12-31-2001 district #2ANNUAL FINANCIAL REPORT
OF THE
GUADCO MUNICIPAL UTILITY DISTRICT NO, 2
NINE MONTHS ENDED DECEMBER 31, 2001
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PAGE
NUMBER
INDEPENDENT AUDITOR'S REPORT 1
COMBINED BALANCE SHEET - ALL GOVERNMENTAL
FUND TYPES AND ACCOUNT GROUPS 2
COMBINED STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL
FUND TYPES 3
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL - GENERAL FUND 4
NOTES TO FINANCIAL STATEMENTS 5-13
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WIN
C. AUDITOR'S REPORT ON SUPPLEMENTAL SCHEDULES
14
D. NOTES REQUIRED BY THE WATER DISTRICT ACCOUNTING
MANUAL
5
E. SERVICES AND RATES
15
F. SCHEDULE OF GENERAL FUND EXPENDITURES
17
G. SCHEDULE OF TEMPORARY INVESTMENTS
18
H. ANALYSIS OF TAXES LEVIED AND RECEIVABLE
19
I. ANALYSIS OF CHANGES IN GENERAL FIXED ASSETS
21
J. GENERAL LONG -TERM DEBT SERVICE REQUIREMENTS
BY YEARS
22
K. ANALYSIS OF CHANGES IN GENERAL LONG -TERM DEBT
23
L. COMPARATIVE STATEMENT OF REVENUES AND
EXPENDITURES, GENERAL FUND, AND DEBT SERVICE
FUND - FOUR YEARS AND NINE MONTHS ENDED DECEMBER 31, 2001
24
M. INSURANCE COVERAGE
25
N. BOARD MEMBERS, KEY ADMINISTRATIVE PERSONNEL,
AND CONSULTANTS
26
NOTE: This is the final audit of the District.
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CERTIFIED PUBLIC ACCOUNTANT
City of Schertz
Guadco Municipal Utility District No. 2
Guadalupe and Comal Counties, Texas
' I have audited the accompanying general purpose financial statements of Guadco Municipal
Utility District No. 2 as of December 31, 2001, and for the nine months then ended as listed in
the table of contents. These general purpose financial statements are the responsibility of the
' Guadco Municipal Utility District No. 2 management. My responsibility is to express an opinion
on these financial statements based on my audit.
' I conduct my audit in accordance with generally accepted auditing standards and generally
accepted government auditing standards accepted in the United States of America. Those
standards require that I plan and perform the audit to obtain reasonable assurance about
' whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant
' estimates made by management, as well as evaluating the overall financial statement
presentation. I believe that my audit provides a reasonable basis for my opinion.
' In my opinion, the general purpose financial statements referred to above present fairly, in
all material respects, the financial position of Guadco Municipal Utility District No. 2 as
of December 31, 2001, and the results of its operations and changes in fund balances for the
' nine months then ended in conformity with generally accepted accounting principles accepted in
the United States of America.
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4e 4, 2002
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352 Loncla St. • New Braunfels, TX 78130
' 830 - 625.6073 830 -625 -8225 FAX
e -mail: jimr @the- cla,net
Member of American Institute of Certified Public Accountants
GUADCO MUNICIPAL UTILITY DISTRICT NO. 2
COMBINED BALANCE SHEET - ALL GOVERNMENTAL FUND TYPES
AND ACCOUNT GROUPS
December 31, 2001
Cash
Temporary Cash Investments, at Cost
Receivables
Taxes
Accounts
Accrued Interest
Prepaid Insurance
Due from Other Funds
Restricted Assets
Cash and Temporary Cash Investments, at Cost
Property, Plant, and Equipment
Amount Available in Debt Service Fund
Amount to be Provided for Retirement of General
Long -Term Debt
TOTAL ASSETS
LIABILITIES
Accounts Payable
Regulatory Assessment Payable
Advances from Developer
Payable from Restricted Assets - Deposits
Due to Other Funds
Deferred Revenues
General Obligations Bonds Payable
Total Liabilities
FUND EQUITY
Investment in General Fixed Assets
Fund Balances (Deficit)
Reserved
Unreserved
Undesignated
Total Fund Equity (Deficit)
TOTAL LIABILITIES AND FUND EQUITY
GOVERNMENTAL FUND TYPES
DEBT CAPITAL
GENERAL SERVICE PROJECTS
114,523 142,487 26,830
847.00 1,383 2,452
- 28,848
215 -
5,024 5,007
120,609 172,718 34,289 ,
5,312 -
- 10,031
1,771
5,312 11,802
- 160,916 34,289
115,297 - -
115,297 160,916 34,289
120,609 172,718 34,289
The accompanying notes are an integral part of these financial statements.
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ACCOUNT GROUPS
GENERAL GENERAL
FIXED LONG -TERM
ASSETS DEBT
TOTALS
(MEMORANDUM ONLY)
12/31/01 3/31/01
5,312
5,312
283,840
28,619
- 1,771
586
4,682
79,428
- 455,000 472,114
472,393
28,848
586
- 195,205
86,107
215
-
-
1,283
10,031
4,155
-
-
95,716
938,494
-
938,494
938,494
-
143,870
143,870
56,613
-
311,130
311,130
398,387
938,494
455,000
1,721,110
1,603,281
2
7,340
5,312
5,312
10,031
4,155
- 1,771
586
455,000 455,000
455,000
- 455,000 472,114
472,393
938,494 - 938,494
938,494
- 195,205
86,107
115,297
106,287
1,130,888
938,494 - 1,248,996
938,494 455,000 1,721,110
1,603,281
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REVENUES
Property Taxes
Water Service
Sewer Service
Penalty and Interest
Standby & Tap Connection Fees
' Interest on Time Deposits
Other
Total Revenue
' EXPENDITURES
Debt Service
Principal Retirement
Interest and Fiscal Charges
Purchase Water and Sewer Services
Professional Fees
Director Fees
Contracted Services
Utilities
Repairs and Maintenance
Tax Collection Services
Other Expenditures
Developer Settlement Expenditures
Total Expenditures
GUADCO MUNICIPAL UTILITY DISTRICT NO. 2
COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - ALL GOVERNMENTAL FUND TYPES
NINE MONTHS ENDED DECEMBER 31, 2001
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Excess of Revenues Over (Under)
Expenditures
FUND BALANCES (DEFICIT) AT
BEGINNING OF YEAR
FUND BALANCES AT END
OF YEAR
GOVERNMENTAL FUND TYPES
DEBT CAPITAL
GENERAL SERVICE PROJECTS
8,755 120,067
53,378
17,622
2,080 -
2,323 1,416
454 -
84,612 121,483
650
650
- 11,964
23,674 -
22,258
1,650
22,462
989
901 -
- 1,061
3,668 - 10
75,602 13,025 10
9,010 108,458
106,287 52,458
33,649
TOTALS
(MEMORANDUM ONLY)
Nine Months
Ended Year Ended
12/31/01 3/31/01
128,822
136,293
53,378
60,389
17,622
22,525
2,080
-
4,389
25,680
454
339
206,745 245,226
100,000
11,964
29,147
23,674
38,374
22,258
18,779
1,650
2,100
22,462
18,409
989
1,860
901
13,472
1,061
3,209
3,678
4,996
-
69,693
88,637
300,039
118,108 54,813
192,394 247,207
115,297 160,916 34,289 310,502 192,394
' The accompanying notes are an integral part of these financial statements.
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The accompanying notes are an integral part of these financial statements.
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GUADCO MUNICIPAL UTILITY DISTRICT NO. 2
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL - GENERAL
FUND
'
NINE MONTHS ENDED DECEMBER 31, 2001
'
GENERALFUND
VARIANCE -
FAVORABLE
BUDGET
ACTUAL
(UNFAVORABLE)
'
REVENUES
Property Taxes
6,795
8,755
1,960
Water Service
51,003
53,378
2,375
'
Sewer Service
19,503
17,622
(1,881)
Penalty and Interest
378
-
(378)
Standby & Tap Connection Fees
3,546
2,080
(1,466)
Interest on Time Deposits
2,250
2,323
73
Other
378
454
76
'
Total Revenue
83,853
84,612
759
EXPENDITURES
'
Purchase Water
Repairs and Maintenance
15,525
9,000
10,192
901
5,333
8,099
Electric Utilities
2,736
989
1,747
Sewer Treatment
15,003
13,482
1,521
'
Director Fees
2,250
1,650
600
Legal Fees
9,000
13,383
(4,383)
Audit Fees
4,000
8,000
(4,000)
'
Accounting Fees
1,305
1,825
(520)
Administration
4,050
4,150
(100)
Utility Operation
12,753
16,487
(3,734)
'
Legal Notices
81
64
17
Telephone
306
233
73
Insurance and Bonds
2,106
3,158
(1,052)
'
Postage and Rent
576
240
336
Taxes TNRCC
441
656
(215)
Miscellaneous
648
192
456
Total Expenditures
79,780
75,602
4,178
Excess of Revenues Over
'
(Under) Expenditures
4,073
9,010
4,937
FUND BALANCE AT
'
BEGINNING OF YEAR
106,287
106,287
-
TRANSFERS
-
-
-
'
FUND BALANCE
AT END OF YEAR
110,360
115,297
4,937
The accompanying notes are an integral part of these financial statements.
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GUADCO MUNICIPAL DISTRICT NO.2
NOTES TO FINANCIAL STATEMENTS
' December 31, 2001
NOTE 1- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Reporting Entity
All significant activities and groups on which the GUADCO Municipal Utility District No. 2
(District) exercises oversight responsibility have been included in the general purpose
' financial statements, for the fiscal year ended. The District is located in Coma] and
Guadalupe counties in Texas. The following criteria regarding manifestation of
oversightwere considered by the District in its evaluation of District organizations and
'activities:
Financial Interdependency - The District is responsible for its debts and entitled
' to surpluses. No separate agency receives a financial benefit nor imposes a
financial burden on the District.
Election of the Governing Authority - The locally elected Board of Directors is
exclusively responsible for all decisions and accountable for the decisions it
makes.
' Designation of Management - The Board of Directors hires the management
company. The activities under the purview of management are within the scope
' of the reporting entity and management is accountable to the Board of Directors
for the activities being managed.
Ability to Significantly Influence Operations - The Board of Directors has the
' statutory authority under provision of state law, and specifically the Texas Water
Code, to significantly influence operations. This authority includes, but is not
limited to, adoption of the budget, control over assets, including facilities and
' properties, short-term borrowings, signing contracts, and developing programs
to be provided by the District.
' Accountability of Fiscal Matters - The responsibility and accountability over all
funds is vested in the District's management.
' Purchase and sales of water are provided through an interconnect shared by Guadco
Municipal Utility District No. 2 and another district, Guadco Municipal Utility District No. 1.
There is no oversight relationship among any of the previously described entities, as
' each is controlled and directed by its own independently elected governing body.
B. Description of Funds
The District has established several funds, in conformance with generally accepted
accounting principles, for the purpose of accounting for transactions in compliance with
legal requirements. Funds and account groups in use by the District in accounting for
' its financial activities are as follows:
Governmental Funds
' General Fund - To account for all of the general water and sewer revenue of the District
and other revenues not specifically levied or collected for other District funds, and for
' expenditures related to the maintenance of operations.
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GUADCO MUNICIPAL DISTRICT NO. 2
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
Debt Service Funds - To account for the source and disposition of funds for paying interest
and principal on general long -term debt and fiscal agents expenses.
Capital Project Funds - To account for the acquisition of capital facilities being financed
from bond proceeds.
General Fixed Assets Accounts - To account for property, plant and equipment of the District.
General Long -Term Debt Accounts - To account for the unmatured principal of outstanding
bonds.
C. Basis of Accounting
The District maintains its accounting records on the modified accrual basis. The modified
accrual basis recognized revenues that are suspectable to accrual when measurable and
available, and recognizes expenditures when incurred including expenses that normally
qualify as prepaid expenses. Measurable means the amount of the transaction can be
determined, and available means collectible within the current period or soon enough
thereafter to be used to pay liabilities of the current period. Property taxes remaining
uncollected at year end are reported as deferred revenues, since they are not considered
to be available.
D. Cash
Cash includes amounts in demand deposits, and interest - bearing deposits held by the District.
Cash in excess of current requirements is invested in various interest - bearing instruments
and is disclosed as part of investments. These deposits and investments were authorized by
legal provisions.
E. Investments
All investments during the fiscal year consisted of Investment Pool Securities
held in the District's name and carried at cost.
F. Receivables
All receivables are reported at gross values. There is no estimate for uncollectible amounts
in the customer water, sewer, and stand -by fee accounts as the deposits have proven to be
adequate to cover liabilities except in non - material amounts.
G. Interest Receivable
Interest on investments is recorded as revenue in the year the interest is earned and is
available to pay liabilities of the current period.
' GUADCO MUNICIPAL DISTRICT NO. 2
NOTES TO FINANCIAL STATEMENTS
' December 31, 2001
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
H. Property. Plant and Equipment
Property, plant, and equipment, including infrastructure assets, are recorded at cost when
' acquired. General fixed assets are recorded as expenditures in the general fund and
capital projects fund at the time of purchase and are capitalized in the General Fixed
Asset Account Group. No depreciation is provided for on the general fixed assets of the
' District.
Costs related to repairs and maintenance are recorded as expenditures. Significant
' renovations and improvements are capitalized when incurred. Interest costs are not
capitalized on projects financed by government grants, third -party donations, or on assets
that will be reported in the General Fixed Assets Account Group.
' I. Employee Salarivra. Taxes and Pension Plans
The District has engaged a municipality to oversee the monthly operations in a manner
dictated by the Board of Directors. Thus, the District has no employees and is not required
to pay salaries, payroll taxes, or amounts to pension plans.
' J. Budgets
The District follows these procedures in establishing the budgetary data reflected in the
financial statements:
1. Formal budgetary integration is employed as a management control service
during the year for the general fund and is presented to directors monthly
in the internal accounting information.
' 2. The manager prepares the budget for Board review usually at the December
meeting. The budget is discussed, any changes are made, and the final
' budget is presented at the March meeting.
3. The Board approved total budget appropriations.
4. Any unused appropriations in the budget lapse at the end of the fiscal year.
' K. Comparative Data
Comparative totals for the prior year have been presented in the accompanying financial
statements in order to provide an understanding of changes in the Districts financial position
' and operations. However, comparative data by fund type has not been presented in each
of the statements since their inclusion would make the statements unduly complex and
difficult to read.
' L. Total Columns on Combined Statements
Total columns on the combined statements are captioned Memorandum Only to indicate
that they are presented only to facilitate financial analysis. Data in these columns does
not present financial position, results of operations, or changes in financial position in
conformity with generally accepted accounting principles. Neither is such data comparable
to a consolidation. Interfund eliminations have not been made in the aggregation of this data.
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GUADCO MUNICIPAL DISTRICT NO. 2
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
NOTE 2: STEWARDSHIP COMPLIANCE AND ACCOUNTABILITY
A. Compliance with Bond Covenants
The annual debt service requirements at December 31, 2001, of all bonds is $114,187, and the
balance of the interest and sinking fund and all investment at December 31, 2001, is $143,870.
The District met or exceeded the funding requirements of all bonds issues on a timely basis.
Expenditures and resources of the interest and sinking fund were all of an authorized
nature.
B. Deposits with Financial Institutions
All investments, demand deposits, and savings of the District were sufficiently covered
through either FDIC insurance amounts, collateralized deposits in the District's name, held
by other banks, or by nature of the investment (purchase of U.S. Treasury Bills.) Throughout
the fiscal year, the District's only investments were in the form of Investment Pool Securities.
The District records all interest revenue related to the investment activities in the respective
fund in which they were earned.
Deposits
At December 31, 2001, the bank balance of the District's deposits was $283,840.
This entire amount was covered by $100,000 federal depository insurance and
collateral deposits held in the District's name.
The collateral for the District's deposits is categorized to give an indication of the
level risk assumed by the District at year end. Category 1 includes deposits that
are insured, registered or for which the securities are held by the District or its
agent in the District's name. Category 2 includes uninsured and unregistered
deposits for which the securities are held by the counter party's trust department
or agent, but not in the District's name. Category 3 includes uninsured and unregistered
deposits for which the securities are held by department or agent, but
not in the District's name. All deposits are Category 1.
Investments
The District's investments are categorized to give an indication of level of risk
assumed by the District at year end. Category 1 includes investments that are
insured or registered or for which the securities are held by the District or its agent
in the District's name. Category 2 includes uninsured and unregistered investments
for which the securities are held by the counter party's trust department or agent
in the District's name. Category 3 includes uninsured and unregistered investments
for which the securities are held by the counter party's trust department or agent,
but not in the District's name. The District is currently invested in an Investment
Pool which is a pool of securities authorized by the Public Investment Act of Texas.
CATEGORY CARRYING MARKET
DESCRIPTION 1 2 3 AMOUNT VALUE
Investment Pool
Securities $ 4,682 $ - $ $ 4,682 $ 4,682
Investments are stated at cost plus accrued interest, and all investment activities are
conducted through a security firm. Investment Pool Securities are bought and held
at the security firm for safekeeping.
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GUADCO MUNICIPAL DISTRICT NO. 2
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
Guadco Municipal Utility District No. 2 was created by an order of the Texas Water Rights
Commission on October 28, 1975, and confirmed by the electorate of Guadco Municipal
Utility District No. 2 at a confirmation election held on April 4, 1981. The District is
operating pursuant to the provisions of Chapter 54, Texas Water Code, as amended. The
Board of Directors, consisting of five elected property owners, held its first meeting on
April 24, 1979, and the first bonds were sold February 1, 1984.
The following is a summary of amounts due from and due to other funds at year end:
General Fund
Debt Service Fund
Capital Projects Fund
Capital Projects Fund
General Fund
Debt Service Fund
General Fund
TOTAL ALL FUNDS
DUE FROM
5,024
5,007
10,031
NOTE 5: GENERAL LONG -TERM DEBT
DUE TO
5,007
5,024
10,031
The following is a summary of changes in general long -term debt:
BONDS
ADD
LESS
BONDS
PAYABLE AT
BONDS
BONDS
PAYABLE AT
March 31, 2001
ISSUED
RETIRED
December 31, 2001
Water Works and Sewer
System Combination
Unlimited Tax and
Revenues Bonds Refunding
Series 1999 455,000 455,000
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' GUADCO MUNICIPAL DISTRICT NO. 2
NOTES TO FINANCIAL STATEMENTS
' December 31, 2001
NOTE 5: GENERAL LONG -TERM DEBT (CONTINUED)
At December 31, 2001, the District's long -term debt consisted of:
' RANGE OF GENERAL
INTEREST LONG -TERM
MATURITY RATES DEBT
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CURRENT LONG -TERM
MATURITIES MATURITIES
Water Works and Sewer
System Combination
Unlimited Tax and Serially
Revenue Refunding through
Bonds Series 1999 2005 5.25% 455,000 105,000 350,000
A schedule of bond maturities for the next five (5) years is as follows:
YEAR ENDING MARCH 31.
2002
2003
2004
2005
Total
' Principal
Interest
Total
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TAX AND REVENUE
BONDS SERIES 199
114,187
125,488
124,581
128,281
492,537
455,000
37,537
492,537
Tax and revenue bonds authorized and unissued as of December 31, 2001 amounted to $9,025,000.
The bonds are payable from the proceeds of an ad valorem tax levied upon all property subject
to taxation within the District, without limitation as to rate or amount, and are further payable from
and secured by a lien on the pledge of the net revenues to be received from the operation of the
District's waterworks and sanitary sewer system.
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BALANCE
MARCH 31, ADDITIONS
DECEMBER
GUADCO MUNICIPAL DISTRICT NO. 2
31, 2001
435,155
NOTES TO FINANCIAL STATEMENTS
125,731
125,731
December 31, 2001
129,207
80,824 -
NOTE 6: WATER AND SEWER SERVICE RATES
166,921 -
166,921
656 -
656
938,494 -
The Guadco Municipal Utility District No. 2 has established the following
water and sewer service
rates for residential or multi - family customers in effect for the fiscal year
ending December 31, 2001:
FOR FISCAL
YEAR 2000 -2001
Water Service Only
'
First 3,000 Gallons of Water Used -
Minimum Bill
23.00
Each 1,000 Gallons of Water Used from 3,001 to 6,000
1.59
Increasing the Base by $1.59 by $.24 for
Each 3,000 Gallons Thereafter
'
Sewer Service Only
First 5,000 Gallons of Water Used -
Minimum Bill
Each 1,000 Gallons of Water Used Thereafter
13.85
0.55
Deposits
Refundable Deposits - Owner
40.00
Refundable Deposits - Renter
75.00
'
Tap Fees
Standard Home
2,000.00
' Stand by Fees - Per Undeveloped Lot per month 50.00
There was 151 metered water and sewer customers at December 31, 2001.
The rates above have not been sufficient to fund operating costs. During 1987, a maintenance
tax of $0.06 per $100 valuation was levied to help defray part of the cost of operations. This levy
' was $0.08 per $100 in the current year and provided the District approximately $8,755 in
spendable general fund revenues.
NOTE 7: CHANGES IN GENERAL FIXED ASSETS
A summary of changes in general fixed assets follows:
' Water System
Sewage System
' Drainage System
Engineering Fees
Organizational Costs (See Page 20)
' Furniture and Fixtures
TOTAL
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BALANCE NET
BALANCE
MARCH 31, ADDITIONS
DECEMBER
2001 (DELETIONS)
31, 2001
435,155
435,155
125,731
125,731
129,207 -
129,207
80,824 -
80,824
166,921 -
166,921
656 -
656
938,494 -
938,494
' GUADCO MUNICIPAL DISTRICT NO, 2
NOTES TO FINANCIAL STATEMENTS
December 31, 2001
NOTE 8: PROPERTY TAXES
1 Property taxes attach as an enforceable lien on property as of January 1, are due October 1 and
become delinquent on February 1. Property taxes for the District are not limited as to rate
' or amount. The District's current tax rate is $1.1711 per $100 of assessed valuation and
assessed valuation is approximately 100% of actual values. Of the $1.1711 per $100 of
assessed valuation, $1.0911 is designated for debt service and $.08 is designated for
' maintenance.
NOTE 9: ADVANCES FROM DEVELOPER
' The District has entered into several reimbursement agreements for advances from a developer
to use for payment of general administrative, operations, and maintenance expenditures. It
' also entered into a construction agreement for advances for construction. These advances,
plus interest, are to be repaid from the proceeds of a subsequent bond issue pursuant to the
approval by the Texas Water Commission. No advances were made during 2001.
' NOTE 10: FUND EQUITY RESERVES AND TRANSFERS FROM CAPITAL PROJECTS FUND
The District records one (1) general type of reserve. The one (1) type is used to indicate that
a portion of the fund equity is legally restricted for a specific future use.
Following is a list of all reserves used by the District and a description of each:
Reserved for Debt Service
An account used to indicate that certain assets are legally restricted by the bond
' indenture to be used for specific purposes.
Reserved for Capital Proiects
' An account used to indicate that certain assets are generally legally restricted to be
used for specific purposes. Management has researched this fund balance and has
concluded that $100,800 is restricted for the purpose of capital projects. The balance of
' the fund has arisen from interest on the investments of the fund.
' NOTE 11: COMMITMENTS AND CONTINGENCIES
The District entered into an agreement during 1985, to construct a 1,145,850 - gallon water storage
' facility. The water tank was completed during 1986 and was approved by the City of Schertz
and the Texas Water Commission in May, 1986- The District's share of the construction and
engineering costs is approximately $130,700 plus interest.
During 1985, the District entered into an agreement authorizing the Guadalupe - Blanco River
Authority to apply on the behalf of the District for a wastewater discharge permit from the Texas
' Water Commission. The permit, which was granted in 1987, authorized the District, by itself or in
combination with others, to discharge 700,000 gallons per day of treated effluent. The
District's estimated cost of the permit is $74,300 plus interest.
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GUADCO MUNICIPAL DISTRICT NO. 2
NOTES TO FINANCIAL STATEMENTS
' December 31, 2001
NOTE 11: COMMITMENTS AND CONTINGENCIES (CONTINUED)
' During 1986, the District entered into an agreement with a developer to construct the underground
waterlines, sewer lines, and related facilities to serve a 240 -acre development project, of
' which 87% of the project lies within the service area of the District. The preliminary design
phase work was completed in 1987. The Districts total estimated cost of the facilities that lie
within its service area is approximately $120,100.
All three of the preceding paragraphs are subject to the terms and conditions set forth in the
separate contracts, which describe the conditions for reimbursements. The conditions of
' payment, in summary, include the approval by the Water Commission of any new bonds that
might be sold for the above stated purposes, the issuance and sale of the bonds and most notably,
the issuance of the bonds will not occur until such time as the development of the 240 acres will
' support the retirement of principal and interest on the new bonds. Growth in the District in recent
years does not indicate that this requirement will be achieved in the near future.
The developer in claiming certain additional costs associated with the above mentioned projects,
plus other costs claimed to be reimbursable from work allocated to this District. Effective
November 15, 2000, the District entered into a Compromise Settlement Agreement and Release
of all claims with the developer. The District paid the developer $245,000 for a release of the
above claim by the developer.
The District purchases its water supply form the City of Schertz under a contract date May 25,
' 1975. The contract is for a term of 30 years, at which time it is renewable for a maximum of
15 years.
' NOTE 12: ANNEXATION BY CITY OF SCHERTZ
Effective January 1, 2002 the City of Schertz annexed the District and assumed all of the
' assets and liabilities of the District.
r
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I
1 13
I
1
r
1
F
F
E
C'
C
I
..:
GUADCO MUNICIPAL DISTRICT NO.2
SUPPLEMENT SCHEDULES INCLUDED WITHIN THIS REPORT
NINE MONTHS ENDED DECEMBER 31, 2001
PAGE
YES
NO
NUMBER
X
C.
INDEPENDENT AUDITOR'S REPORT ON
SUPPLEMENTAL SCHEDULES
14
X
D.
NOTES REQUIRED BY THE WATER DISTRICT
ACCOUNTING MANUAL -ALL NOTES REQUIRED
BY THE WATER DISTRICT ACCOUNTING MANUAL
HAVE BEEN FULLY DISCLOSED IN THE GENERAL
PURPOSE FINANCIAL STATEMENTS
5
X
E.
SERVICES AND RATES
15
X
F.
SCHEDULE OF GENERAL FUND EXPENDITURES
17
X
G.
SCHEDULE OF TEMPORARY INVESTMENTS
18
X
H.
ANALYSIS OF TAXES LEVIED AND RECEIVABLE
19
X
I.
ANALYSIS OF CHANGES IN GENERAL FIXED ASSETS
21
X
J.
GENERAL LONG -TERM DEBT SERVICE
REQUIREMENTS BY YEARS
22
X
K.
ANALYSIS OF CHANGES IN GENERAL LONG -TERM
DEBT
23
X
L.
COMPARATIVE STATEMENT OF REVENUES AND
EXPENDITURES, GENERAL FUND, AND DEBT
SERVICE FUND - FOUR YEARS AND NINE MONTHS
ENDED DECEMBER 31, 2001
24
X
M.
INSURANCE COVERAGE
25
X
N.
BOARD MEMBERS, KEY ADMINISTRATIVE
PERSONNEL, AND CONSULTANTS
26
' INDEPENDENT AUDITOR'S REPORT ON SUPPLEMENTAL SCHEDULES
' City of Schertz
' GUADCO Municipal Utility District No. 2
Guadalupe and Comal Counties, Texas
' In my opinion, the accompanying information is stated fairly in all material respects in relation
to the general purpose financial statements, taken as a whole, of GUADCO Municipal Utility
District No. 2 for the nine months ended December 31, 2001, which are covered by my opinion
' presented in the first section of this report. The accompanying information is supplemental to the
general purpose financial statements and is not essential for a fair presentation of the financial
position, and the results of operations.
My examination, which was made primarily for the purpose of forming an opinion of the combined
financial statements taken as a whole, included such tests of accounting records, from which
' the supplementary information was complied, and such other auditing procedures as I considered
necessary in the circumstances.
' The information prior to April 1, 1997 was audited by other auditor's whose unqualified audit
reports were issued at various dates prior to April 1, 1997.
,`lam
J�ne 4, 2002
1
1
LJ
14
' 352 Landa St. • New Braunfels, TX 78130
830 - 625.6073 830 - 625 -8225 FAX
e -mail; Jlmr@the- clo.net
Member of American Institute of Certified Public Accountants
GUADCO MUNICIPAL UTILITY DISTRICT NO. 2
E. SERVICES AND RATES
NINE MONTHS ENDED DECEMBER 31, 2001
'
1. Services Provided by the District:
X Retail Water
Wholesale Water
Drainage
MINIMUM MINIMUM
X Retail Wastewater
Wholesale Wastewater
Irrigation
CHARGE USAGE
Parks /Recreation
Fire Protection
Security
WATER T 23.00 3,000
Solid Waster /Garbage
Flood Control
Roads
WASTEWATER $ 13.85 5,000
Participates in joint venture, regional system, and /or wastewater service
$0.55
'
(other than emergency interconnect)
Other (specify) :
' 2. Retail Rates Based on 518 Meter
P
NIA Retail Rates Not Applicable
Most prevalent type of meter (if not a 5/8) :
N/A
FLAT
RATE PER 1,000
MINIMUM MINIMUM
RATE
GALLONS OVER
CHARGE USAGE
Y/N
MINIMUM
USAGE LEVELS
WATER T 23.00 3,000
N
$1.59 *
3,001 To 6,000*
WASTEWATER $ 13.85 5,000
N
$0.55
5,001 To Thereafter
SURCHARGE: $
* Increase $.24 per 1,000 gallons for each 3,000 gallons thereafter
District employs winter averaging for wastewater usage ? Yes No X
' Total water and wastewater charges per 10,000 gallons usage
(including surcharges) 52.93
3. Retail Service Providers: Number of retail water and /or wastewater* connections within the District
as of fiscal year end. Provide actual numbers and single family equivalents (ESFC) as noted:
' INACTIVE
ACTIVE ACTIVE CONNECTIONS
ONNECTION ESFC (ESFC) **
'Single Family 133 = 1
Multi- Family
Commercial 17
' Other - Recreational Centers,
Government, and VFD 1
TOTALS 151 1
' Number of connections relates to water service, if provided. Otherwise, number of wastewater
connections should be provided.
** Inactive means that water and wastewater connections were made, but service is not being provided.
4. Total Water Consumption (In Thousands) During The Fiscal Year:
Gallons pumped into system: 14,932,500
Gallons billed to customers: 12,940,400
The accompanying notes are an integral part of these financial statements.
15
1
GUADCO MUNICIPAL UTILITY DISTRICT NO. 2
' E. SERVICES AND RATES (CONTINUED)
NINE MONTHS ENDED DECEMBER 31, 2001
' 5. Standby Fees: Does the District assess standby fees? Yes X No
For the most recent full fiscal year, FYE12-31 -01, ;
' Debt Service: Total levy
Total Collected
Percentage Collected
' Operation &
Maintenance: Total levy $
Total Collected $ -
Percentage Collected 0.00%
Have standby fees been levied in accordance with Water Code Section 50.056, thereby constituting
' a lien on property? Yes X No
6. Anticipated sources of funds to be used for debt service payments in the District's following fiscal
' year: Amount
a. Debt Service Tax Receipts 114,187
b. Surplus Construction Funds -
c. Water andlor Wastewater Revenue
d. Standby Fees
e. Debt Service Fund Balance to be Used -
f. Interest Revenues -
g. Other (Describe)
TOTAL ANTICIPATED FUNDS TO BE USED * 114,187
' * This total should equal the District's annual debt service for the fiscal year following the fiscal year
reported or in the audited financial statements.
' 7. Location of District:
Counties in which district is located. Guadalupe and Comal Counties.
' Is the District located entirely within one county? Yes No X
Is the District located within a city? Entirely _ Partly X Not at all
City (ies) in which district is located.
' Is the District located within a city's extra territorial jurisdication (ETJ)?
Entirely Partly X Not at all
' ETJ's in which district is located. Schertz. Texas
Is the general membership of the Board appointed by an office outside the district?
Yes No X
If Yes, by whom?
' The accompanying notes are an integral part of these financial statements.
16
O
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GUADCO MUNICIPAL UTILITY DISTRICT NO. 2
F. SCHEDULE OF GENERAL FUND EXPENDITURES
NINE MONTHS ENDED DECEMBER 31, 2001
CURRENT
Personnel (Including Benefits)
PROFESSIONAL FEES
Auditing
Legal
Engineering
Bonds
PURCHASED SERVICES FOR RESALE
Bulk Water and Sewer Service
CONTRACTED SERVICES
Bookkeeping
Utility Operator
Appraisal District
Tax Collector
Administrator
UTILITIES
ADMINISTRATIVE
EXPENDITURES
Directors Fees
Rent - Storage
Insurance
Other Administrative Expense
Taxes TNRCC
Legal Notices
Telephone
Repairs and Maintenance
CAPITAL
OUTLAY
Acquisition of Fixed Assets
SOLID WASTE
DISPOSAL (Sewer Only Not Garbage)
FIRE FIGHTING
PARKS AND
RECREATION
TOTAL EXPENDITURES
Number of persons employed by the District:
(Do not include independent contractors or consultants)
All Services in District Provided by Contractors or City of Schantz, Texas.
The accompanying notes are an integral part of these financial statements.
17
8,000
13,383
875
23,674
1,825
16,487
4,150
989
1,650
240
2,283
192
656
64
233
901
75,602
Full -time
- Part-time
1
1
1
FUNDS
GENERALFUND
Investment Pool Securities
DEBT SERVICE FUND
Investment Pool Securities
CAPITAL PROJECTS FUND
Investment Pool Securities
GUADCO MUNICIPAL UTILITY DISTRICT NO. 2
G. SCHEDULE OF TEMPORARY INVESTMENTS
NINE MONTHS ENDED DECEMBER 31, 2001
ACCOUNT INTEREST
NUMBER RATE
#742294649 -20
#742294649 -50
#742294649 -10
COST
BALANCES AT
FUNDS END OF YEAR
GENERALFUND
Investment Pool Securities 847
DEBT SERVICE FUND
Investment Pool Securities 1,383
CAPITAL PROJECTS FUND
Investment Pool Securities 2,452
TOTAL - ALL FUNDS 4,682
U
0
R
MARKET
BALANCES AT
END OF YEAR
The accompanying notes are an integral part of these financial statements.
18
3M
1,383
2,452
4,682
MATURITY
DATE
None
None
None
RECEIVABLE
AT END
OF YEAR
I
GUADCO MUNICIPAL UTILITY DISTRICT NO. 2
H. ANALYSIS OF TAXES LEVIED AND RECEIVABLE
NINE MONTHS ENDED DECEMBER 31, 2001
Taxes Receivable at April 1, 2001
' 2001 Original Tax Levy
Adjustments to Roll
Total to be Accounted for
u
k
I
F
i
Tax Collections:
Current Year
Prior Years
Total Collections
TAXES RECEIVABLE AT DECEMBER 31, 2001
Taxes Receivable, By Years 2000
Taxes Receivable, By Years 2001
TAXES RECEIVABLE AT DECEMBER 31, 2001
PROPERTY VALUATIONS
Land
Improvements
Personal Property
TOTAL PROPERTY
VALUATIONS
TAX RATES PER $100
VALUATION
Debt Service
Tax Rates
Maintenance Tax Rates
TOTAL TAX RATE PER
$100 VALUATION
Original Tax Levy:
Percent of Taxes Collected to
Nine months
ended 12/31/01 2001
2000 1999
2,530,370
DEBT
MAINTENANCE
SERVICE
TAXES
TAXES
34
552
8,826
120,972
15
194
8,875
121,718
8,730
11 9,653
25
414
8,755
120,067
120
1,651
7
106
113
1,545
120
1,651
2000 1999
2,530,370
2,610,960
2,610,877
2,483,307
10, 996,264
10, 984, 321
10, 863,560
10, 503,108
222,297
208,314
270,000
299,210
13, 748, 931 13,803,595 13,744,437 13,285,625
Nine Months
ended 12/31101 2001 2000 1999
1.0911 1.1414 1.1542 1.36
0.08 0.0703 0.0645 0.06
1.1711 1.2117 1.2187 1.42
129,798 134,515 135,045 151,831_
Taxes Levied " 98.73% 99.92% 100.00% 100.00%
Calculated as taxes collected in current and previous years divided by tax levy. In 2001 total
property valuations are reduced by homestead exemptions (2,381,043), and disabled veterans
exemption (284,500).
The accompanying notes are an integral part of these financial statements.
19
GUADCO MUNICIPAL UTILITY DISTRICT NO, 2
H. ANALYSIS OF TAXES LEVIED AND RECEIVABLE (CONTINUED)
' NINE MONTHS ENDED DECEMBER 31, 2001
Tax rate for any other special district which encompasses less than a county, (b) provides water,
' wastewater collection, drainage or roads to property in the District and (c) taxes property in the
District.
' Name of Special
District (s) Service Provide Tax Rate
NIA N/A $
Total Rate (s) of Special District (s)
' Tax rates for all overlapping jurisdiction Tax Rate
a. County Guadalupe $ 0.3499
b. City of Schertz 0.3825
' c. School District Schertz I.S.D. 1.7100
d. Special District (s) not included above:
' e. Total Special District (s) (from top of this page) -
f Total District (from previous page) 1.1711
' Total Overlapping Tax Rate (Sum of a -f) 3.6135
' The accompanying notes are an integral part of these financial statements.
' 20
t
GUADCO MUNICIPAL UTILITY DISTRICT NO .2
ANALYSIS OF CHANGES IN GENERAL FIXED ASSETS
NINE MONTHS ENDED DECEMBER 31, 2001
AMOUNTS PROVIDED BY:
BALANCES
BALANCES
Capital Projects Fund:
April 1, 2001
ADDITIONS DELETIONS December 31, 2001
PHYSICAL FACILITIES:
166,921
166,921
Water System
435,155
- - 435,155
Sewage System
125,731
- - 125,731
Drainage System
129,207
- - 129,207
Engineering Fees
80,824
- - 80,824
Capitalized Construction
-
- - -
Furniture and Fixtures
656
- - 656
Contribution
-
TOTAL PHYSICAL FACILITIES
771,573
- 771,573
PROVIDED
ORGANIZATIONAL COSTS:
938,494
The accompanying notes are an integral part of these financial statements.
Fiscal Agent Fees
3,943
- - 3,943
Legal Fees
59,408
- - 59,408
Director Fees
900
- - 900
Operations During
Construction Period
80,147
- - 80,147
Creation Cost
22,523
- - 22,523
TOTAL ORGANIZATIONAL
COSTS
166,921
- - 166,921
TOTAL GENERAL FIXED
ASSETS
938,494
- - 938,494
AMOUNTS PROVIDED BY:
Capital Projects Fund:
Bonds Proceeds
166,921
166,921
Revenues
Debt Service Fund:
Revenues
716,364
716,364
General Fund:
'
Revenues
55,209
55,209
Developer
Contribution
-
-
TOTALAMOUNTS
PROVIDED
938,494
938,494
The accompanying notes are an integral part of these financial statements.
21
1
1
1
1
1
1
1
1
DUE DURING
FISCAL YEARS
ENDING
MARCH 31,
2002
2003
2004
2005
GUADCO MUNICIPAL UTILITY DISTRICT NO. 2
J. GENERAL LONG -TERM DEBT SERVICE REQUIREMENTS - BY YEARS
NINE MONTHS ENDED DECEMBER 31, 2001
The accompanying notes are an integral part of these financial statements.
22
SERIES 1999
PRINCIPAL
INTEREST
DUE
DUE
Mar -01
Mar -01, Sep -01
TOTAL
105;000
9,187
114,187
110,000
15,488
125,488
115,000
9,581
124,581
125,000
3,281
128,281
TOTALS 455,000
37,537
492,537
The accompanying notes are an integral part of these financial statements.
22
t
GUADCO MUNICIPAL UTILITY DISTRICT NO. 2
K. ANALYSIS OF CHANGES IN GENERAL LONG -TERM DEBT
NINE MONTHS ENDED DECEMBER 31, 2001
Debt Service Fund Cash and Temporary Investments balances as of December 31, 2001
Average annual Debt Service payment (Principal & Interest) for remaining term of all debt
The accompanying notes are an integral part of these financial statements.
23
REFUNDING BONDS
143,870
123,134
BOND ISSUE -
SERIES 1999
Interest Rate
5.25%
Dates Interest Payable
March 1; September 1
Maturity Dates
March 1, 2000 to Marchl, 2005
Maturity Outstanding at Beginning
of Current Period
455,000
Bonds Sold During Current Period
-
Retirements - Principal
Bonds Outstanding at End of
Current Period
455,000
Interest Paid During the
Current Year
11,944
PAYING AGENT'S NAME AND ADDRESS
Series 1999 Chase Bank N.A., Post Office Box 2320, Dallas, TX 75221
BOND AUTHORITY
TAX BONDS OTHER BONDS
Amount Authorized by Voters
10,200,000
Amount Issued
1,175,000
Remaining to be Issued
9,025,000
Debt Service Fund Cash and Temporary Investments balances as of December 31, 2001
Average annual Debt Service payment (Principal & Interest) for remaining term of all debt
The accompanying notes are an integral part of these financial statements.
23
REFUNDING BONDS
143,870
123,134
GUADCO MUNICIPAL UTILITY DISTRICT NO. 2
L. COMPARATIVE STATEMENT OF REVENUES AND EXPENDITURES
GENERAL FUND AND DEBT SERVICE FUND
FOUR YEARS AND NINE MONTHS ENDED DECEMBER 31, 2001
GENERAL FUND REVENUES
Property Taxes
Water Services
Sewer Services
Penalty and Interest
Standby & Tap Conn. Fees
Interest on Time Deposits
Other
Total Revenues
Purchase Water and Sewer Services
Professional and Director Fees
Contracted Services
Utilities
Repairs and Maintenance
Other Expenditures
Developer Settlement
Total Expenditures
EXCESS REVENUES
(EXPENDITURES)
AMOUNTS
Nine Months
Ended 12/31/01 2001 2000 1999 1998
8,755
7,897
8,065
6,519
10,963
53,378
60,389
66,456
63,958
59,326
17,622
22,525
23,078
23,958
25,682
-
-
431
1,193
296
2,080
-
4,724
9,457
8,055
2,323
5,854
2,678
1,249
969
454
339
493
558
415
84,612
97,004
105,925
106,892
105,706
23,674
38,374
31,577
35,894
41,692
23,908
20,879
5,831
9,980
23,713
22,462
21,619
20,247
23,117
18,157
989
1,860
3,641
522
1,816
901
13,472
8,716
2,450
-
3,668
1,786
4,919
4,253
3,471
-
69,693
-
-
656
75,602
167,683
74,931
76,216
89,505
9,010 (70,679) 30,994 30,676 16,201
_DEBT SERVICE F ND REVENUES
Property Taxes 120,067 128,396 128,424 146,732 136,626
Penalty and Interest - - - - -
Interest on Time Deposits 1,416 4,977 9,864 4,396 4,697
Total Revenue 121,483 133,373 138,288 151,128 141,323
Tax Collection Services
1,061
3,209
3,252
2,780
946
Debt Service, Interest, and Fees
11,964
129,147
153,573
154,740
149,557
Other Expenditures
-
-
-
-
-
Total Expenditures
13,025
132,356
156,825
157,520
150,503
EXCESS REVENUES
(EXPENDITURES)
108,458
1,017
(18,537)
(6,392)
(9,180)
TOTAL ACTIVE RETAIL WATER AND/
OR WASTEWATER CONNECTIONS 151 151 151 151 147
The accompanying notes are an integral part of these financial statements.
24
1
1
1
PERCENT OF FUND TOTAL REVENUE
Nine Months
39.56
29.80
33.58
39.44
Ended 12/31/01
2001
2000
1999
1998
10.35
8.14
7.62
6.10
10.37
63.09
62.25
62.74
59.83
56.13
20.82
23.22
21.79
22.41
24.29
0.00
0.00
0.40
1.12
0.28
2.46
0.00
4.46
8.85
7.62
2.75
6.04
2.53
1.17
0.92
0.53
0.35
0.46
0.52
0.39
100.00
100.00
100.00
100.00
100.00
27.98
39.56
29.80
33.58
39.44
28.26
21.52
5.51
9.34
22.43
26.43
22.29
19.12
21.63
17.18
1.17
1.92
3.44
0.49
1.72
1.06
13.89
8.23
2.29
0.00
4.34
1.84
4.64
3.97
3.28
-
71.84
-
0.00
0.62
89.24
172.86
70.74
71.30
84.67
10.76
(72.86)
29.26
28.70
15.33
98.84
96.27
92.87
97.09
96.68
1.16
3.73
7.13
2.91
3.32
100.00
100.00
100.00
100.00
100.00
0.87
2.41
2.35
1.84
0.67
9.85
96.83
111.05
102.39
105.83
10.72
9924
113.40
104.23
106.50
89.28
0.76
(13.40)
(4.23)
(6.50)
24
1
GUADCO MUNICIPAL UTILITY DISTRICT NO. 2
M. INSURANCE CONVERGE
NINE MONTHS ENDED DECEMBER 31, 2001
The accompanying notes are an integral part of these financial statements.
25
INSURER
AMOUNT
CORPORATION
CLAUSE
TYPE OF COVERAGE
OF COVERAGE
NAME
STOCK/MUTUAL
CO- INSURANCE
Public Officials Faithful
Performance (5 Directors)
$10,000 Each
Hartford Insurance
Stock
No
Employee Dishonesty Bonds -
Bookkeeper, Operator &
Attorney
$10,000 Each
Hartford Insurance
Stock
No
Liability:
Automotive -
Property Damage and
Bodily Injury
$2,000,000
New Hampshire Ins.
Stock
No
Comprehensive:
General
$4,000,000
New Hampshire Ins.
Stock
No
Personal Injury
$2,000,000
New Hampshire Ins.
Stock
No
Fire
$50,000
New Hampshire Ins.
Stock
No
Medical
$5,000
New Hampshire Ins.
Stock
No
Directors & Officers
Liability
$1,000,000
Mid Continent
Stock
No
Business Travel
$50,000
AIG Life Ins.
Stock
No
The accompanying notes are an integral part of these financial statements.
25
GUADCO MUNICIPAL UTILITY DISTRICT NO. 2
N. BOARD MEMBERS, KEY ADMINISTRATIVE PERSONNEL, AND CONSULTANTS
NINE MONTHS ENDED DECEMBER 31, 2001
Complete District Mailing Address: 4820 Scenic Drive
Cibolo, Texas 78108
District Business Telephone Number: (210) 629 -0688
TERM OF
FEES
OFFICE ELECTED
AND EXPENSE RESIDENT
AND EXPIRES
REIMBURSEMENTS TITLE AT OF
NAME AND ADDRESS OR DATE HIRED
December 31, 2001 YEAR END DISTRICT?
;TOYA:7alJ,IA 41=
Howard F. Judson
3624 Chestnut Court
Cibolo, TX 78108
05 -98 to 05 -02
100.00
President
Yes
John Emmering
3833 Greenridge
Cibolo, TX 78108
05 -00 to 05 -04
400.00
Treasurer
Yes
Betty Zander
3817 Greenridge
Cibolo, TX 78108
05 -00 to 05 -04
300.00
Vice President
Yes
Jerald Newman
3613 Chestnut Court
Cibolo, TX 78108
05 -98 to 05 -02
450.00
Secretary
Yes
James Sickles, Sr.
3801 Greenridge
Cibolo, TX 78108
05 -00 to 05 -02
400.00
Director
Yes
The accompanying notes are an integral part of these financial statements.
26
GUADCO MUNICIPAL UTILITY DISTRICT NO. 2
N. BOARD MEMBERS, KEY ADMINISTRATIVE PERSONNEL, AND CONSULTANTS
NINE MONTHS ENDED DECEMBER 31, 2001
TERM OF FEES
OFFICE ELECTED AND EXPENSE RESIDENT
AND EXPIRES REIMBURSEMENTS TITLE AT OF
NAME AND ADDRESS OR DATE HIRED December 31, 2001 YEAR END DISTRICT ?
CONSULTANTS
Guadalupe County
Appraisal District
Central
3000 North Austin
Appraisal
Seguin, TX 78155 Nov -80
960.18 District
Guadalupe County Tax Office
Tax
307 W. Court
Assessor -
Seguin, TX 78156 Jan -96
100.00 Collector
City of Shertz
Utility
10 Commercial Place
System
Schertz, TX 78154 Jan -97
16,487.00 Operator
Jane Olm
4005 Oak Court
Cibolo, TX 78108 Feb -97 4,150.00 Administrator
Charles T. Allen, CPA
831 Landa St., Suite E
New Braunfels, TX 78130 Oct -97 1,825.00 Bookkeeper
Bill Corsbie, P.C.
3708 Clawson Road
Austin, TX 78704 Apr -99 13,383.00 Attorney
Jim Robertson, CPA
352 Landa St.
New Braunfels, TX 78130 Dec -97 8,000.00 Auditor
Samco Capital Markets
1111 Katy Freeway, Ste 725 Financial
Houston, TX 77079 Mar -99 - Advisor
Ford Engineering, Inc.
10927 Wye Dr.
San Antonio, TX 78217 Jan -96 - Engineer
The accompanying notes are an integral part of these financial statements.
27
No
No
No
Yes
No
No
No
f�C.7
No