Accounting Terminology
General Fund : The chief operating fund of the City
Enterprise Funds : Water , Sewer and Storm Water 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
Government-wide : 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
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
• The City ’ s increase in total net position of $ 74.7 million for the year was $ 37.3-million higher than the $ 37.4 million net position reported last year . The increase is primarily related to increased revenues in property and sales tax , operating
FY16 Important Facts
Founded |
1884 |
Incorporated |
1887 |
County |
Tarrant |
Assessed Property Values |
$ 19.6 Billion |
City Tax Rate |
$ 0.6480 per $ 100 valuation |
Sales Tax ( in thousands ) |
$ 102,580 |
grants and contributions , and charges for services increase in the proprietary funds . The Water and Sewer and Storm Water Utility ’ s net position increased by $ 26 million in fiscal year 2016 compared to $ 19 million in fiscal year 2015 .
• Governmental activities revenue increased compared to the prior year , increasing overall by 3.6 percent . Sales and property tax revenue accounted for the majority of the increase this year compared to last .
• Governmental expenditures increased approximately $ 23.5 million ( 5.2 percent ) from the prior year . Increases over all categories are primarily attributed to increased pension expenses . In addition , there were salary increases , expenditures for the demolition of a dangerous building and increased expenditures for building maintenance . Increases in expenses in business-type activities were primarily for the cost of purchasing water and sewage treatment .
• The 2016 General Fund assigned fund balance was $ 60.9 million with $ 0.5 million unassigned , an overall increase in the aggregate from prior year . In 2015 , the comparable balances were $ 56.3 million and $ 0.5 million . Fund balance assignment changes in the General Fund include decreases in park performance and court security of $ 20,000 , and $ 10,000 , respectively . Increases to encumbrances , working capital and subsequent years ’ expenses of $ 2.9 million , $ 1.5 million and $ 400,000 , respectively , were also noted .
• Total debt of $ 696.5 million increased $ 30.4 million during the year . Debt issues in 2016 include $ 34.4 million in Permanent Improvement Bonds and $ 47.4 million in Permanent Improvement Refunding Bonds , $ 30.2 million in Combination Tax and Revenue Certificate of Obligation Bonds , $ 39.2 million in Water and Wastewater System Revenue Bonds , and $ 2.1 million bonds related to the Texas Water Development Board ( TWDB ) Clean and Drinking Water Programs . Bond principal payments for 2016 total $ 122.5 million on existing obligations with an additional $ 47.4 million in principal refunded . Exclusive of AT & T Stadium debt , City of Arlington debt is allocated 63 percent for general government , with the remaining 37 % to water , wastewater and storm water activities .
Popular Annual Financial Report | 21