112
Charges for Services 30,064,774 26,639,772
Interest 461,841 1,819,877
Miscellaneous 12,645,561 11,804,182
Total Revenues 237,579,386 218,800,039
Expenditures
Current:
General Government 19,429,653 15,291,794
Cultural & Recreation 14,080,804 13,771,260
Economic & Bus. Development 911,234 758,605
Public Safety & Health 133,734,941 124,514,833
Streets & Traffic 6,792,251 6,343,518
Solid Waste 15,183,786 14,555,558
Debt Service:
Principal 6,664,965 8,757,750
Interest & Other Charges 333,419 462,190
Capital Outlay 521,738 279,728
Total Expenditures 197,652,791 184,735,236
Revenue Under Expenditures 39,926,595 34,064,803
Other Financing Sources (Uses)
Long-term Debt Issued 1,370,538 7,936,000
Transfers In 7,027,332 6,604,553
Transfers Out (35,056,309) (29,282,746)
Net other Financing Sources (26,658,439) (14,742,193)
Net change in Fund Balance 13,268,156 19,322,610
Fund Balance Beginning of Year 74,948,958 55,626,348
Fund Balance End of Year 88,217,114 74,948,958
General Fund
The General fund is the primary fund used by the City. This fund is used to record all resource inflows and outflows that are not
associated with special-purpose funds. The activities being paid for through the general fund constitute the core administrative and
operational tasks of the City.
The unassigned fund balance serves as a useful measure of the City’s resources available for spending at the end of the fiscal year. In
FY 2021, the General Fund had $87.8 million unassigned fund balance compared to $71.6 million unassigned fund balance in FY
2020.
Popular Annual Financial Report | 9
The City maintains two different
types of proprietary funds.
• Enterprise funds are used to
report the same functions present-
ed as business-type activities in
the Government-Wide Financial
Statements (GWFS). Enterprise
Fund Financial Statements pro-
vide the same type of informa-
tion as the GWFS, only in more
detail. The City uses Enterprise
funds to account for Electric, Wa-
ter/Wastewater, Storm Water,
Transit, Airport, Civic Centers,
Cemetery, and Lake Alan Hen-
ry Recreation activities, of which
the first three activities are con-
sidered to be major funds by the
City and are presented separately.
The latter five activities are con-
sidered non-major funds and are
combined into a single aggregated
presentation within the Annual
Comprehensive Financial Report.
• Internal service funds are an
accounting device used to accu-
mulate and allocate costs inter-
nally among the City’s various
functions. The City uses internal
service funds to account for
vehicle service operations and
fueling, central warehouse and
printing services, information
technology services, risk man-
agement, health benefits, and
investment pool funds. The
services provided by the internal
service funds benefit both gov-
ernmental and business-type
activities, and accordingly, they
have been included within both,
as appropriate, in the GWFS.
Reconciliations are provided for
the proprietary fund statement
of net position and the propri-
etary fund statement of reve-
nues, expenses, and changes in
fund net position for compar-
ison between enterprise funds
and business-type activities.
Proprietary Fund
Utilities
LP&L Water/Waste Water Storm Water
Operating Revenue
Charges For Services (Net) 273,843,064 134,824,670 22,423,463
Total Operating Revenues 273,843,064 134,824,670 22,423,463
Operating Expense
Personal Services 19,156,150 13,116,650 1,456,346
Supplies 1,201,773 3,945,663 109,764
Maintenance 3,057,183 4,814,377 458,390
Purchase of Fuel & Power 184,691,789 - -
Billing Office Expense - 3,682,405 1,059,179
Other Services & Charges 13,804,754 37,587,183 3,728,651
Depreciation & Amortization 18,063,182 34,837,083 4,436,130
Total Operating Expenses 239,974,831 97,983,361 11,248,460
Operating Income (Loss) 33,868,233 36,841,309 11,175,003
Nonoperating Revenues (Expenses)
Interest Earnings 487,744 2,469,860 62,294
Disposition of Assets (1,826,016) (359,533) -
Miscellaneous (17,503,401) 1,126,416 12,523
Interest Expense (7,331,906) (14,677,461) (2,445,550)
Net Nonop. Revenues (Expenses) (26,173,579) (11,440,718) (2,370,733)
Income Before Contrs & Transfers 7,694,654 25,400,591 8,804,270
Capital Contributions/Grants 261,513 14,238,414 5,740,600
Transfers In 2,800,113 136,290 -
Transfers Out (2,882,471) (5,795,905) (3,412,403)
Change In Net Position (Deficit) 7,873,809 33,979,390 11,132,467
Total Net Position - Beg. of Year 229,846,212 565,547,184 87,525,802
Total Net Position - End of Year 237,720,021 599,526,574 98,658,269
Statement of Revenues, Expenses and
Changes in Fund Net Position 2021
10 |Popular Annual Financial Report
City of Lubbock Capital Assets
(Net of Accumulated Depreciation)
(in thousands)
2021 2020
Land $ 116,857 $ 107,872
Electric Non-depreciable 46,808 20,091
Buildings 241,457 236,531
Improvements Other
than Buildings 1,310,176 1,291,144
Machinery & equipment 141,719 144,303
Electric Depreciable 516,138 303,487
Construction in Progress 103,658 148,096
Total $ 2,476,813 $ 2,251,524
City of Lubbock Outstanding Debt
General Obligation and Revenue Bonds
(in thousands)
Long-term debt: A summary of the City’s total
outstanding debt follows
2021 2020
General obligation bonds $ 726,615 $ 827,815
Revenue & contract bonds 640,595 334,578
Other 6,474 129,514
Total $ 1,373,684 $ 1,291,907
There is no direct debt limitation in the City Charter or under state law. The City operates under a Home Rule Charter that lim-its the maximum tax rate for all city purposes to $2.50 per $100 of assessed valuation. The Attorney General of the State of Texas permits an allocation of $1.50 of the $2.50 maximum tax rate for general obligation bonds debt service. The FY 2021 interest and sinking fund tax rate per $100 of assessed valuation was $0.12043, which is significantly below the maximum allowable tax rate.
As of September 30, 2021, the City’s total outstanding debt has increased by $81.8 million, or 6.3 percent from the prior fiscal year. General obligation bond and revenue and contract bond debt increased by $204.8 million or 17.6 percent. The increase in outstanding debt is attributed to the $306.0 million increase inrevenue and contract bonds issued to fund various capital projects and the refunding of direct borrowing notes. Total bond addi-tions were $408.5 million, offset by the payment of scheduled principal payments totaling $102.0 million and refunded debt of $101.7 million.
Capital Assets & Debt
53.0%4.2%
4.7%1.9%
9.7
%
5.
7
%
20.8
%
Major capital asset projects and purchases during the fiscal
year included the following:
•345kV transmission line interconnecting Oncor’s
Black Draw Station and Oncor’s Folsom Point
Switch Station totaling $32.0 million
•Transmission facilities connecting the existing
Abernathy Station, to the existing Double Moun-
tain Switch Station totaling $34.9 million
•Airport work on the terminal building remodel
for $14.4 million
•Work on the new police substations as the
City implements community policing totaling $15.1
million
46.6%52.9%
0.
5
%
Popular Annual Financial Report | 11
Awards and Acknowledgments
The Government Finance Officers Association
(GFOA) awarded a Certificate of Achievement for
Excellence in Financial Reporting to the City for its
annual comprehensive financial report for the fiscal
year ended September 30, 2020.
In order to be awarded a Certificate of Achievement,
a governmental unit must publish an easily readable
and efficiently organized annual comprehensive fi-
nancial report in which contents conform to program
standards. Such reports must satisfy both GAAP and
applicable legal requirements. The City of Lubbock
has received this award for sixteen consecutive years.
A Certificate of Achievement is valid for a period of
one year only. We believe our current report con-
tinues to conform to the Certificate of Achievement
Program requirements, and we are submitting it to
the GFOA to determine its eligibility for another cer-
tificate.
12 |Popular Annual Financial Report