HomeMy WebLinkAboutTravis Central Appraisal District - Public Financial Report
Travis County, Texas
Prepared by:
Travis CAD Finance Department
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Our Mission
The mission of the Travis Central Appraisal District is to provide
accurate appraisal of all property in Travis County at one
hundred percent market value, equally and uniformly, in a
professional, ethical, economical and courteous manner, working
to ensure that each taxpayer pays only their fair share of the
property tax burden.
Our Vision
The Travis Central Appraisal District will act in accordance with
the highest principles of professional conduct, ethics,
accountability, efficiency, openness, skill and integrity. We
approach our activities with a deep sense of purpose and
responsibility.
Our Values
• Appraise- fairly, efficiently, and effectively, balancing the needs of
both taxpayers and the taxing units by adhering to the Texas
Property Tax Code, USPAP, and generally accepted appraisal
standards.
• Educate- taxpayers of their rights, remedies and responsibilities.
• Communicate- collaboratively with and encourage communication
among the taxing units, taxpayer public, and the agency.
• Service- provide exceptional customer service that is accessible,
responsible and transparent.
• Performance- demand integrity, accountability and high standards
from all staff and strive continuously for excellence and efficiency.
The activities of the Travis Central Appraisal District are governed by
the legislature, and the administrative rules adopted by the
Comptroller’s Property Tax Assistance Division.
Strategic Goals
1. Develop appraisals that
reflect market value and
ensure fairness and
uniformity
2. Be efficient in business
processes and ensure that
mission critical tasks are
completed in a timely
manner with a high level
of accuracy
3. Collect, create and
maintain accurate data
4. Ensure that the district
maintains a highly
educated, motivated and
skilled workforce
5. Provide customer service
that is courteous,
professional and accurate
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TABLE OF CONTENTS
Letter from the Deputy Chief of Operations .................................................................................................................. 1
Organizational Chart and Key Personnel ....................................................................................................................... 2
Travis County at a Glance .............................................................................................................................................. 3
What Does an Appraisal District Do? ............................................................................................................................. 7
Financial Position ........................................................................................................................................................ 10
Long-term Assets & Liabilities ..................................................................................................................................... 13
Awards & Acknowledgements .................................................................................................................................... 14
2020 Board of Directors
Mr. James Valadez, Chair Mr. Bruce Grube, Vice-Chair
Travis County Travis County
Ms. Theresa Bastian, Secretary Mr. Tom Buckle
City of Austin West Travis County
Mr. Anthony Nguyen Ms. Eleanor Powell
East Travis County City of Austin
Mr. Ryan Steglich Mr. Felipe Ulloa
Austin ISD Austin ISD/City of Austin
Ms. Blanca Zamora-Garcia Mr. Bruce Elfant
City of Austin Travis County Tax Assessor/Collector
Ms. Marya Crigler, RPA
Chief Appraiser
Prepared by the TCAD Finance Department
Page 1
Travis County Taxpayers:
I am pleased to present the Popular Annual Financial Report (PAFR) for
the Travis Central Appraisal District for the year ended December 31,
2020. The PAFR is intended to provide an overview of the District’s
financial position as well as provide a summary of economic and
demographic trends. This report was prepared using financial
information taken from the 2020 Comprehensive Annual Financial
Report, that was audited by Eide Bailly, LLP. The audit received an unqualified opinion, which means that the financial statements were
prepared using Generally Accepted Accounting Principles (GAAP) and
were free of any material misstatements.
The PAFR summarizes the financial information contained in the comprehensive annual
financial report but is not intended to replace the financial report. While the PAFR uses the
same measurement focus and basis of accounting as the comprehensive annual financial
report, the PAFR is unaudited and not issued in accordance with GAAP since it is a
condensed and simplified report. If you would like more detailed information than is
contained in this report, please refer to the District’s Comprehensive Annual Financial Report,
which can be found on the District’s website at https://www.traviscad.org/reports-request/
under the Financial Reports tab. If you have any questions, concerns or recommendations
for the District’s Finance Department, I am available by phone at (512) 834-9317 or by e-mail
at Lmann@tcadcentral.org.
Respectfully submitted,
Leana H. Mann, CGFO
Deputy Chief of Operations
Travis Central Appraisal District
LETTER FROM THE DEPUTY
CHIEF OF OPERATIONS
Page 2
Board of Directors
Marya Crigler
Chief Appraiser
Cynthia MartinezCommunications Officer
Leana Mann
Deputy Chief of Operations Monica Chacon
Director of Residential AppraisalKate Alexander
Deputy Chief of
Intergovernmental Relations
Paula Fugate
Director of Human Resources Dustin BanksIn-house Counsel
Travis County Taxing Entities
Travis County Taxpayers
Vacant
Director of Commercial & Personal Property Appraisal
Martin WilbanksTaxpayer Liaison Officer
Key District Personnel
December 31, 2020
Chief Appraiser Marya Crigler
Deputy Chief of Intergovernmental Relations Kate Alexander
Deputy Chief of Operations Leana Mann
Director of Residential Appraisal Monica Chacon
Director of Commercial and Personal Property Appraisal Vacant
Human Resources Director Paula Fugate
In-House Counsel Dustin Banks
Communications Officer Cynthia Martinez
ORGANIZATIONAL CHART
Austin once again has topped the U.S News & World Report’s ranking of the best places to live in the United States. With a diverse and well educated workforce, no state income taxes and a business friendly climate, there are no
signs of a slowdown in Austin’s popularity and growth, solidifying its boomtown status.
Where Does Austin Rank?
It’s no wonder that Austin is a popular landing spot for corporate headquarters and individuals alike. Austin consistantly
ranks high across a broad spectrum of studies including:
Page 3
2020 is one for the history books. In terms of the US economy we saw a GDP swing from
-34.3% in Q2 to +33.4% in Q3. Streets were empty, those that could, stayed home andour essential workers soldiered on providing society with the necessities. By the end of
the year we saw an overall decrease of 3.5% of the US Gross Domestic Product. The
uncertainty in our economy and our personal lives put many investors into a hold
position for the better part of the year as indicated by a global CRE deal volumedecrease of 36% year-over-year in Q2 2020, according to Deloitte. Moving on to Q4,
our proverbial light at the end of the tunnel began to shine in the form of COVID-19
vaccines. Cash flush investors looking for distressed sales continue to sit on their riches
as the quicker than expected rebound has continued the upward trend of CRE ingeneral as indicated by a 5.7% year-over-year increase of the All-Property Index which
shows the total investment return for CRE investors. Roughly 1% of an already reduced
number of transactions have been distressed in 2020, according to Real CapitolAnalytics. With lessons learned from the Great Recession, our brief but drastic 2020recession has left many investors well positioned to continue where they left off going
into 2021.
Locally, economic growth in Austin is expected to continue outpacing much of the
rest of the country due in part to its diversified economy and its ability to draw a
substantial amount of domestic and international capital. For the third year in a row,
Austin has taken the No. 3 spot on the Milken Institute’s Best-Performing Cities report, noting presences of major tech companies such as Apple Inc., Samsung Electronics, IBM Corp., and Dell.
The Texas capital was named ranked No. 2 for overall real estate prospects in this
year’s Urban Land Institute annual industry survey, “Emerging Trends in Real Estate
2021.” The population continues to swell at historic rates, noting Austin as a national
leader for resiliency of job market. “Austin has become the clear darling of investors in the post-pandemic world. Attracting investors with its unique combination of high-
quality lifestyle, new supply, and a tech forward economy and workforce,” said CBRE’s
Vice President Russell Ingrum.
•No. 1 Best State Capital to Live in – 4rd year in a row
(WalletHub, January 2021)
•No. 1 Tech Town – 2nd year in a row (CompTIA, December
2020)
•No. 1 Rate of Tech Job Growth in 2020 (CompTIA, March
2021)
•No. 1 In Job Growth in Manufacturing and Financial
Activities (E.I.G., March 2021)
•No. 1 Best College Town Among Large Cities (WalletHub,
December 2020)
•No. 2 U.S. Market for Real Estate Investment (PwC & Urban
Land Institute, 2021)
•No. 2 Job Market (The Wall Street Journal, April 2021)
•No. 2 Most Polular Destinations for Migrating Home Buyers
(Redfin, September 2020)
•No. 3 Best Place to Live in the USA (U.S. News, 2020 - 2021)
•No. 3 Top Emerging Life Science Clusters in U.S. (CBRE,
October 2020)
•No. 4 Metro for Number of Inc. 5000 Firms (Site Selection
Investor Watch, September 2020)
•No. 15 Top 25 Global Innovation Hubs (Hickey and
Associates, December 2020)
POPULATION
According to the most recent
U.S. Census, Austin was thefastest growing large city andis expected to reach apopulation of 4.5 million by2050.
AUSTIN BUSINESS CYCLE
INDEX
Declined 9.5%, putting Austinstill well above Dallas andHouston
UNEMPLOYMENT
Austin’s unemployment rate
was 5.1% at yearend 2020, anincrease from 2019 which was2.7%.Unemployment Rates
Austin 5.1%
Texas 7.3%
US 6.8%
TRAVIS COUNTY AT A GLANCE
Page 4
Economy
Austin’s Business-Cycle Index Growth Rate down 9.5% annually marking an end to a full decade of consecutive
expansion.
Population Growth
As the 2020 census continues to be
counted and the dust settles from what
we hope will be the worst of the
pandemic, current and accurate
population data is not available. In this
case we can look to market indicators
help us understand general trends. With
the inlfux of large scale corporate
relocations and expansions and the
historicly low housing supply one can only
assume Austin is contiuning its upward
trend in population growth. The charts
below provide a decade’s worth of
perspective on the trajectory of the Texas
Capitol’s population.
Page 5
Job Growth
Austin has been ranked the number two market for jobs in the U.S. following a two year run at number one, according
to The Wall Street Journal. With marquis announcements of the Tesla Gigafactory and the relocation of the
Oracle headquarters leading the charge, Austin was able to buck the national trend of job losses securing a position in
the top ten best performing MSA’s. Leisure and hospitality was most affected but also most likely to see a rebound as
our ability to congregate once more becomes possible.
Page 6
COVID-19 Pandemic
3/6/2020: The city of Austin declares a disaster. South by Southwest is canceled for the first time. Events of more
than 2,500 people are canceled.
3/8/2020: Gov. Greg Abbott issues a disaster declaration for all 254 counties. Texas has 39 confirmed cases.
4/13/2020: Austin and Travis County require facial coverings in public.
4/30/2020: Texas' stay-at-home order ends. More than 30 million people have applied for unemployment in the U.S.
in six weeks.
5/1/2020: Local malls reopen. Restaurants, stores, movie theaters, museums, libraries, wedding venues and golf
courses are allowed to reopen at 25% occupancy. Dentists are permitted to resume nonemergency
treatments. April's sales tax revenue is down 9.3% from April 2019. Austin-Bergstrom International Airport
sees a 96.6% drop in passengers from the year before. Vaccine research is well underway, with initial
testing of 11 candidates happening globally.
5/7/2020: H-E-B no longer limits purchase of toilet paper and canned goods, but meat limits are in place.
5/27/2020: The U.S. reaches 100,000 deaths.
5/28/2020: Stubb's reopens its outdoor space at limited capacity.
6/11/2020: Travis County reaches 100 deaths
6/26/2020: Abbott allows businesses to operate at 50% capacity. Outdoor gatherings of more than 100 people are
prohibited. Tubing is prohibited. Elective surgeries are postponed in Travis County because of reduced
hospital capacity. Bars are closed.
7/1/2020: Travis County has 10,000 cases.
7/27/2020: Pfizer and Moderna begin phase three of their vaccine trials.
8/9/2020: The U.S. reaches 5 million cases.
8/11/2020: Texas reaches 500,000 cases.
9/22/2020: The U.S. reaches 200,000 deaths.
10/9/2020: The Austin City Limits Music Festival is virtual.
10/14/2020: Abbott increases business capacity to 75%. He says bars can open at 50%, but Travis County keeps them
closed.
11/5/2020: Texas reaches 1 million cases. In Austin-Travis County, a second surge begins as cases hit the highest number since Aug. 15.
11/9/2020: Pfizer releases results that show 90% effectiveness for its vaccine. A week later the company updates that
to 95%.
11/16/2020: Moderna releases results that show 95% effectiveness for its vaccine. Austin Public Health creates a COVID-19 Vaccine Coalition to focus on how to distribute the vaccine.
12/11/2020: The FDA gives emergency use authorization for the Pfizer vaccine.
12/18/2020: The FDA gives emergency use authorization for the Moderna vaccine.
3/2/2021: Abbott announces that capacity at all businesses will increase to 100% and the mask mandate will be lifted, effective March 10. All teachers are eligible for vaccinations. Austin and Travis Country continue to
require masks.
Page 7
The Travis Central Appraisal District was created under the 66th Texas State
Legislature in 1979 under the provisions of Senate Bill 621 known as the
Property Tax Code. The District is responsible for the appraisal of property
subject to ad valorem taxation in Travis County, Texas. The District is governed by a board of nine directors serving two year terms, plus a tenth
statutorily designated non-voting member who is the County Tax Assessor-Collector. Travis County appoints two board members, Austin ISD appoints
two board members, City of Austin appoints two board members, and Austin ISD and City of Austin appoint one board member together. The
remaining two board members are appointed by a vote of the eastern and western taxing entities within Travis County.
The District was formed in 1981 and formally began operations in 1982, pursuing its mission to provide accurate appraisal of all property in Travis County at one hundred percent of
market value, equally and uniformly, in a professional, ethical, economical and courteous manner, working to ensure that each taxpayer pays only their fair share of the property tax burden. As stipulated under the Texas
Property Tax Code, the District serves the citizens and taxpayers of Travis County and the taxing entities which lie within Travis County.
Travis County is located in south central Texas astride the Balcones Fault, the boundary between the Edwards
Plateau to the west and the Blackland Prairies to the east. Its county seat, Austin, is the capital of Texas. Travis
County’s population as of July 1, 2020, according to the City of Austin demographer, is estimated to be
1,341,815. The population of the Austin-Round Rock greater metro area is estimated to be 2,307,753. Since the
last census in 2010, the population of Travis County has grown by 31.0%.
WHAT DOES AN APPRAISAL DISTRICT
DO?
Page 8
Each Texas county is served by an appraisal district that determines the value of all of the county’s taxable
property. Generally, a local government that collects property taxes, such as a county, city and school district,
is a member of the appraisal district. A board of directors appointed by the member governments presides
over the appraisal district. The appraisal district is considered a political subdivision and must follow applicable
laws such as Open Meetings and Public Information Acts. Meetings are generally open to the public and
information generated by the appraisal district is, in most cases, also available to the public. The appraisal
district board of directors hires a chief appraiser, approves contracts and sets policies. The chief appraiser is
the chief administrator of the appraisal district. The chief appraiser may employ and compensate professional,
clerical and other personnel as provided by the appraisal district budget. The chief appraiser’s primary duty is
to discover, list, review and appraise all taxable property within the appraisal district using generally accepted
appraisal techniques.
January 1 Appraisal districts are required to appraise property at
its value on this date. A lien attaches to each taxable property to ensure property tax payment.
January 1 – April 30 Appraisal districts complete appraisals and process applications for exemptions.
January 31 Taxes due to local taxing units (or county tax assessor, if acting on their behalf).
February 1 Local taxing units begin charging penalty and interest for unpaid tax bills.
April – May Appraisal districts send notices of appraised value.
May 1 Appraisal review boards begin hearing protests from property owners.
July 25 Appraisal districts certify current appraised values to taxing units.
August – September Local taxing units adopt tax rates.
October 1 Local taxing units begin sending tax bills to property owners.
Property taxes are local taxes that are assessed locally, collected locally, and used locally. You pay your property taxes to the local tax collector. The tax collector distributes the funds to schools, cities and other local governments. Local
governments spend the funds on schools, roads, hospitals, police departments, fire departments and other programs.
In Travis County property taxes support 132 local government agencies including 21 cities, 17 emergency districts, the
county, the hospital district, the junior college, 58 municipal utility districts, 1 road districts, 15 school districts, and 17 water control improvement districts. For 2020 the projected tax levy for all taxing units in Travis County is $5,115,511,851.
THE PROPERTY TAX CALENDAR
PROPERTY TAXES AT WORK
Page 9
DISTRIBUTION OF PROPERTY TAXES
2020 was the tenth consecutive year of appraisal roll growth. All sectors experienced growth.
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Cities
19.33%
Emergency Districts
1.30%
County
16.07%
Hospital District
4.73%Junior College
4.05%Municipal Utility
Districts
1.36%
Road District
0.02%
School Districts
52.44%
Water Control
Improvement
Districts
0.70%
Total Levy by Taxing Unit Type
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Government-wide:
The government-wide financial statements are designed to provide readers with a broad overview of the District’s
finances, in a manner similar to a private-sector business. These statements provide information, both long-term and
short-term, about the District’s overall financial condition. Statement of Net Position- The statement
of net position reports all of the District’s
assets and deferred outflows of resources
and liabilities and deferred inflows of
resources, both current and noncurrent,
with the difference between the two
reported as net position. Net position is
one way to measure the District’s
financial health. Over time, increases or
decreases in the District’s net position
may serve as an indicator of whether its
financial health is improving or
deteriorating, respectively. In the
statement of net position, the assets,
liabilities and net position are separately
displayed for governmental activities and
business-type activities. Activities of the
District as a whole include only
governmental activities. The District has
no business-type activities. At the end of
fiscal year 2020, the District’s assets and
deferred outflows of resources, which
totaled $34,709,086, exceeded liabilities
and deferred inflows of resources, which
totaled $25,931,686 by $8,777,400. This
difference is known as net position. The
District’s net position decreased by
$499,562 from fiscal year 2019 to 2020, a
decrease of 5.4%.
FINANCIAL POSITION
Statement of Net Position
2020 2019 2018
ASSETS:
Current and other assets 10,596,245$ 19,041,260$ 17,479,433$
Capital assets,
net of depreciation 20,559,814 12,593,655 3,629,947
Net pension asset 2,277,846 - 1,399,262
Total assets 33,433,905 31,634,915 22,508,642
DEFERRED OUTFLOWS OF RESOURCES 1,275,181 3,989,385 1,592,461
TOTAL ASSETS & DEFERRED OUTFLOWS 34,709,086 35,624,300 24,101,103
LIABILITIES:
Current and other liabilities 6,688,301 7,463,805 6,561,143
Noncurrent liabilities 17,822,620 18,504,972 236,715
Total liabilities 24,510,921 25,968,777 6,797,858
DEFERRED INFLOWS OF RESOURCES 1,420,765 378,561 838,153
TOTAL LIABILITIES & DEFERRED INFLOWS 25,931,686 26,347,338 7,636,011
Total net position 8,777,400 9,276,962 16,465,092
TOTAL NET POSITION, RESTATED 8,777,400 9,276,962 9,986,658
NET POSITION BY CATEGORY:
Investment in capital assets 11,053,303 4,400,301 3,629,947
Restricted - 1,477,431 -
Unrestricted (2,275,903) 3,399,230 6,356,711
Total net position 8,777,400$ 7,799,531$ 9,986,658$
Current and other
liabilities
27.3%
Noncurren
t liabilities
34.6%
LIABILITIES OF GOVERNMENTAL ACTIVITIES AT DECEMBER 31, 2020
Current and
other assets31.7%
Capital
assets
61.5%
Net pension
asset6.8%
ASSETS OF GOVERNMENTAL ACTIVITIES AT DECEMBER 31, 2020
Page 11
Statement of Activities- The
statement of activities presents
information showing how the District’s
net position changed during the fiscal
year. All changes in net position are
reported as soon as the underlying
event giving rise to the change
occurs, regardless of the timing of
related cash flows. Thus, revenues
and expenses are reported in this
statement for some items that will only
result in cash flows in future fiscal
periods (e.g., uncollected
assessments and earned but unused
compensated absences).
Change in Net Position: The District’s
net position decreased from 2019 to
2020 by 5.4% ($499,562). The District’s
total revenue increased from 2019 to
2020 by 2.3% ($449,505). Other
revenue sources totaled $195,326, a
56.9% decrease from the 2019 total of
$453,087. During 2020, the Federal
Reserve held the federal funds rate at
a historical low due to the ongoing
global pandemic, which reduced the
investment earnings of the district by
$235,106 from the 2019 total.
Change in Net Position
Table A-2
2020 2019 Increase (Decrease)
Total Percentage Change 2019-2020 Percent of Total
PROGRAM REVENUES:
Charges for services 6,876$ 15,710$ (8,834)$ -56.2%0.0%
GENERAL REVENUES:
Appraisal assessments 20,193,893 19,486,627 707,266 3.6%99.0%
Less credits to jurisdictions - - - 0.0%0.0%
Investment earnings 97,873 332,979 (235,106) -70.6%0.5%
Miscellaneous 90,577 104,398 (13,821) -13.2%0.4%
Total revenues 20,389,219 19,939,714 449,505 2.3%100.0%
EXPENSES:
Payroll and related expenses 12,286,866 13,078,326 (791,460) -6.1%58.8%
Data processing 596,998 511,294 85,704 16.8%2.9%
Transportation 26,052 32,332 (6,280) -19.4%0.1%
Operating supplies 415,952 285,192 130,760 45.8%2.0%
Rentals 144,046 487,706 (343,660) -70.5%0.7%
Legal and professional 3,888,938 2,726,782 1,162,156 42.6%18.6%
Utilties and telephone 575,710 354,890 220,820 62.2%2.8%
361,966 364,224 (2,258) -0.6%1.7%
Insurance 70,093 28,551 41,542 145.5%0.3%
Other services 1,590,251 1,878,183 (287,932) -15.3%7.6%
Interest 413,792 250,191 163,601 100.0%2.0%
Depreciation expense 518,117 651,739 (133,622) -20.5%2.5%
Total expenses 20,888,781 20,649,410 239,371 1.2%100.0%
Change in net position (499,562) (709,696) 210,134 -29.6%-5.7%
9,276,962 9,986,658 (709,696) 100.0%105.7%
Net Position, ending 8,777,400$ 9,276,962$ (499,562)$ -5.4%100.0%
Building and equipment
Net position, beginning
Appraisal revenue
98.8%
Charges for services0.0%
Investment earnings
0.5%
Miscellaneous
revenue
0.4%
Other
1.0%
Revenues of Governmental Activities-by SourceFiscal Year 2020
Page 12
Total expenses for fiscal year 2020 totaled $20,888,781. Total expenses increased from 2019 to 2020 by 1.2%
($239,371).
Governmental Funds:
Fund Financial Statements: The fund financial statements provide more detailed information about the District’s most
significant funds, not the District as a whole. Like many other local and state governments, the District utilizes fund
accounting. A fund is a grouping of related accounts that is used to maintain control over resources that have been
segregated for specific activities or objectives. There are three types of funds that government entities utilize, depending
on their specific needs and requirements: (1) governmental funds, (2) proprietary funds and (3) fiduciary funds.
The District’s governmental funds are comprised
of the General Fund- the District’s main operating
fund and a special revenue fund dedicated to the
850 EAL Holding Corp, which is reported as a
blended component unit. At the end of fiscal year
2020, the District’s total governmental funds
reported an ending fund balance of $4,911,253, a
decrease of 61.2% ($7,759,819). $626,330, or 12.8%
of the total fund balance was nonspendable in
the form of prepaid items. $3,611,106, or 73.5% of
the total fund balance was committed in the form
of reserves for future expenditures, and $3,611,106,
or 13.7% was unassigned and available for future
operational needs.
Payroll and related expenses58.82%
Data processing2.86%
Transportation0.12%
Operating supplies1.99%
Rentals0.69%
Legal and professional18.62%
Utilities andtelephone2.76%
Bldg & Equip Maint.1.73%
Insurance0.34%
Other services7.61%
Interest1.98%
Depreciation expense2.48%
Other12.41%
Expenses of Governmental Activities-by Source
Fiscal Year 2020
Fund Balance
2020 2019 2018
Committed- reserves $ 3,611,106 $ 6,070,049 $ 6,228,423
Restricted - 1,477,431 -
Nonspendable- prepaid items 626,330 541,218 667,721
Unassigned 673,817 4,582,374 4,751,356
Total fund balance 4,911,253$ 12,671,072$ 11,647,500$
Page 13
Capital Assets Net of Accumulated Depreciation
Table A-4
Balance Balance
December 31,December 31,
2020 2019 Amount %
Land 1,107,653$ 1,107,653$ -$ 0.0%
Construction in progress - 9,352,785 (9,352,785) 100.0%
Building and improvements 20,959,763 3,716,660 17,243,103 463.9%
Less: accumulated depreciation (2,539,646) (2,335,859) (203,787) 8.7%
buildings and improvements, net 18,420,117 1,380,801 17,039,316 1234.0%
Furniture and equipment 5,842,542 5,253,444 589,098 11.2%
Less: accumulated depreciation (4,810,498) (4,501,028) (309,470) 6.9%
furniture and equipment, net 1,032,044 752,416 279,628 37.2%
Invested in capital assets 20,559,814$ 12,593,655$ 7,966,159$ 63.3%
Related debt (9,506,511) (8,193,354) (1,313,157) 16.0%
Governmental activities
capital assets, net of related debt 11,053,303$ 4,400,301$ 6,653,002$ 151.2%
Increase (Decrease)
Land5.4%
Building & Improvements
Furniture &
Equipment5.0%
CAPITAL ASSETS, NET OF
ACCUMULATED DEPRECIATION AT DECEMBER 31, 2020
Notes payable
45%Net pension liability
-11%
Net OPEB
liability39%
Compensated
absences
5%
Long-term Liabilities at
December 31, 2020
Capital Assets: The District’s investment in capital assets for its governmental activities at the end of fiscal year 2020
totaled $11,053,303 (net of accumulated depreciation). The investment in capital assets includes land, building and
improvements, and furniture and equipment. Net capital assets increased from the prior fiscal year by $6,653,002
(151.2%). This was due to the District’s completion the renovations of 850 E. Anderson Lane.
Long-term Liabilities: Total long-term liabilities increased by $13,518,120 (223.6%). This increase was related to
multiple factors: long-term note payable for the purchase and renovation of the District’s new office building,
increase in the net pension liability, and the implementation of a retiree healthcare plan (OPEB liability).
LONG-TERM ASSETS & LIABILITIES
Long-term Liabilities at December 31, 2020
Balance Balance Balance
December 31,December 31,December 31,
2020 2019 2018
Notes payable 9,506,511$ 9,840,400$ -$
Net pension liability (2,277,846)1,763,932 (1,399,262)
Net OPEB liability 8,175,697 6,975,715 6,478,434
Compensated absences 1,109,505 983,170 965,925
Total governmental
activities 16,513,867$ 19,563,217$ 6,045,097$
Page 14
This District was awarded the Triple Crown award from the Government Finance Officers
Association (GFOA). GFOA’s Trip Crown recognizes governments who have received all
three GFOA awards- Certificate of Achievement for Excellence in Financial Reporting,
the award for Outstanding Achievement in Popular Annual Financial Report, and the
Distinguished Budget Presentation Award.
The Government Finance Officers Association of the United States and Canada
(GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting
to the Travis Central Appraisal District for its comprehensive annual financial report
(CAFR) for the fiscal year ended December 31, 2019. This was the ninth consecutive
year that the District has achieved this prestigious award. In order to be awarded a
Certificate of Achievement, a government must publish an easily readable and
efficiently organized comprehensive annual financial report. This report must satisfy
both generally accepted accounting principles and applicable legal requirements.
The Government Finance Officers Association of the United States and Canada
(GFOA) presented a Distinguished Budget Presentation Award to the Travis Central
Appraisal District, Texas for its annual budget for the fiscal year beginning January 1,
2021. This was the ninth consecutive year that the District achieved this prestigious
award. In order to receive this award, a governmental unit must publish a budget
document that meets program criteria as a policy document, as an operations
guide, as a financial plan, and as a communications device. This award is valid for
a period of one year only.
The Government Finance Officers Association of the United States and
Canada (GFOA) presented an Award for Outstanding Achievement in
Popular Annual Financial Reporting to the Travis Central Appraisal District for
its Popular Annual Financial Report (PAFR) for the fiscal year ended December 31, 2019. This was the fourth consecutive year that the District
achieved this prestigious award. The Award for Outstanding Achievement in Popular Annual Financial Reporting is a prestigious national award
recognizing conformance with the highest standards for preparation of state and local government popular reports. In order to receive an Award for Outstanding Achievement in
Popular Annual Financial Reporting, a government must publish a PAFR whose contents conform to program standards of creativity, presentation, understandability, and reader appeal. An Award for
Outstanding Achievement in Popular Annual Financial Reporting is valid for a period of one year only.
AWARDS & ACKNOWLEDGEMENTS
Page 15
The preparation of this report could not have been accomplished without the dedicated services of the
management team of the Travis Central Appraisal District. I would like to express my appreciation to all who
assisted in this effort. An acknowledgment to the Commercial Appraisal department for preparing the
market analysis for the Popular Annual Financial Report. Finally, I would like to acknowledge the Chief
Appraiser, Marya Crigler, and the Board of Directors for the Travis Central Appraisal District, who have
supported the finance staff in our goal of excellence in financial management and reporting.
Respectfully submitted,
Leana H. Mann, CGFO
Deputy Chief of Operations Travis Central Appraisal District