Requirement 6b.
Debits Credits
City of Smithville
Street Improvement Bond Debt Service Fund
Post-closing Trial Balance
For year 2020
Requirement 6b.
As of December 31, 2020
Assets
City of Smithville
Street Improvement Bond Debt Service Fund
Balance Sheet
Requirement 6b.
Debits Credits
Cash $ 7,500
Budgetary Fund Balance $ 7,500
Estimated Revenues-Accrued Interest on Bonds Sold 12,500
City of Smithville
Street Improvement Bond Debt Service Fund
Pre-closing Trial Balance
For year 2020
Requirement 6b.
Revenues:
Accrued interest on bonds sold 12,500$
Expenditures:
Interest on bonds 25,000
Excess of Expenditures over Revenues (12,500)
Other Financing Sources:
Premium on bonds 20,000
Increase in Fund Balances 7,500
Fund Balances, December 31 –
Fund Balances, December 31 7,500$
City of Smithville
Street Improvement Bond Debt Service Fund
Statement of Revenues, Expenditures and Changes in Fund Balance
For the Year Ended December 31, 2020
Requirement 6b.
Variance
Actual with Final
Original Final Amounts Budget
Revenues:
Accrued interest on bonds sold 12,500$ 12,500$ 12,500$ –$
Expenditures:
Interest on bonds 25,000 25,000 25,000 –
Excess of Expenditures over Revenues (12,500) (12,500) (12,500) –
Other Financing Sources:
Premium on bonds 20,000 20,000 20,000 –
Increase in Fund Balances 7,500 7,500 7,500 –
Fund Balances, January 1 – – – –
Fund Balances, December 31 7,500$ 7,500$ 7,500$ –$
City of Smithville
Street Improvement Bond Debt Service Fund
Statement of Revenues, Expenditures and Changes in Fund Balance-Budget and Actual
For the Year Ended December 31, 2017
Budgeted Amounts
Requirement 6c.
Calculation of Legal Debt Margin for Fiscal Year 2020
Total Estimated Actual Valuation 323,913,790$
Maximum general obligation debt, limited to 8% 25,913,103$
of total valuation
Legal Debt Margin – December 31 23,920,603$
City of Smithville
Legal Debt Margin Information
Requirement 9c.
Debits Credits
Cash $ 505,192
Taxes Receivable-Delinquent 395,049
Allowance for Uncollectible Delinquent Taxes $ 49,326
Interest and Penalties Receivable on Taxes 46,356
Allowance for Uncollectible Interest and Penalties 6,859
Due from State Government 150,000
Land 4,180,000
City of Smithville
Governmental Activities, Governmental-Wide level
Post-closing Trial Balance
For year 2020
Requirement 9c.
Primary Government
Governmental Business-type Component
Assets Activities Activities Total Units (none)
Cash 505,192$ 505,192$
Receivables, net (Note 1) 385,220 385,220
Due from state government 150,000
Capital assets, net (Note 2) 19,538,596 19,538,596
Total Assets 20,579,008 20,579,008
Liabilities
1. Receivables consist of: Taxes Receivable – Delinquent of $395,049 and related
2. Net capital assets consist of: Land $4,180,000, Infrastructure $12,412,000, less
accumulated depreciation of $2,812,564; Buildings of $6,296,000, less
accumulated depreciation of $1,919,900, and Equipment of $3,589,140, less accumulated
depreciation of $2,206,080.
City of Smithville
Statement of Net Position
As of December 31, 2020
Requirement 9c.
Debits Credits
Cash $ 505,192
Taxes Receivable-Delinquent 395,049
Allowance for Uncollectible Delinquent Taxes $ 49,326
Interest and Penalties Receivable on Taxes 46,356
Allowance for Uncollectible Interest and Penalties 6,859
Due from State Government 150,000
Land 4,180,000
Infrastructure 12,412,000
Accumulated Depreciation-Infrastructure 2,812,564
Buildings 6,296,000
City of Smithville
Governmental Activities, Governmental-Wide level
Pre-closing Trial Balance
For year 2020
General Revenues-Taxes-Sales 560,000
General Revenues-Interest and Penalties on Taxes 37,252
Expenses-General Government 894,540
Requirement 9c.
Net (Expense) Revenue and
Program Revenues
Changes in Net Position
Operating Capital
Primary Government
Charges for Grants and Grants and Governmental Business-Type Component
Functions/Programs Expenses Services Contributions Contributions Activities Activities Total Units (none)
Governmental Activities:
General government 894,540$ 1,032,990$ –$ –$ 138,450$ 138,450$
Business-type activities:
Total Primary Government 4,676,188$ 1,314,381$ 789,000$ (2,572,807) (2,572,807)
Component Units (none)
General revenues:
City of Smithville
Statement of Activities
As of December 31, 2020
Requirement 9c.
Street
Street Improvement Total
Improvement Debt Service Governmental
Assets General Fund Fund Funds
Cash 487,692$ 10,000$ 7,500$ 505,192$
City of Smithville
Balance Sheet
Governmental Funds
As of December 31, 2020
Requirement 9c.
Street
Street Improvement Total
General Improvement Debt Service Governmental
Fund Fund Fund Funds
Revenues
Taxes-real property 1,831,110$ 1,831,110$
Taxes-sales 560,000$ 560,000
Expenditures
General government 794,284 794,284
Other Financing Sources –
Premium on bonds 20,000 20,000
City of Smithville
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds
For the Year Ended December 31, 2020
Requirement 9c.
Total fund balances 466,245$
Capital assets used in governmental activities are not 19,538,596
financial resources and therefore are not reported in
in the funds
City of Smithville
Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Position
As of December 31, 2020
Requirement 9c.
Net changes in fund balances—total governmental funds 43,951$
Amounts reported for the governmental activities in the
statement of activities are different because:
Governmental funds report capital outlay as expenditures.
However, in the statement of activities, the cost of these
Repayment of bond principal is an expenditure in the
governmental funds, but the repayment reduces long-
term liabilities in the statement of net position. There was
no repayment of bond principal during the year but new
bonds were issued in this amount (including unamortized
For the Year Ended December 31, 2020
City of Smithville
Reconciliation of the Statement of Revenues, Expenditures,
and Changes in Fund Balances of Governmental Funds
to the Government-wide Statement of Activities