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C.A.F.R., FY 2019-20 with continuing disclosure tables
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C.A.F.R., FY 2019-20 with continuing disclosure tables
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street construction and repair was approved in 2017 and those projects have been completed. In May of 2021, the City issued <br />$43,855,000 in Combination Tax and Surplus Revenue Certificates of Obligation to fund Phase One construction of a new <br />wastewater treatment plant. These bonds will be paid for out of utility system revenue. <br />The City also continues to expand its effort in law enforcement related area. Programs in this effort include the Auto Theft <br />Task Force and Justice Assistance Grant for needed equipment. <br />From a development standpoint, the City has taken several steps. Reentry into the State of Texas Main Street Program has <br />channeled additional funds for revitalization of existing structures and businesses. The City continues to work closely with <br />the Paris Economic Development Corporation to attract new business to Paris and to support existing businesses as well. <br />Working with the Chamber of Commerce, the City is effectively using the civic center to attract people and business to Paris. <br />City officials are also closely working with Keep Paris Beautiful, Inc. to promote and improve the City. The Historic <br />Preservation Committee is working with local property owners to maintain the historical character of the City. <br />Other Financial Information <br />The financial statements of the City of Paris, Texas, have been prepared in conformity with generally accepted accounting <br />principles as applied to governmental units. The Governmental Accounting Standards Board is the accepted standard-setting <br />body for establishing governmental accounting and financial reporting principles. Using the GASB 34 reporting model, the <br />City's Comprehensive Annual Financial Report provides for a management's discussion and analysis, government -wide <br />financial statements, major fund financial statements, notes to the financial statements, and other required supplementary <br />information. <br />The City has a written investment policy that conforms to state statutes, which outlines permissible investments. The City <br />pools its cash balances for investment purposes from the various funds maintained in its consolidated cash account. Interest <br />earnings of the pool are allocated to the various funds of the City based upon a fund's equity position in the pool. The City of <br />Paris' primary risk exposures are in the areas of workers' compensation and tort liability. Provision for these risks is made <br />through participation in the Texas Municipal League's risk pool. <br />Between 30 days and 90 days prior to the beginning of each fiscal year, the City Manager submits to the City Council a <br />proposed budget for the fiscal year beginning on the following October 1. The operating budget, which represents the <br />financial plan for the ensuing fiscal year, includes proposed expenditures and the means of financing them. Public hearings <br />are conducted at which all interested persons' comments concerning the budget for the next fiscal year are heard. The budget <br />is legally enacted by the City Council through passage of an ordinance not later than the 27th day of the last month prior to the <br />beginning of the fiscal year. Generally, appropriations are legally adopted at the department level. Budgetary controls are <br />maintained at the major category of expenditure level within each operating division. All anticipated expenditures are <br />budgeted for control purposes. Capital project funds are appropriated on a project by project basis. Expenditures and/or <br />expenses are directly monitored by the City Council. <br />Internal Controls <br />Internal accounting controls are designed to provide reasonable, but not absolute, assurance of the safeguarding of assets <br />against loss from unauthorized use or disposition and reliable financial records for preparing financial statements and <br />maintaining accountability for assets. The concept of reasonable assurance recognizes that the cost of a control should not <br />exceed the benefits likely to be derived. <br />I-4 <br />
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