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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 />All internal control evaluations occur within this framework. The Finance Department's staff believes the City's internal <br />control structure adequately ensures compliance with laws and regulations and reasonable assurance for safeguarding of <br />assets. <br />Debt <br />The following schedule outlines the outstanding City debt as of 09-30-21: <br />Moody's <br />Revenue Investors <br />Issue Tax Supported Supported Fund Maturity Rating Insured <br />2012 G.O. Refunding Bonds <br />2013 C.O. (TWDB) <br />2013 G.O. Bonds <br />2016 G.O. Bonds <br />2017 G.O. Bonds <br />2018 G.O. Bonds <br />2020 Tax and Rev. C.O. <br />2020 G.O. Refunding Bonds <br />2020 Tax Notes <br />2021 Tax and Rev. C.O. <br />Capital Lease-Firetrucks <br />SuRRMA Loan <br />Total <br />Independent Audit <br />$ 405,000 <br />S - <br />12-15-21 <br />Aa3 <br />- <br />1,710,000 <br />12-15-32 <br />N/A <br />- <br />27,065,000 <br />12-15-32 <br />Aa3 <br />- <br />6,900,000 <br />12-15-36 <br />Aa3 <br />8,200,000 <br />- <br />06-15-37 <br />Aa3 <br />95,000 <br />900,000 <br />06-15-38 <br />Aa3 <br />1,365,000 <br />- <br />06-15-30 <br />N/A <br />1,765,000 <br />- <br />12-15-29 <br />Aa3 <br />955,000 <br />- <br />06-15-26 <br />N/A <br />- <br />43,855,000 <br />12-15-50 <br />Aa3 <br />792,453 <br />- <br />01-28-26 <br />NIA <br />283,307 <br />- <br />06-29-25 <br />N/A <br />S 13,860,760 <br />S 80,430,000 <br />The City Charter requires an annual audit to be made of the accounts, financial records, and transactions of all administrative <br />departments of the City by a certified public accountant selected by the City Council. The requirement has been complied <br />with, and the Independent Auditors' Report has been included in this report. <br />I-5 <br />