Weatherford Democrat

Aledo ExtrA

February 26, 2013

Town of Annetta gets clean audit


Auditors gave the Town of Annetta a clean opinion on financial statements for the fiscal year ending Sept. 30, 2012, Peter Morgan, of George, Morgan and Sneed told the town council Thursday.

In addition, Morgan said, the firm did not identify any deficiencies in internal control that were considered to be material weaknesses.

In a letter accompanying the report, however, auditors remarked that the city’s small size does not allow for preferred internal controls and recommended the council remain active to provide oversight.

They noted that about $1.27 million of the city’s bank balances were not insured by FDIC and recommended the city establish procedures to monitor its balances and the collateral used to secure them.

Auditors also recommended the city establish a capitalization threshold amount for financial reporting purposes and adopt written procedures for budgeting, purchasing, capital assets, debt management and billing and revenue collection.

Financial highlights of the report, approved unanimously by the council, were:

• Net assets exceeded liabilities by $490,000.

• The city’s governmental activities reported unrestricted net assets of $290,500, but its business-type activities, which include water and wastewater services, reported negative unrestricted net assets of $176,000.

• The city’s total assets increased by $95,800.

• The general fund showed combined ending fund balances of $259,000, with $56,000 available for spending at the city’s discretion.

General fund

General fund net assets decreased by $4,500 during the year.

Revenues increased $34,000 or 33 percent over 2011, but expenditures increased $81,000, or 125 percent.

The revenue increases were due to a new franchise agreement — that increased franchise taxes — and an increase in permits for new homes, with four more permits issued in 2012 than in 2011.

Expenditures exceeded budget appropriations by $48,000. Professional services exceeded the budget by $61,000, mainly due to attorney fees related to Water Way Ranch.

Road maintenance was $8,000 less than budgeted, and administrative expenditures were $5,000 less than budgeted.

Capital assets

The city’s investment in capital assets — including land, office equipment, vehicles and water and sewer systems — was listed as $6.5 million. The city spent $386,000 during the year to construct and equip extensions and improvements to the water and sewer systems.

Long-term debt

The report noted principal payments of $80,000 and interest payments of $300,000 on the $6.8 million in certificates of obligation issued in 2010 for the purchase of the Deer Creek water and sewer system.

Water and sewer fund

The total net assets of the water and sewer fund doubled from $99,000 to $200,000 from 2011 to 2012. However, auditors noted that the balance of unrestricted assets — those that could be used for discretionary purposes —had a negative balance of $176,000, as noted earlier.

Next year’s budgets and rates

For 2013, the general fund’s revenues and expenditures are budgeted at the same amount, about $121,500. The water and sewer fund’s revenues are budgeted at $1,338,000 with expenses at $1,306,100.

In other action, council members:

• Voted to move $15,000 from administrative operations to professional services to pay legal fees.

• Announced they would interview the top four candidates for city secretary Saturday, March 2. The city has received about 20 applications for the position; 10 of the candidates introduced themselves to the council in a public meeting prior to the council session.

• Adopted purchasing and ethics policies.

• Appointed Jenni Swink and Mark Wright to the Water Advisory Committee.

• Approved a contract with Blackboard Connect.

• Called a muncipal election for May 11.


Text Only
Aledo ExtrA
  • D_Davis photo.jpg Aledo ISD School Board Place 6 candidates

    Early voting for the May 10 general election begins April 28. Following is information gathered from the candidates for the Place 6 Aledo ISD trustee race, incumbent David Davis and challenger Farida Goderya.

    April 23, 2014 2 Photos

  • Anita Callaway.jpg Callaway gets A+

    Anita Callaway, an English teacher at Daniel Ninth Grade Center, was named “Teacher of the Year” during the 2014 Marva Collins Teaching Excellence Awards ceremony held April 15 in the Aledo High School auditorium.

    April 23, 2014 2 Photos

  • Man dies in Farmer Road crash

    A 60-year-old Parker County man was killed around 9:30 a.m. April 15 in a one-vehicle crash in the 2100 block of FM Road 3325, also known as Farmer Road.

    April 23, 2014

  • Fire victims' fund established

    Two streets down and hours after many members of the East Parker County community gathered April 5 to present a new home built with donations to the Hancock family, another family in the West Oak subdivision lost their home to a fire and is now in need of support from the community.

    April 23, 2014

  • Delay adds $56,000 to Aledo Trail project

    The long delay in the Aledo Trail downtown couplet, now due to finish in summer instead of spring, will add about $56,000 to the cost of the project, Parker County commissioners learned last week, when they approved a change order upping the contract to around $3.3 million.

    April 23, 2014

  • Parker County Sheriff's Report March 31-April 11

    April 11
    Theft of property

    A deputy was dispatched to 8600 Interstate 20 East, Aledo, in reference to a theft investigation. The 57-year-old male complainant said an unknown suspect stole $1,000 of copper wire from the Sprint tower on the site. A case was made for the theft of property: aluminum, bronze, copper and brass.

    April 23, 2014

  • East Parker County Calendar of Events

    April 24
    Bearcats ‘N Boots Gala: dinner, auction and entertainment

    • 6:30 p.m. at Cendera Center, 3600 Benbrook Highway, Fort Worth.
    • Catered by The Wild Mushroom; entertainment by Four Day Weekend.
    • Tickets cost $100.
    • Benefitting the Aledo ISD Education Foundation
    • Title sponsor Buford-Thompson Company.  
    • For more information, go to

    April 23, 2014

  • EXTENSION NEWS: Take a mind vacation

    For many of us, every day has some sort of stress associated with it. Whether it is something at home or at work, it seems like there are a million things stressing us out and making us feel overwhelmed.

    April 20, 2014

  • VETERANS’ CORNER: Veterans’ needs the target of recent discussions

    Ministers responsible for Veterans Affairs and officials from Australia, Canada, New Zealand, the United Kingdom and the United States completed a series of meetings April 8-11 at the United States Military Academy at West Point, N.Y., discussing the latest research, best practices and various areas of collaboration to address the growing needs of veterans.

    April 20, 2014

  • 0420 loc PCMG rusty blackhaw viburnum 026.jpg ASK A MASTER GARDENER: Blooming natives add color to Texas landscapes

    Here are this week’s gardening questions and answers, provided by Parker County Master Gardeners. To submit a question, send it to For more information about Parker County Master Gardeners, or to become a member, call 817-598-6096 or visit

    April 20, 2014 1 Photo

Must Read
Top News
House Ads
AP Video
Raw: Deadly Bombing in Egypt Raw: What's Inside a Commercial Jet Wheel Well Raw: Obama Arrives in Japan for State Visit Raw: Anti-Obama Activists Fight Manila Police Motels Near Disney Fighting Homeless Problem Michigan Man Sees Thanks to 'bionic Eye' Obama to Oso: We'll Be Here As Long As It Takes Bon Jovi Helps Open Low-income Housing in Philly Pipeline Opponents Protest on National Mall Hagel Gets Preview of New High-tech Projects S.C. Man Apologizes for Naked Walk in Wal-Mart New Country Music Hall of Fame Inductees Named 'Piles' of Bodies in South Sudan Slaughter SCOTUS Hears Tv-over-Internet Case Chief Mate: Crew Told to Escape After Passengers Iowa College Finds Beauty in Bulldogs