2013 Annual Comprehensive Financial Report

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PROJECTS PLANNED IN 2014 The City reviews and publishes its Five-Year Capital Improvements Plan on an annual basis. Planned City projects for 2014 amount to nearly $34 million and include: Project Source 2014 Description of Funds Estimate City Services Facility Various Funds 5,350,000 Golf Course Reconstruction Capital Project Funds (and FEMA) 5,085,000 Sludge Treatment/Handling Water Utility Fund 3,228,000 South Street Underpass Capital Projects & Storm Water 2,743,250 First Baptist Church Property Acq Capital Projects Fund 1,270,000 Street Reconstruction Program Capital Projects Fund 1,250,000 3MG Water Tank Water Utility Fund 1,236,000 McCaslin/US36 Interchange (DDI) Capital Projects Fund 1,172,730 Golf Course Equipment Capital Project Fund 750,000 Core Area Utility Various 750,000 Wastewater Plant Upgrade - Design Wastewater Utility Fund 771,700 Coal Creek Trail Reconstruction Capital Project Funds (and FEMA) 600,000 SH42/Short Crossing Improvements Capital Project Fund 500,000 FINANCIAL INFORMATION City management is responsible for establishing and maintaining internal controls that are designed to ensure that the assets of the City are protected from loss, theft or misuse. Also, management ensures that financial statements are prepared in conformity with generally accepted accounting principles through the compilation of adequate accounting data. Internal controls are designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of costs and benefits requires estimates and judgments by management. Budgetary Controls. The City maintains budgetary controls. The objective of these budgetary controls is to ensure compliance with legal provisions embodied in the annual appropriated budget approved by the City Council. The level of budgetary control (that is, the level at which expenditures cannot legally exceed the appropriated amount) is established at the fund level. The City also maintains an encumbrance accounting system as one technique of accomplishing budgetary control. Encumbered amounts do not lapse at year-end and are generally re-appropriated the following year. As demonstrated by the statements and schedules included in the financial section of the report, the City continues to meet its responsibility for sound financial management. 3