HomeMy WebLinkAboutCity of Granbury - Public Financial ReportCity of Granbury, Texas
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Popular Annual
Financial Report
For the Fiscal Year Ending
September 30, 2021
2 Table of Contents
3 4 5
6 7 8
9 10 11
TABLE OF CONTENTS
City
Council
City Manger’s
Message
Statement
of Activities
Net
Position
Revenue
Highlights
Expense
Highlights
Capital
Assets
Debt
Summary
City
Statistics
12 13
City
Goals
Government
Structure
14
Major
Projects
3 CITY OF GRANBURY I 2021 ANNUAL REPORT HIGHLIGHTS
About City Council
The Granbury City Council consists of the mayor and five council members elected citywide to
serve three-year terms. The City Council is responsible for a wide variety of tasks including approv-
ing expenditures which exceed the amount stipulated in the Charter and by State law, appointing
board and commission members, considering zoning issues, strategic planning, and approving the
annual budget. Additionally, four city officers are appointed by the City Council and operate under
its guidance: City Manager, City Secretary, City Attorney and Municipal Judge.
City Council Meetings
City Council meetings are held on the first and third Tuesday of each month at 6:00 p.m. in the
Council Chambers at City Hall. These meetings are open to the public and citizen input is welcome.
To watch the City Council meetings live or to view past recordings go to www.granbury.org/live.
MAYOR Jim Jarratt
Eddie Rodriquez Council Member
Place 2
Bruce Wadley Council Member
Place 3
Trish Reiner Council Member
Place 4
Steven Vale
Council Member
Place 5
Greg Corrigan Council Member
Place 6
MEET THE LEADERS
Granbury
CITY OF GRANBURY I 2021 ANNUAL REPORT HIGHLIGHTS 4
A WORD
FROM THE
City Manager
The City of Granbury is pleased to present the City’s
Popular Annual Financial Report (PAFR) for the fiscal
year ended September 30, 2021. This report provides a
brief overview of the City’s revenue streams and where
those dollars are spent.
The purpose of the PAFR is to provide summarized fi-
nancial data and a snapshot of the City’s financial status
in a more easily comprehensible format to increase
awareness and knowledge of the operations of the City.
The financial information contained in this report comes
from the City of Granbury’s 2021 Annual Comprehen-
sive Financial Report, which is prepared in accordance
with the Generally Accepted Accounting Principles
(GAAP). The Annual Comprehensive Report contains
additional detailed and extensive information, and it can
be viewed at https://www.granbury.org/ACFR2021
To the best of our knowledge, the enclosed data is accu-
rate in all respects and organized to fairly present the
financial position and results of City operations. If you
have any questions or comments about this report, con-
tact the finance department at 116 W Bridge Street,
Granbury, Texas, 76048 or call 817-573-1114.
5 CITY OF GRANBURY I 2021 ANNUAL REPORT HIGHLIGHTS
Infrastructure Basics
To upgrade, enhance, expand, and maintain the
existing infrastructure of the City and to prepare
for future growth.
Community
Development
To assure planned quality growth in the City
and its extraterritorial jurisdiction.
Service Delivery To provide efficient and effective delivery of all
city services.
Tourism
Development
To make the City one of the top 20 destinations
in the state by marketing our existing attractions
and facilities and developing new ones.
Citizen Involvement
To enhance community awareness, encourage
input, and increase community involvement in
the decision-making process.
Intergovernmental
Relationships
To cooperate with all government agencies to
promote community objectives.
Economic
Development
To proactively recruit economic development
opportunities.
“Providing quality of life through exceptional services with a
friendly and responsive staff.”
“Where Community, Heritage, Culture, and Tourism promote
and provide our City with an exceptional quality of life.”
CITY GOALS
MISSION STATEMENT
VISION STATEMENT
CITY OF GRANBURY I 2021 ANNUAL REPORT HIGHLIGHTS 6
GOVERNMENT STRUCTURE
City Council
City
Attorney
City
Secretary City Manager Municipal
Judge
Municipal
Court
Police Economic
Development Permits
Streets
Fleet
Building
Maintenance
Electric
Meter
Reading
Water
Public
Works
Water
Treatment
Water
Distribution
Deputy City
Manager
Fire
Community
Development
Human
Resources
Information
Technology
Airport CVB
Conference
Center
Opera
House
Tourism
Langdon
Center
Utility
Billing
Finance
Warehouse
Purchasing
Wastewater
Wastewater
Treatment
Wastewater
Collection
Communication
PIO
Granbury
Media
Cemetery
Recreation
Parks
Citizens of Granbury
7 CITY OF GRANBURY I 2021 ANNUAL REPORT HIGHLIGHTS
Net Investment
in Capital Assets
$83,149,594
Restricted
$5,070,202
$26,390,247
Unrestricted
Revenue & Expenditures
Statement of Activities Governmental Business-Type Total
Program Revenues
Charges For Services 2,443,143 24,387,450 26,830,593
Operating Grants & Contributions 283,930 - 283,930
Capital Grants & Contributions 281,067 455,142 736,209
General Revenues -
Property Taxes 6,691,693 - 6,691,693
Sales Taxes 10,739,878 - 10,739,878
Hotel Occupancy Taxes 924,047 - 924,047
Franchise Taxes 2,227,866 - 2,227,866
Investment Earnings 83,838 130,330 214,168
Other Revenue 295,800 70,916 366,716
Total Revenue 23,971,262 25,043,838 49,015,100
Governmental Activities
General Government 5,506,445 - 5,506,445
Public Safety 6,506,659 - 6,506,659
Community Development 627,692 - 627,692
Streets 1,981,268 - 1,981,268
Building & Permits 768,533 - 768,533
Parks & Recreation 2,434,407 - 2,434,407
Tourism 2,236,427 - 2,236,427
Interest & Fiscal Charges 1,288,860 - 1,288,860
Business-Type Activities
Airport - 787,067 787,067
Water Treatment & Distribution - 7,840,537 7,840,537
Wastewater Collection & Treatment - 3,786,764 3,786,764
Electricity - 12,305,059 12,305,059
Total Expenses 21,350,291 24,719,427 46,069,718
Transfers 1,813,592 (1,813,592) -
Beginning Net Position 42,983,988 68,680,673 111,664,661
Net Position 47,418,551 67,191,492 114,610,043
CITY OF GRANBURY I 2021 ANNUAL REPORT HIGHLIGHTS 8
The Statement of Net Position reflects the overall financial position of the organization
at a given moment in time. As demonstrated by the increasing net position in the
graph below, the City of Granbury has set itself up effectively to meet
the needs of its citizens while also being
prepared for unforeseen future
expenditures.
$66,646,088
$74,856,566
$97,249,831
$111,664,661
Net Position
FY2021 FY2019 FY2018 FY2017 FY2020
$114,610,043
Net Position Governmental Business-type Total
Current and other assets 35,293,749 53,828,640 89,122,389
Capital assets 64,408,098 111,773,659 176,181,757
Total Assets 99,701,847 165,602,299 265,304,146
Deferred outflows of resources 2,880,467 728,746 3,609,213
Current Liabilities 3,609,134 6,016,848 9,625,982
Long-term Liabilities 50,607,476 92,850,052 143,457,528
Total Liabilities 54,216,610 98,866,900 153,083,510
Deferred inflow of resources 947,153 272,653 1,219,806
Net Position 47,418,551 67,191,492 114,610,043
9 CITY OF GRANBURY I 2021 ANNUAL REPORT HIGHLIGHTS
Revenue Highlights
20.5%
City
21.9%
County 57.5%
School District
The City’s property tax rate
was reduced to $.3961 in fiscal
year 2021. Homeowners paid
$3,863 in property taxes on a
$200,000 home. The City of
Granbury received $792, or
less than 21% of the total
property tax amount paid.
The City’s sales tax rate is 8.25% and is
divided between three different taxing enti-
ties. The State of Texas receives 6.25%, Hood
County receives 0.50% and the City of Gran-
bury receives 1.50%. Of the City’s 1.50%
sales tax, 1.00% is for General Fund opera-
tions and 0.50% is for property tax relief. The
City has benefited from steady growth in
sales tax revenues for more than ten years. In
fiscal year 2021, sales tax receipts were up
12.2% compared to the previous year.
4.4%
over
expenses
8.9%
over
expenses
-13.1%
under
expenses
15.9%
over
expenses
Water
Service Charges
Sewer
Service Charges
Electric
Service Charges
Airport
Service Charges
The majority of the City’s business-type revenues come from providing utility services to the
citizens of Granbury. You can view the City’s current utility rates at granbury.org/rates.
$10,739,878
$9,568,220
$9,096,824
$8,534,403
$8,083,300
2021
2020
2019
2018
2017
CITY OF GRANBURY I 2021 ANNUAL REPORT HIGHLIGHTS 10
12%
General
Government
5%
Parks
2%
Building &
Permits
5%
Tourism
3%
Other
14%
Public Safety
8%
Sewer
1%
Community
Development
17%
Water
2%
Airport
4%
Streets
26%
Electricity
Expense Highlights
The largest spending category for governmental expenses is public safety, accounting for 14% of the
City’s total expenses. Public safety includes making sure our police and fire departments are funded
properly. The City’s business-type expenses include the cost to deliver electricity, water, and
wastewater services to our citizens along with maintaining the City’s regional airport.
11 CITY OF GRANBURY I 2021 ANNUAL REPORT HIGHLIGHTS
50%
CAPITAL
ASSETS
ARE UP
5%
Capital Assets
Capital assets are the items the City owns that hold value. As shown below, the total amount of cap-
ital assets increased 5% in the last year. The majority of this change was due to the increase of con-
struction in progress as the City continues to invest in the community through numerous capital im-
provement projects such as the airport expansion, street improvements and water treatment plant
expansions. As these projects are completed, a large amount of construction in progress will be re-
classified to land, buildings, equipment, or other improvements.
48%
OTHER
IMPROVEMENTS 57%
OTHER
IMPROVEMENTS
25%BUILDINGS 1%BUILDINGS
10%LAND 11%LAND
6%
MACHINERY
& EQUIPMENT 2%
MACHINERY
& EQUIPMENT
10%
CONSTRUCTION
IN PROGRESS 29%
CONSTRUCTION
IN PROGRESS
GOVERNMENTAL CAPITAL ASSETS BUSINESS-TYPE CAPITAL ASSETS
CITY OF GRANBURY I 2021 ANNUAL REPORT HIGHLIGHTS 12
Debt Administration
Certificates of Obliga-
tion are debts secured
by ad valorem taxes
and surplus utility
revenues.
Texas Capital Fund Loan is a special
assessment debt to be repaid by lease
revenues received from companies
who lease facilities acquired or reha-
bilitated with these funds.
General Obligation
bonded debt is backed
by the full faith and cred-
it of the government.
Notes Payable consists of a loan borrowed by
Granbury Historic Properties to purchase the
Opera House and a loan borrowed to purchase
power for the federally declared Winter Storm Uri
in February 2021.
Capital Leases Payable
pertains to equipment and an
energy retrofit project being
financed by lease/purchase
financing.
The City’s outstanding debt totaled under $134 million at the end of FY 2021. This was a decrease
of about $2.4 million from last year. The City of Granbury had a total bonded debt, notes payable
and capital leases payable in the amount of $133,846,659. The City’s AA bond rating is one of the
highest ratings a city can receive from Fitch Ratings and Standard & Poor’s rating agencies. The
higher rating saves the taxpayers money by securing a more favorable interest rate on debt for
the City when borrowing funds for major projects.
13 CITY OF GRANBURY I 2021 ANNUAL REPORT HIGHLIGHTS
Airport Expansion
The City is building a new 5,200 feet long and 75
feet wide airport runway to accommodate larger
aircrafts. The accommodation for jets will expand
the customer market and promote both commer-
cial and residential economic growth in the sur-
rounding community.
Wastewater System Improvements
Currently, 100% of the wastewater treatment
plant’s capacity is already accounted for by exist-
ing and upcoming developments . To prepare for
future growth and to meet TCEQ’s requirements,
the City is required to expand its wastewater
treatment capacity with a second treatment plant.
New Police Station
The current police department is located within
City Hall, but the department has outgrown that
space. The new station will provide the depart-
ment with the kind of spaces and functions need-
ed in modern police departments to serve the
needs of the community.
Water Treatment Plant Improvements
As the City continues to grow, the Water Treat-
ment Plant is already at or near TCEQ’s 85% ca-
pacity requirement. Due to this requirement, the
Water Treatment Plant is expanding from 2.5 mil-
lion gallons per day (MGD) to 5.0 MGD to meet
anticipated future growth.
Major Project Highlights
CITY OF GRANBURY I 2021 ANNUAL REPORT HIGHLIGHTS 14
GRANBURY BY THE NUMBERS
28,483
Police calls for
service
679
Building
permits issued
5,088
Sewer
connections
6,257
Water
connections
3,470
Electric
connections
944
Fire calls for
service 11,490
Granbury
population
126
Public
park acres