City of Arlington , Texas Fiscal Year 2020
Accounting Terminology
General Fund : The chief operating fund of the City
Enterprise Funds : Water , Sewer and Stormwater Utilities funded by fees charged to users
Capital Outlay : Funds spent to purchase or construct buildings , machinery , vehicles , etc .
Total Fund Balance : The difference between assets and deferred outflow of resources and liabilities and deferred inflow of resources of a fund
Nonspendable Fund Balance : The portion of fund balance that cannot be spent because the underlying resources are not in spendable form
Restricted Fund Balance : The portion of fund balance that represents resources subject to externally enforceable constraints
Committed Fund Balance : The portion of fund balance that represents resources whose use is subject to legally binding constraints imposed by the City itself
Assigned Fund Balance : The portion of fund balance set aside by the City for a particular purpose
Unassigned Fund Balance : The difference between total fund balance and its nonspendable , restricted , committed and assigned components
Governmentwide : The City as a whole
Governmental Activities : The City ’ s basic services such as Police , Fire , Public Works and Parks , which are mostly funded by property tax , sales tax and franchise fees
Infrastructure Assets : Stationary assets of the City that include streets , sidewalks , water , sewer and drainage systems
Net Pension Liability : The difference between the total pension liability ( the present value of projected benefit payments to employees based on their past service ) and the assets ( mostly investments reported at fair value ) set aside in a trust and restricted to paying benefits to current employees , retirees and their beneficiaries
Other Post Employment Benefit ( OPEB ) Liability : Benefits other than pensions that state and local governments provide their retired employees ; beginning in FY18 , the liability is required to be recorded on the governmentwide statement of net position
Net Position : The difference between assets and deferred outflow of resources and liabilities and deferred inflow of resources for the City as a whole
TMRS : Texas Municipal Retirement System
Trend Variances
FY20 Important Facts
Founded |
1884 |
Incorporated |
1887 |
County |
Tarrant |
Assessed Property Values |
$ 29.2 billion |
City Tax Rate |
$ 0.6225 per $ 100 valuation |
Sales Tax ( in thousands ) |
$ 115,098 |
• The assets and deferred outflows of resources of the City exceeded its liabilities at the close of the most recent fiscal year by $ 2.8B ( net position ). Of this amount , $ 128.6M represents unrestricted net position , which may be used to meet the government ’ s ongoing obligations to citizens and creditors in accordance with the City ’ s fund designation and fiscal policies . The City ’ s total net position increased $ 390M during the current period primarily due to increases to net investment in capital assets and the amount restricted for debt service .
• Governmental activities general revenue decreased compared to the prior year , decreasing overall by 1.7 %. Sales and property tax revenue and interest earnings accounted for the majority of the decrease this year compared to last .
• Overall , expenditures increased approximately $ 28.4M ( 5 %) from the prior year . Increases are primarily attributed to increased spending for various projects . Public Works capital outlay decreased in the prior year compared to the current year . Public welfare expenses increased significantly due to grant money received to assist with the pandemic . Interest and fiscal charges increased due to higher interest and increase in bond related expenses . Increases in expenses in business-type activities were largely for the cost of purchasing water and sewage treatment .
• The 2020 General Fund assigned fund balance was $ 70.6M with $ 11.2M unassigned , an overall increase in the aggregate from prior year . In 2019 , the comparable balances were $ 62.4M and $ 2.3M . Fund balance assignment changes in the General Fund include decreases in subsequent years ’ expenditures and working capital of $ 3.8M and $. 7M .
• The City ’ s total outstanding long-term debt of $ 1.53B increased $ 171M during the year . Debt issues in 2020 include $ 8.7M in Permanent Improvement Refunding Bonds , $ 9.2M in Certificate of Obligation Bonds , $ 39.6M in Permanent Improvement Bonds , $ 174.7 General Obligation Pension Bonds , $ 5.3M in Water and Wastewater System Revenue bonds and Refunding Bonds , $ 9.8M in Stormwater Revenue Bonds , and $ 13.5M in Stormwater Refunding Revenue Bonds . Exclusive of special venue debt , City of Arlington debt is allocated 64 % for general government , with the remaining 36 % to water , wastewater , and stormwater activities .
21