HomeMy WebLinkAboutResolution 25-52 Accepted TOW FY 2024 ACFR FinalTOWN OF WESTLAKE
RESOLUTION NO. 25-52
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF WESTLAKE,
TEXAS, ACCEPTING THE ANNUAL COMPREHENSIVE FINANCIAL REPORT
PRESENTED BY BROOKS WATSON & CO., FOR THE FISCAL YEAR ENDED
SEPTEMBER 30, 2024.
WHEREAS, Section 103.001 of the Local Government Code requires that a
municipality shall have its records and accounts audited annually and shall have an annual
financial statement prepared based on the audit; and
WHEREAS, Section 103.002 of the Local Government Code requires that a
municipality shall employ at its own expense a certified public accountant who is licensed in
this state or a public accountant who holds a permit to practice from the Texas State Board of
Public Accountancy to conduct the audit and to prepare the annual financial statements; and
WHEREAS, the Town Council finds that the passage of this Resolution is in the best
interest of the citizens of Westlake.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN
OF WESTLAKE:
SECTION 1: That, all matters stated in the Recitals hereinabove are found to be true
and correct and are incorporated herein by reference as if copied in their entirety.
SECTION 2: That the Town Council does hereby accept the Annual Comprehensive
Financial Report from Brooks Watson & Co., for the fiscal year ended September 30 , 2024,
attached as Exhibit “A".
SECTION 3: If any portion of this Resolution shall, for any reason, be declared
invalid by any court of competent jurisdiction, such invalidity shall not affect the remaining
provisions hereof and the Council hereby determines that it would have adopted this
Resolution without the invalid provision.
SECTION 4: That this resolution shall become effective from and after its date of
passage.
Resolution 25-52
Page I of2
PASSED AND APPROVED ON THIS 16th DAY OF DECEMBER, 2025.
ATTEST:
Dianna Buchanan, Town Secretary
APPROVED AS TO FORM:
Matthew C.G. Boyle, Town Attorney
Resolution 25-52
Page 2 of2
ANNUAL COMPREHENSIVE
FINANCIAL REPORT
of the
Town of Westlake, Texas
For the Year Ended
September 30, 2024
Prepared by
Wade Carroll
Town Manager
Cayce Lay Lamas, CPA
Director of Finance
Exhibit "A"
Town of Westlake, Texas
TABLE OF CONTENTS
September 30, 2024
INTRODUCTORY SECTIO N Page
Letter of Transmittal iii
Organizational Chart x
List of Principal Officials xi
FINANCIAL SECTIO N
Independent Auditor's Report 1
Management's Discussion and Analysis 7
Ba sic Fin an cial Sta temen ts:
Governm ent-wide Financial Statements
Statem ent of Net Position 20
Statem ent of Activities 23
Fund Financial Statements:
Balance S heet - Governmental Funds 24
Reconciliation of the Governm ental Funds Balance S heet to the S tatement of Net Position 27
Statem ent of Revenues, Expenditures, and Changes in Fund Balances - Governm ental Funds 28
33
Statem ent of Net Position - Proprietary Funds 34
Statem ent of Revenues, Expenses, and Changes in Net Position - Proprietary Funds 37
Statem ent of Cash Flows - Proprietary Funds 38
Statem ent of Fiduciary Net Position - Fiduciary Funds 40
Statem ent of Changes in Fiduciary Net Position - Fiduciary Funds 41
Notes to the Financial Statements 43
Requ ir ed Su pplemen ta ry In formation:
Schedule of Revenues, Expenditures, and Changes in Fund Balances -
Budget and Actual - General Fund 102
Schedule of Revenues, Expenditures, and Changes in Fund Balances -
Budget and Actual - 4B Economic Development Corporation 104
Schedule of Revenues, Expenditures, and Changes in Fund Balances -
Budget and Actual - Westlak e Academ y General Fund 105
Schedule of Changes in Net Position Liab ility and Related Ratios -
Texas Municipal Retirem ent S ystem 106
Schedule of Em ployer C ontributions to Pension Plan - Texas Municipal Retirem ent S ystem 108
Schedule of Academ y's Proportionate Share of Net Pension Liab ility
Teacher Retirem ent S ystem of Texas 110
Schedule of Changes in Postemploym ent Benefits Other Than Pension Liab ility and Related Ratios
Texas Municipal Retirem ent S ystem 113
Schedule of Changes in Postemploym ent Benefits Other Than Pension Liab ility and Related Ratios
Teacher Retirem ent S ystem of Texas 114
Governm ental Funds to the S tatement of Activities
Combining an d In dividu al Fu nd F in ancial Sta temen ts an d Schedu les:
Combining Balance S heet - Nonmajor Governmental Funds 118
119
Sc hedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Visitors Assoc iation Fun d 120
Lon e Star Pub lic Facilities Corporation 121
Econom ic Developm ent Fund 122
Debt S ervice Fund 123
Capital Projec ts Fund 124
Westlak e Ac adem y Expansion Capital Proj ects 125
Combining S chedule of Net Position Discretely Presented Com ponent Units 127
Combining S chedule of Activities Discretely Presented Component Units 129
STA TISTICA L SECTIO N
Financial Tren ds:
Net Position b y Compon ent 132
Changes in Net Position 134
Fund Balances of Governm ental Funds 138
Changes in Fun d Balances of Govern mental Funds 140
Revenue Capacity:
Assessed Value and Estim ated Ac tual Value of Taxable Property 145
Principal Property Taxpayers 146
Property Tax Levies an d Collec tions 148
Property Tax Rates - Direc t and Overlapping Govern ments 150
Taxab le Sales by Industry Type 152
Debt Capacity:
Ratios of General Bonded Debt Outstanding 155
Ratios of Outstanding Debt b y Type 156
Direc t and Overlapping Governm en tal Activities Debt 158
Demographic an d Econom ic Inform ation :
Demographic and Economic S tatistic s 159
Principal Em ployers 160
Operating Inform ation:
Full-Tim e Eq uivalent City Governm en t Em ployees by Function 162
Operating Indic ators b y Function 164
Capital Assets Statistics by Func tion/Program 166
Governm ental Funds
INTRODUCTORY SECTION
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November 10, 2025
Honorable Mayor, Council Members, and Ci zens of the Town of Westlake,
The Town of Westlake (the "Town") Fiscal and Budgetary Policies require that the Town's Finance
Department prepare a complete set of financial statements presented in conformity with generally
accepted accoun ng principles (GAAP) and audited in accordance with generally accepted audi ng
standards by a firm of licensed cer fied public accountants. Accordingly, the Annual Comprehensive
Financial Report for the Town of Westlake, Texas for the fiscal year ended September 30, 2024, is hereby
issued.
This report consists of management's representa ons concerning the finances of the Town.
Consequently, management assumes full responsibility for the completeness and reliability of all the
informa on presented in this report. To provide a reasonable basis for making representa ons, the Town
established a comprehensive internal control framework that was designed both to protect the Town's
assets from loss, the or misuse and to compile sufficient reliable informa on for the prepara on of the
Town's financial statements in conformity with GAAP. Because the cost of internal controls should not
outweigh their benefits, the Town's comprehensive framework of internal controls has been designed to
provide reasonable, rather than an absolute, assurance that the financial statements will be free from
material misstatements. As management, we assert that this financial report is complete and reliable in
all material respects to the best of our knowledge and belief.
The Town's financial statements have been audited by BrooksWatson & Company, PLLC. The goal of the
independent audit was to provide reasonable assurance that the financial statements of the Town for
the fiscal year ended September 30, 2024, were free of material misstatements. The independent audit
involved examining, on a test basis, evidence suppor ng the amounts and disclosures in the financial
statements; assessing the accoun ng principles used and significant es mates made by management;
and evalua ng the overall financial statement presenta on. The independent auditor concluded, based
upon the audit, that there was a reasonable basis for rendering an unmodified opinion that the Town's
financial statements for the fiscal year ended September 30, 2024, were fairly presented in conformity
with GAAP. The independent auditors' report is presented as the first component of the financial sec on
of this report.
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The Town of Westlake's MD&A can be found immediately following the independent auditor's report.
The Sta s cal Sec on includes financial and demographic informa on relevant to readers of the Town's
financial statements and is generally presented on a mul -year basis.
Profile of the Town
Westlake is certainly dis nc ve by design. As a result of this inten onal design, our community is an oasis
of natural beauty that maintains open spaces in balance with one-of-a-kind developments, trails, and
quality of life ameni es amidst an ever-expanding urban landscape.
Nestled in the Dallas-Fort Worth (DFW) Metroplex, Westlake is designated as both a Pla num Level
Scenic City and a Tree City USA.
Extraordinary residen al developments and architecturally vibrant corporate campuses find harmony
among our meandering roads and trails, lined with na ve oaks and stone walls. Westlake is a leader in
educa on, known for our innova ve partnerships between the Town-operated Charter school and our
corporate neighbors.
We strive to maintain strong aesthe c standards and preserve the natural beauty in our community
where hospitality finds its home. Westlake is family-friendly, welcoming, fully involved and invested in
our rich heritage, with a vibrant present and sustainable future.
Ideally located minutes from downtown Fort Worth, Alliance Airport, and the Dallas/Fort Worth
Interna onal Airport, the Town of Westlake is home to several pres gious residen al communi es,
Fortune 500 companies, and corporate headquarters, all of which possess a unique character and charm.
There is a common ideal shared by our corporate and individual residents of support for the exis ng
character and charm of the Westlake community as well as a commitment to excellence in new
development.
The Town geographically lies in both northeast Tarrant County and southern Denton County and may be
conveniently accessed by several major thoroughfares, including SH 114, SH 170 and US 377. Westlake
occupies approximately seven (7) square miles and serves a popula on of approximately 1,922. In 2024,
the average size of new home construc on was 10,693 square feet, with an average es mated
construc on cost of $3.2 million.
Westlake, incorporated in 1956, is considered a Type A general-law municipality. The Town operates
under the Council-Manager form of government. The Council is comprised of a mayor and five (5) council
members and is responsible for, among other things, passing ordinances, adop ng the budget,
appoin ng commi ees, and hiring the Town Manager. The Town Manager is responsible for carrying out
the policies and ordinances of the Council, for overseeing the day-to-day opera ons of the Town and
appoin ng and supervising heads of various departments. The Mayor and Town Council members serve
two (2) year terms. All elected officials are elected at-large for a two-year staggered term each May.
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The financial repor ng en ty (the government) includes all funds of the primary government (i.e. the
Town of Westlake), as well as all its component units. Component units are legally separate en es for
which the primary government is financially accountable. The following en es are considered blended
component units:
Lone Star Public Facili es Corpora on is a Texas nonprofit corpora on that acts on behalf of the Town
to further the public purposes under the Public Facili es Corpora on Act, as its duly cons tuted authority
and instrumentality. The board of directors, appointed by the Town's governing body, is comprised of
seven members, of whom five must be members of the Town's governing body.
4B Economic Development Corpora on is a Texas nonprofit industrial corpora on under the
Development Corpora on Act of 1979 formed to promote economic development within the Town and
the State of Texas to eliminate unemployment and underemployment, and to promote and encourage
employment and the public welfare of, for, and on behalf of the Town by developing, implemen ng,
financing, and providing one or more projects defined and permi ed under Sec on 4B of the Act. The
board of directors is composed of seven (7) persons appointed by the members of the Town Council.
Four of the members of the board of directors are members of the Town Council.
Westlake Academy (Academy) is an open-enrollment charter school, as provided by Subchapter D,
Chapter 12, of the Texas Educa on Code. The Town of Westlake ("Charter Holder") applied for and
became the first municipality in Texas to ever receive this special charter designa on. The Academy had
882 students in FY 23-24 and serves Kindergarten thru 12th grade. The Academy graduated their first
class in FY 09-10. The Board consists of six (6) trustees, appointed by the Town's governing body.
Currently, all members of the Academy Board are members of the Town's governing body. The Academy's
year-end changed from August 31 to June 30 with FY 23-24, therefore, the informa on presented for the
Academy is for a ten-month fiscal year.
Discretely presented component units are legally separate en es and not part of the primary
government's opera ons. These component units are as follows: Texas Student Housing Corpora on-
Denton Project, Texas Student Housing Corpora on-College Sta on Project, and Texas Student Housing
Authority.
Services Provided
Westlake's value proposi on is found in the excellent municipal and academic services that are provided
to our residents –all at an excep onal price. Our community has high expecta ons for service delivery –
both in accessibility, responsiveness, financial stewardship, ameni es, dis nc ve developments, open
spaces and educa on.
Major services provided under the general government and enterprise func ons are: fire and emergency
medical services, police, water and sewer u lity services, park and recrea onal facili es, street
improvements, educa on, and administra ve services.The Town u lizes a combina on of direct service
delivery along with outsourced services, as necessitated. The decision as to which service to deliver
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directly versus outsourcing is based on analysis of cost-effec veness, ci zen responsiveness, and
customer service quality.
Economic Condi ons and Outlook
The informa on presented in the financial statements is perhaps best understood when it is considered
from the broader perspec ve of the environment within which the Town operates.The Town staff is
aware that the Town of Westlake does not create wealth but instead is entrusted with public dollars
collected on behalf of our ci zens. We are stewards who are fully vested in the success of the Town of
Westlake and Westlake Academy. We exist as a municipal en ty for one reason and one reason only: to
priori ze and deliver the best services possible with the resources provided to achieve an excep onal
quality of life. This is a challenge the staff takes very seriously, one that we pursue with vigor every day.
Over the previous fiscal year, the Town's con nued work and focus on important ini a ves and projects
allows us to balance our "dis nc ve development, trails, and quality of life ameni es amidst an ever-
expanding urban landscape."
The current and poten al development within our community provides both an exci ng and challenging
me in Westlake. Adhering to the Town's vision remains the key to Westlake's success in managing the
significant growth. While growth has steadily con nued, it con nues to present very clear opportuni es
for our community if we wish to maintain the elements of Westlake that make it so dis nc ve. These
community a ributes include our beau ful neighborhoods with high quality residences, strong aesthe c
standards, an exemplary Town-owned IB World K-12 charter school, open space preserva on,
streetscaping, emphasis on proac ve planning, and maintaining our view corridors. The impending
change that surrounds Westlake involves not only our current internal development but also the growth
opportuni es planned and now underway for the State Highway corridors (SH 114 and SH 170) in
northeast Tarrant County and into southern Denton County. Our neighboring communi es have also
experienced significant growth and are nearing a fully developed condi on that will only add pressure
from developers as they look to a rela vely undeveloped Westlake.
Westlake's Permanent Popula on Growth: This is the por on of our popula on considered to
be our permanent residents. From the 1990 popula on of 185 to the 2023 popula on of 2,006,
our Town saw an increase of 84addi onal residents in the past year. We will monitor and plan for
the an cipated increase in these numbers, currently expected not to exceed 5,000 residents.
Traffic Demands Due to Growth in Westlake and Surrounding Areas: The four (4) municipali es
surrounding Westlake (Keller, Southlake, Trophy Club, and Roanoke) are projected to have a
combined popula on of 215,000 people by 2040. The growth in these communi es will generate
addi onal traffic that commutes through our Town. And with the projected level of residents
(5,000) and exis ng zoning en tlements (if executed), we would expect an es mated 300,000
vehicle trips per day. Local impacts associated with this level of growth affect our street
infrastructure, water and sewer system capital investment requirements, as well as demand for
daily municipal services. Policies, and the provided es mates above, established in our
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Comprehensive Plan will be essen al for addressing this issue via the Town's thoroughfare plan
as it pertains to development in the community.
Housing Start Increases and Maintaining Westlake's High-Quality Residen al Housing: We
con nue to see strong single-family residen al construc on demand, with the majority of the
growth in the Granada (now nearing comple on), Solana Hills,Entrada, and The Knolls of Solana
neighborhoods.
The Entrada mixed-use development con nues to progress, albeit slowly, with both residen al and
commercial projects under construc on. Entrada's infrastructure is financed with a Town-approved
Public Improvement District (PID), the bonds for which are paid back by assessments on development
within Entrada. When the infrastructure is complete, it will add (over me) a wide variety of 322
residen al units to Westlake -including single-family homes, villas, condominiums, and townhomes.
Our residen al construc on ac vity remains steady with an increase in building permits for housing.
Housing starts in Westlake, due to our homes' high value, add significant taxable value to our taxing base;
however, this also impacts the demand for municipal services, including the Town's K-12 public charter
school, Westlake Academy.
As the area economy con nues to outperform the las ng effects of the global economic downturn from
the pandemic, and Westlake and our surrounding communi es con nue to experience commercial
development, this will further a ract individuals who work for and own these businesses. As our housing
stock expands in response to these forces, we will need to manage our developments to ensure we
maintain our dis nc ve community as an 'oasis of natural beauty' and achieve high-end housing op ons
as iden fied in the Housing element of our Comprehensive Plan. The Town issued 26 single family home
construc on permits in FY24 for an approximate total of $82,295,850.
Local Challenges Involving Commercial Growth
Commercial Development, Economic Development, and Day me Popula on Growth: Because
Westlake is the home to major corporate office campuses, its Monday-Friday day me popula on
con nues to grow and is conserva vely es mated to grow to an approximate 15,000 individuals,
post-COVID. These office complexes are comprised of notable corporate clients that include
Deloi e LLP, Fidelity Investments, and Charles Schwab, among other Fortune 500 companies.
Commercial construc on was significantly more varied than in recent years, reflec ng the
progress in development across the Town. Commercial projects, including finish out and remodel
projects, totaled 14 permits issued with a total valua on of $50,037,087. In addi on, 6 new
commercial permits were issued, totaling in valua on of about $355,054,485. This includes the
con nued expansion project at the Deloi e corporate campus and the 2 new commercial
businesses, Dutch Bros. and Pinstack. Thirteen (13)Cer ficate of Occupancies were issued as well.
Commercial Development in Entrada: The mixed-use development of Entrada, located at
FM1938/Davis Boulevard and SH114, slowly con nues to create growth in our commercial tax
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base. During FY2024, commercial finish outs and incremental progress occurred; more trac on is
expected next year.
Economic Development: The Town has pursued the ideas advanced in the Economic
Development element of the Comprehensive Plan. That is, where appropriate, to pursue
businesses that ul mately expand the Town's tax base with high quality office buildings, and at
the same me, compliments our financial services industry hub which has already been created
through our corporate residents of Fidelity, Deloi e, and Charles Schwab. Further, we pursue the
types of businesses interested in high quality office campus development and crea ng well-
paying employee posi ons. The expansion of the Deloi e University campus further establishes
us as a leading financial services corridor within the DFW Metroplex.
Balanced Growth to Impact Cost of Municipal Services: Likewise, the ability to fund municipal
services u lizing a cost-effec ve revenue format requires balanced growth that provides for
commercial development and a diversified tax base, while maintaining the community's open
space and pastoral atmosphere.At the same me, we must con nue to ensure the policy
direc on of the Town is focused on growth paying for the infrastructure for which it creates the
demand.
Staff will con nue to monitor our corporate stakeholders and a empt to iden fy avenues to strengthen
these rela onships and assist in a rac ng new corpora ons to Westlake. The expansion of commercial
development will con nue to grow Westlake's day me popula on.
Local Challenges –Other
There are other local challenges involving both financial and physical site planning, strategic forecas ng,
residen al feedback through our survey instruments and the Town's public charter school, Westlake
Academy. As we look to regional or state issues and opportuni es, we will monitor these issues among
others:
Water Usage and Demand: As water demand con nues to be a high priority for our en re region,
the Town has worked diligently over the last year to rigorously inspect and update infrastructure.
Significant investments in the Town’s aging water and wastewater systems will be necessary in
the coming years to ensure safe delivery to current customers, while adequately planning for
redundancies and mee ng future growth needs.
Westlake's Residen al Growth Impact on the Academy: Planning for Academy growth in the face
of residen al development remains a consistent focus and challenge for us. Wherever possible,
the Town enters into an economic development agreement with residen al developers to provide
funding for Westlake Academy facili es and lessen the impact of their residen al development
on the school's enrollment.
Pursuit of Infrastructure and Services Reinvestment While Comba ng Certain Cost Increases:
With our con nued growth comes the need to allocate capital spending as we con nue to
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reinvest in our infrastructure, including water and sewer u li es, trail, and roadway
improvements. The FY2024 budget included funds for mul ple assessments and studies of the
Town and Academy infrastructure and capital equipment needs. Due to the large scope, these
ac vi es will con nue into FY2025, and it is expected that the FY2026 budget will incorporate the
findings.
As our community and those surrounding us con nue to develop, Staff will strengthen our partnerships
and/or opportuni es to help in the improvement of mobility within the community without
compromising the design standards and expecta ons of our residents. East/West traffic con nues to be
an area of concern along with our surrounding highway capacity for transient vehicles. Town staff
con nues the work with TxDOT, and our coun es, as the construc on of the SH 114 service road ramps
are reversed between FM 1938 and Dove Road in Southlake, and the SH 170 main lanes have opened.
Despite these improvements, commuter traffic is growing with the increased call by the business
community for workers to return to the office and area popula on con nues to rise.
Users of this transmi al le er, as well as others interested in the programs and services offered by the
Town of Westlake, are encouraged to read the Town's Fiscal Year 2023-2024 Budget. The budget details
the Town's long-term goals and financial policies and describes program accomplishments and ini a ves.
Acknowledgements
The prepara on of this report could not have been accomplished without the dedicated services of the
en re Finance Department staff. Apprecia on is expressed to all Town employees, especially those
employees who were instrumental in the successful comple on of this report.
Town Staff would sincerely like to thank the Mayor and Council for their conserva ve leadership and
steadfast support through their transparent governance of the Town’s financial opera ons in a
responsible and progressive manner.
Respec ully Submi ed,
Wade Carroll Cayce Lay Lamas, CPA
Town Manager Director of Finance
CITZENS OF WESTLAKE
MAYOR & TOWN COUNCIL
TOWN MANAGER
DIRECTOR OF
PLANNING
CHIEF
BUILDING
OFFICIAL
GIS MANAGER
PLANNING
ASSISTANT
FIRE CHIEF
DEUPTY FIRE
CHIEF
FIRE
OPERATIONS
BUSINESS
SVCS. MGR.
COURT
ADMINISTRATOR
COURT
CLERKS
COURT
MARSHALL
DEPUTY DIRECTOR
OF PUBLIC WORKS
CREW LEADER PW
TECHNICIAN
DIRECTOR OF
FINANCE
TOW FINANCE
MANAGER
ACCOUNTANT
WA FINANCE
MANAGER
ACCOUNTANT
UTILITY/FACILITY
COORDINATOR
DIRECTOR OF
IT
SYSTEM
ADMINISTRATOR
NETWORK
ADMINISTRATOR
DATABASE
ADMINISTRATOR
DIRECTOR OF
HR
GENERALIST
DIRECTOR OF
COMMUNICATIONS
MANAGER WA
SPECIALIST
PROCUREMENT
MANAGER
ADMINISTRATIVE
ASSISTANT
HEAD OF
SCHOOL
ACADEMY
PERSONNEL
TOWN
SECRETARY
BOARDS &
COMMISSIONS
MUNICIPAL
JUDGE
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ELECTED COUNCIL MEMBERS –FY2024
Anna White –Councilmember
Victor Sansone –Councilmember
Tim Shiner –Councilmember
Sean Kilbride –Mayor
David Quint –Mayor Pro -Tem
Kim Greaves -Councilmember
BOARDS & COMMISSIONS
Planning & Zoning Commission
Westlake Academy Foundation
4B Economic Development Board
Westlake Public Arts Society
Westlake Historical Preservation Society
Texas Student Housing Authority
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FINANCIAL SECTION
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1
14450 John F Kennedy Blvd | Suite 240 | Houston, TX 77032 |Tel: 281.907.8788 | Fax: 888.875.0587 | www.BrooksWatsonCPA.com
INDEPENDENT AUDITOR’S REPORT
To the Honorable Mayor and
Members of the Town Council
Town of Westlake, Texas:
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, business-type activities,
the aggregate discretely presented component units, each major fund, and the aggregate remaining fund
information of the Town of Westlake, Texas (the “Town”)as of and for the year ended September 30, 2024, and
the related notes to the financial statements, which collectively comprise the Town’s basic financial statements
as listed in the table of contents.
In our opinion, the accompanying financial statements present fairly, in all material respects, the respective
financial position of the governmental activities, the business-type activities,the aggregate discretely presented
component units,each major fund, and the aggregate remaining fund information of the Town of Westlake,
Texas, as of September 30, 2024, and the respective changes in financial position and, where applicable, cash
flows for the year ended in accordance with accounting principles generally accepted in the United States of
America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America (GAAS). Our responsibilities under those standards are further described in the Auditor’s
Responsibilities for the Audit of the Financial Statements section of our report. We are required to be
independent of Town of Westlake, Texas and to meet our other ethical responsibilities, in accordance with the
relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
The Town’s management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the design,
implementation, and maintenance of internal control relevant to the preparation and fair presentation of
financial statements that are free from material misstatement, whether due to fraud or error.
2
In preparing the financial statements, management is required to evaluate whether there are conditions or
events, considered in the aggregate, that raise substantial doubt about the Town’s ability to continue as a going
concern for one year after the date that the financial statements are issued.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a
guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when
it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control. Misstatements are considered material if there is a substantial likelihood that, individually
or in the aggregate, they would influence the judgment made by a reasonable user based on the financial
statements.
In performing an audit in accordance with GAAS, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, and design and perform audit procedures responsive to those risks. Such procedures include
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Town’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the financial
statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that
raise substantial doubt about the Town’s ability to continue as a going concern for a reasonable period
of time.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit, significant audit findings, and certain internal control–related matters
that we identified during the audit.
Emphasis of Matter
Regarding Going Concern
The accompanying financial statements have been prepared assuming the discretely presented component units
will continue as going concerns. As discussed in Note 5. I.to the financial statements, the discretely presented
component units Texas Student Housing Authority –College Station Project and Texas Student Housing
3
Corporation – Denton Project are in default on their bonds due to failure to meet certain bond covenants. This
gives bond holders the right to accelerate and demand payment on the bonds in full and foreclose on the assets.
This condition raises substantial doubt about the discretely presented component units’ ability to continue as
going concerns. The financial statements do not include any adjustments that might result from the outcome of
this uncertainty. Our opinion is not modified with respect to this matter.
Blended Component Unit Year End
As discussed in Note 1.B. to the financial statements, the blended component unit, Westlake Academy, has a
year end of June 30, 2024. Our opinion is not modified with respect to this matter.
Discretely Presented Component Unit Restatement
As discussed in Note V.K. the financial statements, due to corrections over accrued interest in the prior year, the
discretely presented component unit restated its beginning net position. Our opinion is not modified with
respect to these matters.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis, schedule of changes in net pension liability and related ratios, schedule of employer
contributions to pension plan, schedule of changes in other postemployment benefits liability and related ratios,
and budgetary comparison information be presented to supplement the basic financial statements.Such
information, although not a part of the basic financial statements, is required by the Governmental Accounting
Standards Board who considers it to be an essential part of financial reporting for placing the basic financial
statements in an appropriate operational, economic, or historical context. We have applied certain limited
procedures to the required supplementary information in accordance with auditing standards generally
accepted in the United States of America, which consisted of inquiries of management about the methods of
preparing the information and comparing the information for consistency with management’s responses to our
inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial
statements. We do not express an opinion or provide any assurance on the information because the limited
procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Town’s basic financial statements. The combining and individual nonmajor fund financial
statements are presented for purposes of additional analysis and are not a required part of the basic financial
statements.
4
This accompanying supplementary information is the responsibility of management and was derived from and
relates directly to the underlying accounting and other records used to prepare the basic financial statements.
Such information has been subjected to the auditing procedures applied in the audit of the basic financial
statements and certain additional procedures, including comparing and reconciling such information directly
to the underlying accounting and other records used to prepare the basic financial statements or to the basic
financial statements themselves, and other additional procedures in accordance with auditing standards
generally accepted in the United States of America. In our opinion, the accompanying supplementary
information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.
The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit
of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it.
BrooksWatson & Co.
Certified Public Accountants
Houston, Texas
November 10, 2025
MANAGEMENT'S DISCUSSION
AND ANALYSIS
5
(This page intentionally left blank.)
6
Town of Westlake, Texas
MANAGEMENT’S DISCUSSION AND ANALYSIS
September 30, 2024
7
As management of the Town of Westlake, Texas (the “Town”), we offer readers of the Town’s financial
statements this narrative overview and analysis of the financial activities of the Town for the fiscal year
ended September 30, 2024. We encourage readers to consider the information presented here in
conjunction with additional information that we have furnished in our letter of transmittal, which can
be found on pages iii-ix of this report.
Financial Highlights
The assets and deferred outflows of the Town exceeded its liabilities and deferred inflows (net
position) at September 30, 2024 by $105,945,624.
The Town's total net position increased by $15,568,478. The majority of the Town's net position
is invested in capital assets or restricted for specific purposes.
The Town's governmental funds reported combined ending fund balances of $58,160,529 at
September 30, 2024, an increase of $11,947,496 from the prior fiscal year; this includes an
increase of $7,856,155 in the general fund, an increase of $156,370 in the debt service fund, an
increase of $1,271,837 in the capital projects fund, an increase of $1,399,907 in the 4B EDC fund,
an increase of $986,445 in the Westlake Academy fund, a decrease of $350,011 in the Westlake
Academy expansion capital projects fund, and an increase of $626,793 in the nonmajor
governmental funds.
At the end of the fiscal year, unassigned fund balance for the general fund was $38,747,187 or
340%of total general fund expenditures.
Overview of the Financial Statements
The discussion and analysis provided here are intended to serve as an introduction to the Town’s basic
financial statements. The Town’s basic financial statements consist of three components:1)
government-wide financial statements, 2) fund financial statements, and 3) the notes to financial
statements. This report also includes supplementary information intended to furnish additional detail
to support the basic financial statements themselves.
Government-Wide Statements
The government-wide financial statements are designed to provide readers with a broad overview of the
Town’s finances, in a manner similar to a private-sector business.Two statements, the Statement of Net
Position and the Statement of Activities, are utilized to provide this financial overview.
The statement of net position presents information on all of the Town’s assets and liabilities. The
difference between the two is reported as net position. Over time, increases or decreases in net position
may serve as a useful indicator of whether the financial position of the Town is improving or
deteriorating. Other non-financial factors, such as the Town’s property tax base and the condition of
the Town’s infrastructure, need to be considered in order to assess the overall health of the Town.
Town of Westlake, Texas
MANAGEMENT’S DISCUSSION AND ANALYSIS, Continued
September 30, 2024
8
The statement of activities presents information showing how the Town’s net position changed during
the most recent fiscal year. All changes in net position are reported as soon as the underlying event
giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and
expenses are reported for some items that will only result in cash flows in future fiscal periods (e.g.,
uncollected taxes and earned but unused vacation leave).
Both of the government-wide financial statements distinguish functions of the Town that are
principally supported by taxes and intergovernmental revenues (governmental activities) from other
functions that are intended to recover all or a significant portion of their costs through user fees and
charges (business-type activities). The governmental activities of the Town include general government,
public safety,cultural recreation,streets, public works, visitor services, and education.Normally, these
operations are financed by property taxes, sales taxes, and franchise fees.The business-type activities of
the Town include water/sewer (utility) and cemetery operations.
The government-wide financial statements include not only the Town itself (known as the primary
government), but also the legally separate component units including the three Texas Student Housing
entities, which are discretely presented in the government-wide statements. Financial information for
these component units are reported separately from the financial information presented for the primary
government itself. In addition, the Town has the following blended component units: Lone Star Public
Facilities Corporation, 4B Economic Development Corporation, and Westlake Academy, an open
enrollment charter school owned and operated by the Town of Westlake. The Town is financially
accountable for all these component units.
The government-wide financial statements can be found on pages 20-23 of this report.
FUND FINANCIAL STATEMENTS
A fund is a grouping of related accounts that is used to maintain control over resources that have been
segregated for specific activities or objectives. The Town, like other state and local governments, uses
fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of
the funds of the Town can be divided into two categories: governmental funds and proprietary funds.
Governmental Funds
Governmental funds are used to account for essentially the same functions reported as governmental
activities in the government-wide financial statements. However, unlike the government-wide financial
statements, governmental fund financial statements focus on near-term inflows and outflows of spendable
resources, as well as on balances of spendable resources available at the end of the fiscal year. Such
information may be useful in assessing a government’s near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements. By
doing so, readers may better understand the long-term impact of the government’s near-term financing
Town of Westlake, Texas
MANAGEMENT’S DISCUSSION AND ANALYSIS, Continued
September 30, 2024
9
decisions. Both the governmental fund balance sheet and the governmental fund statement of
revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this
comparison between governmental funds and governmental activities.
The Town maintains eleven individual governmental funds.Information is presented separately in the
governmental fund balance sheet and in the governmental fund statement of revenues, expenditures,
and changes in fund balances for the general fund, the debt service fund,the capital projects fund, the
4B EDC fund, Westlake Academy, and the Westlake Academy Expansion Capital Projects fund,which
are considered to be major funds. Data from the other governmental funds are combined into a single,
aggregated presentation. Individual fund data for each of these nonmajor governmental funds is
provided in a separate section of the report.
The Town adopted an annual appropriated budget for each fund, with the exception of the Solana PID
capital projects fund and the Public Arts Fund. A budgetary comparison statement has been provided
for each fund with an adopted budget to demonstrate compliance with their respective budget.
The basic governmental fund financial statements can be found on pages 24-33 of this report.
Proprietary Funds
The Town’s proprietary funds are all enterprise funds. Enterprise funds are used to report the same
functions presented as business-type activities in the government-wide financial statements. The Town
uses an enterprise fund to account for its water/sewer and cemetery operations. All activities associated
with providing such services are accounted for in these funds, including administration, operation,
maintenance, debt service, capital improvements, and billing and collection expenses.The Town's
intent is that costs of providing the services to the general public on a continuing basis is financed
through user charges in a manner similar to a private enterprise.
Proprietary financial statements provide the same type of information as the government-wide
financial statements, only in more detail. The proprietary fund financial statements provide separate
information for the Utility fund and Cemetery fund,both of which are considered to be major funds of
the Town.
The basic proprietary fund financial statements can be found on pages 34-39 of this report.
Component Units
The Town maintains the accounting and financial statements for three discretely presented component
units. Texas Student Housing Authority, Texas Student Housing Authority –College Station Project,
and Texas Student Housing Corporation –Denton Project are all discretely presented component units
displayed on the government-wide financial statements.The 4B EDC fund and Westlake Academy are
presented as blended component units and included in the basic governmental fund statements.
Town of Westlake, Texas
MANAGEMENT’S DISCUSSION AND ANALYSIS, Continued
September 30, 2024
10
Fiduciary Funds
Fiduciary funds are used to account for resources held for the benefit of parties outside the
government. Fiduciary funds are not reflected in the government-wide financial statements because the
resources of those funds are not available to support the Town's own programs. The accounting used
for fiduciary funds is similar to the accounting used for proprietary funds. The Town of Westlake
maintains one fiduciary fund, the Solana PID Private Purpose Trust Fund.
Notes to Financial Statements
The notes provide additional information that is necessary to acquire a full understanding of the data
provided in the government-wide and fund financial statements.
The notes to the financial statements can be found on pages 43-99 of this report.
Other Information
In addition to the basic financial statements, MD&A, and accompanying notes, this report also presents
certain Required Supplementary Information (RSI). The required RSI includes a budgetary comparison
schedule for the general fund, Westlake Academy (general fund), schedule of changes in the net
pension liability/OPEB liability and related ratios and schedule of employer contributions for the Texas
Municipal Retirement System and the Teacher Retirement System of Texas. RSI can be found after the
basic financial statements.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
As noted previously, net position may serve over time as a useful indicator of the Town’s financial
position. For the Town of Westlake, Texas, assets and deferred outflows exceeded liabilities and
deferred inflows by $105,945,624 as of September 30, 2024,in the primary government.
The largest portion of the Town’s net position, $39,942,216 reflects its investments in capital assets (e.g.,
land, buildings, water system, machinery and equipment, construction in progress),less any debt used
to acquire those assets that are still outstanding. The Town uses these capital assets to provide services
to citizens; consequently,these assets are not available for future spending. Although the Town’s
investment in its capital assets is reported net of related debt, it should be noted that the resources
needed to repay this debt must be provided from other sources, since the assets themselves cannot be
used to liquidate these liabilities.
An additional portion of the Town of Westlake, Texas’ net position of $19,294,260 represents resources
that are subject to external restrictions on how they may be used.
At the end of the current fiscal year, the Town of Westlake, Texas is able to report positive balances in
all reported categories of net position for the primary government, both for the government as a whole,
Town of Westlake, Texas
MANAGEMENT’S DISCUSSION AND ANALYSIS, Continued
September 30, 2024
11
as well as for its separate governmental and business-type activities. The same situation held true for
the prior fiscal year.
Statement of Net Position:
The following table reflects the condensed Statement of Net Position:
Cur rent and
ot her assets 60,170,001 $15,870,738 $76,040,739 $48,262,092 $12,698,415 $60,960,507
Capit al assets, net 80,938,804 8,701,540 89,640,344 82,850,444 9,113,104 91,963,548
Total Assets 141,108,805 24,572,278 165,681,083 131,112,536 21,811,519 152,924,055
4,645,072 47,582 4,692,654 4,445,850 84,963 4,530,813
Cur rent liab ilities 5,119,113 1,901,448 7,020,561 5,186,905 1,814,482 7,001,387
Long-term lia bi lities 36,699,513 17,071,930 53,771,443 39,335,452 17,717,641 57,053,093
To ta l Lia bilitie s 41,818,626 18,973,378 60,792,004 44,522,357 19,532,123 64,054,480
3,530,027 106,082 3,636,109 2,932,142 91,100 3,023,242
Net Posit ion:
Net investment in
capit al assets 48,867,171 (8 ,9 24,955)39,942,216 47,921,269 (9 ,0 88,254) 38,833,015
Restrict ed 19,244,260 50,000 19,294,260 15,241,173 50,000 15,291,173
Un restrict ed 32,293,793 14,415,355 46,709,148 24,941,445 11,311,513 36,252,958
To ta l Ne t Po sitio n $100,405,224 $5,540,400 $105,945,624 $88,103,887 $2,273,259 $90,377,146
Go vernme ntal
Activitie s
Deferred Inflo ws
of Re so urce s
2024 2023
Go vernme ntal Business-Type
of Re so urce s
Total current and other assets of the primary government were $76,040,739 and $60,960,507 as of
September 30, 2024 and September 30, 2023, respectively. The increase is primarily due to greater
interest-bearing account balances held at the end of the year due to an operating surplus. Current
liabilities of business-type activities were $1,901,448 and $1,814,482 as of September 30, 2024 and
September 30, 2023, respectively. The increase was primarily due to the timing of water purchases in
the current year. Long-term liabilities for governmental activities decreased by $2,635,939 or 7%due to
debt issuance in the prior year.Deferred outflows and inflows of resources experienced changes due to
market fluctuation and the changes in investment returns impacting pension liability balances.
Town of Westlake, Texas
MANAGEMENT’S DISCUSSION AND ANALYSIS, Continued
September 30, 2024
12
Statement of Activities:
The following table provides a summary of the Town’s changes in net position:
Reve nue s
Pr ogr am revenues :
Charges for ser vices $6,884,483 $8,016,907 $14,901,390 $2,936,035 $7,976,355 $10,912,390
Gr ants/contributions 11,068,808 - 11,068,808 15,676,021 - 15,676,021
Gener al revenues:
To ta l Re ve nue s
Expe nse s
Total Expenses
Cha ng e in Net Positio n 12,301,337 3,267,141 15,568,478 14,795,632 2,690,526 17,486,158
Beginning Net Posit ion 88,103,887 2,273,259 90,377,146 73,308,255 (4 17,267) 72,890,988
Ending Net Positio n $100,405,224 5,540,400 $105,945,624 $88,103,887 $2,273,259 $90,377,146
Go ve rnm entActivitiesActivitiesGovernmentActivitiesActivities
Go ve rnm enta l Busine ss-Type Primary Go ve rnm enta l Busine ss-Type Primary
For the Year Ende d September 30, 2024 For the Year Ende d Se pte mber 3 0, 2 023
To ta l To ta l
Town of Westlake, Texas
MANAGEMENT’S DISCUSSION AND ANALYSIS, Continued
September 30, 2024
13
Graphic presentations of selected data from the summary tables are displayed below to assist in the
analysis of the Town’s activities.
Governmental Activities – Revenues
For the year ended September 30, 2024, revenues from governmental activities totaled $38,446,273.
Sales tax and grants and contributions are the Town’s largest general revenue sources. Overall revenue
decreased $3,404,641 or 8%from the prior year. Charges for services increased by $3,948,448 or 134%
due primarily to nonrecurring license and permit revenues in the current year, which was a result of
construction projects and permit fee increases. Grants and contributions decreased by $4,607,213 or
29%primarily due to the nonrecurring donations received from Deloitte in lieu of land dedication and
a reduction in the amount of reimbursements from Denton County when compared to the prior year.
Property taxes increased by $500,187 or 14%due to greater appraised values in the current year. Sales
taxes decreased by $4,665,635 or 28%primarily due to nonrecurring large transactions during the prior
year. Franchise and local taxes increased by $6,336 or 1%due to greater electricity usage and
miscellaneous franchise revenues received in the current year. Occupancy taxes increased by $191,670
or 34%due to greater tourism activity over the course of the year. Investment income increased by
$1,130,487 or over 100%due to greater interest-bearing accounts and the realization of higher interest
rates. Other revenues increased by $91,079 or 151%as a result in part because of increases in EMS
revenue and court technology fee revenues. All other revenues remained relatively stable when
compared to the previous year.
Town of Westlake, Texas
MANAGEMENT’S DISCUSSION AND ANALYSIS, Continued
September 30, 2024
14
This graph shows the governmental function expenses of the Town:
Governmental Activities –Expenses
For the year ended September 30, 2024, expenses for governmental activities totaled $26,144,936.This
represents a decrease of $910,346 or 3%from the prior year. The Town’s largest expense category is
education and the operating expenses of Westlake Academy, which totaled $13,221,132 at year-end.
Education expenses increased by $80,477 or 1%primarily as a result of reclassification of education
expenses in the general fund. In addition,the Academy incurred greater expenses related to athletic
and academic stipends paid in the current year. General government expenses decreased by $796,080
or 14%due to nonrecurring professional service costs, court technology and server and facility
maintenance expenses incurred in the prior year. Cultural and recreation expenses increased by
$144,106 or 75%primarily due to nonrecurring repairs and maintenance in the current year.Public
works expenses increased by $167,224 or 11%due to nonrecurring street maintenance and roadside
irrigation costs incurred in the current year. Visitor services decreased by $278,389 or 51%due
nonrecurring personnel costs and zoning/planning contract expenses incurred in the prior year. All
other expenses remained relatively consistent when compared to the previous year.
Town of Westlake, Texas
MANAGEMENT’S DISCUSSION AND ANALYSIS, Continued
September 30, 2024
15
Business-type activities are shown comparing operating costs to revenues generated by related
services.
For the year ended September 30, 2024, charges for services by business-type activities totaled
$8,016,907.This is an increase of $40,552 or 1%from the previous year.The increase is considered
relatively consistent to the prior year.
Utility service expenses increased by $33,219 or 1%. The increase is considered relatively consistent to
the prior year.
FINANCIAL ANALYSIS OF THE TOWN’S FUNDS
As noted earlier, fund accounting is used to demonstrate and ensure compliance with finance-related
legal requirements.
Governmental Funds - The focus of the Town’s governmental funds is to provide information of near-
term inflows, outflows and balances of spendable resources. Such information is useful in assessing
the Town’s financing requirements.In particular, unassigned fund balance may serve as a useful
measure of the Town’s net resources available for spending at the end of the year.
At September 30, 2024, the Town’s governmental funds reported combined fund balances of
$58,160,529, an increase of $11,947,496 in comparison with the prior year. Approximately 66%of this
amount, $38,634,857,constitutes unassigned fund balance, which is available for spending at the
government’s discretion. The remainder of the fund balance is either nonspendable, restricted or
committed to indicate that it is 1) not in spendable form totaled $109,657, 2) restricted for particular
purposes totaled $19,244,260 or 3) committed for Westlake Academy campus activities totaled $171,755.
Town of Westlake, Texas
MANAGEMENT’S DISCUSSION AND ANALYSIS, Continued
September 30, 2024
16
As of the end of the year the general fund reflected a total fund balance of $39,135,298.General fund
balance increased by $7,856,155 during the current year. This increase can be attributed to greater than
anticipated revenues, caused primarily by sales tax revenues. In addition,current year expenditures
were less than appropriations, primarily in general government and education.
The debt service fund had a deficit fund balance of $112,330 at September 30, 2024, an increase of
$156,370 when compared to the previous year. The increase in fund balance is mostly related to greater
transfers into the fund in the current year.During the year, the fund recorded total principal and
interest payments of $3,434,395 and property tax revenue of $1,832,327.
The capital projects fund had an ending fund balance of $7,581,154.The capital projects fund increased
by $1,271,837 when compared to the previous year. The increase is a direct result of current year
revenues and other financing sources exceeding capital expenditures.
The 4B EDC fund reflected an ending fund balance of $4,732,089.The fund balance increased by
$1,399,907, which is primarily a result of revenues exceeding planned expenditures in the current year.
The Westlake Academy fund reflected an ending fund balance of $2,094,874, an increase of $986,445
compared to the prior year. The increase is primarily a result of current year revenues exceeding
expenditures during the year.
The Westlake Academy expansion capital projects fund reflected an ending fund balance of $3,082,872,
a decrease of $350,011. The decrease is a direct result of capital expenditures exceeding current year
revenues and other financing sources.
Proprietary Funds -The Town’s proprietary funds provide the same type of information found in the
government-wide financial statements, but in more detail.Net position in the Town’s utility fund
totaled $5,054,421. Unrestricted net position at the close of the fiscal year for both the Town’s
proprietary funds amounted to $14,415,355, an increase of $3,103,842 over the previous year.Total
investment in capital assets, net of related debt was a deficit of $8,924,955,and capital assets,net of
depreciation totaled $8,701,540.
GENERAL FUND BUDGETARY HIGHLIGHTS
Total budgeted revenues of $20,774,595 were more than actual revenues of $20,694,447, resulting in a
negative revenue variance of $80,148.The negative variance was primarily the result of lesser than
expected sales taxes. Total budgeted expenditures of $12,476,147 were greater than actual expenditures
of $11,385,028, resulting in a positive expenditure variance of $1,091,119. The variance in total
expenditures was primarily due to positive variances within the general government, public safety,
and education departments.Expenditures did not exceed appropriations at the legal level of control.
Town of Westlake, Texas
MANAGEMENT’S DISCUSSION AND ANALYSIS, Continued
September 30, 2024
17
CAPITAL ASSETS
As of the end of the year, the Town’s governmental activities funds had invested $80,938,804 in a
variety of capital assets and infrastructure, net of accumulated depreciation. The Town’s business-type
activities funds had invested $8,701,540 in a variety of capital assets and infrastructure, net of
accumulated depreciation.This investment in capital assets includes land, buildings, vehicles,
machinery and equipment, water and sewer system, and infrastructure.
Major capital asset events during the current year include the following:
Westlake Academy improvements for $441,833.
Purchased LPR cameras for $115,200.
Made street improvements for $719,920.
Gym renovations totaling $350,407.
Water line improvements totaled $51,589.
Lift station pump improvements totaled $17,812.
More detailed information about the Town’s capital assets is presented in note 4.C to the financial
statements.
LONG-TERM DEBT
The Town's outstanding general obligation bonds, certificate of obligation bonds, contractual
obligations, tax notes, notes payable, and lease liabilities,net of all premiums and discounts decreased
by $2,950,570 for governmental activities and decreased by $592,895 for business-type activities from
the prior year. The total outstanding debt at the close of the fiscal year, was $32,010,263 for
governmental-activities and $17,542,683 for business-type activities.
More detailed information about the Town’s long-term liabilities is presented in note 4.E to the
financial statements.
ECONOMIC FACTORS AND NEXT YEAR’S BUDGET AND RATES
The Mayor and Town Council are committed to maintaining and improving the overall wellbeing of
the Town of Westlake, and improving services provided to their citizens. The Town is budgeting for
steady economic growth in the upcoming year.
Town of Westlake, Texas
MANAGEMENT’S DISCUSSION AND ANALYSIS, Continued
September 30, 2024
18
CONTACTING THE TOWN’S FINANCIAL MANAGEMENT
This financial report is designed to provide a general overview of the Town’s finances for all those with
an interest in the government’s finances. Questions concerning any of the information provided in this
report or requests for additional financial information should be addressed to the Town of Westlake
Director of Finance, 1500 Solana Blvd.,Westlake, Texas, 76262. This information can also be accessed on
the Town of Westlake’s website at www.westlaketx.org.
BASIC FINANCIAL STATEMENTS
19
Current assets:
Cash and cash equivalents $55,818,461 $14,660,946 $70,479,407 $2,493,865
Restricted cash 423,156 - 423,156 3,857,945
Receivables, net 3,818,727 1,128,705 4,947,432 86,754
Inventory - 81,087 81,087 -
Prepaid and other assets 109,657 - 109,657 131,968
60,170,001 15,870,738 76,040,739 6,570,532
Noncurrent assets:
Capital assets:
Non-depreciable 12,446,059 329,030 12,775,089 5,101,164
Net depreciable capital assets 68,492,745 8,372,510 76,865,255 29,205,165
80,938,804 8,701,540 89,640,344 34,306,329
141,108,805 24,572,278 165,681,083 40,876,861
Deferred Outflows of Resources
Deferred outflows - TMRS pension 638,306 47,582 685,888 -
Deferred outflows - TMRS OPEB 1,403 - 1,403 -
Deferred outflows - TRS pension 3,075,092 - 3,075,092 -
Deferred outflows - TRS OPEB 679,748 - 679,748 -
Deferred loss on refunding 250,523 - 250,523 -
4,645,072 47,582 4,692,654 -
Activities Activities
Total Current Assets
Total Noncurrent Assets
Total Deferred Outflows of
Resources
Assets
Total Assets
September 30, 2024
Component
STATEMENT OF NET POSITION (Page 1 of 2)
Town of Westlake, Texas
UnitsTotal
Primary Government
Business-TypeGovernmental
20
Liabilities
Current liabilities:
Accounts payable $1,042,073 $595,423 $1,637,496 $-
Accrued liabilities 488,293 19,872 508,165 1,232,028
Customer deposits - 303,055 303,055 -
Accrued interest payable 116,247 74,645 190,892 34,821,241
Unearned revenue 431,969 326,753 758,722 100,166
Compensated absences - current 380,552 2,829 383,381 -
Long-term debt due within one year 2,659,979 578,871 3,238,850 65,246,135
5,119,113 1,901,448 7,020,561 101,399,570
Noncurrent liabilities:
29,350,284 16,963,812 46,314,096 -
Deferred Inflows of Resources
See Notes to Financial Statements.
Total Net Position
Total Deferred Inflows of Resources
Business-Type
Net Position
Total Liabilities
Governmental
Activities Activities
Total Noncurrent Liabilities
Total
Total Current Liabilities
one year
Primary Government
Units
Component
September 30, 2024
STATEMENT OF NET POSITION (Page 2 of 2)
Town of Westlake, Texas
21
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Cash and cash equivalents $37,885,168 $- $7,584,784 $4,225,038
Restricted cash 423,156 - - -
Accounts receivable, net 1,878,477 1,413 - 507,051
Due from other governments - - - -
Due from other funds 112,329 - - -
Prepaids 70,060 - - -
$40,369,190 $1,413 $7,584,784 $4,732,089
Liabilities
Accounts payable $626,199 $- $- $-
Accrued liabilities 177,359 - 3,630 -
Due to other funds - 112,329 - -
Unearned revenue 427,057 - - -
1,230,615 112,329 3,630 -
Deferred Inflows of Resources
Unavailable revenue - property taxes 3,277 1,414 - -
Unavailable revenue - due from state - - - -
Total Deferred Inflows of Resources 3,277 1,414 - -
Nonspendable:
Prepaids 70,060 - - -
Restricted for:
Donor stipulations - - - -
Capital projects - - 7,581,154 -
Public safety 318,051 - - -
Visitor services - - - -
Future projects - - - 4,732,089
Education - - - -
Committed for:
Campus activities - - - -
Unassigned 38,747,187 (112,330) - -
39,135,298 (112,330) 7,581,154 4,732,089
$40,369,190 $1,413 $7,584,784 $4,732,089
Total Assets
Projects
Debt Capital
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances
Town of Westlake, Texas
BALANCE SHEET
GOVERNMENTAL FUNDS
September 30, 2024
4B
EDC
24
*
$1,090,272 $3,199,008 $1,834,191 $55,818,461
- - - 423,156
65,007 - 22,509 2,474,457
1,339,781 - 4,489 1,344,270
168,547 - 12,224 293,100
39,590 - 7 109,657
$2,703,197 $3,199,008 $1,873,420 $60,463,101
$98,731 $116,136 $201,007 $1,042,073
298,599 - 8,705 488,293
168,547 - 12,224 293,100
- - 4,912 431,969
565,877 116,136 226,848 2,255,435
- - - 4,691
42,446 - - 42,446
42,446 - - 47,137
39,590 - 7 109,657
2,834 - - 2,834
- 3,082,872 676,172 11,340,198
- - - 318,051
- - 726,413 726,413
- - 243,980 4,976,069
1,880,695 - - 1,880,695
171,755 - - 171,755
- - - 38,634,857
2,094,874 3,082,872 1,646,572 58,160,529
$2,703,197 $3,199,008 $1,873,420 $60,463,101
TotalNonmajor
Governmental
Funds
Expansion
Capital Projects
Academy
GovernmentalWestlake
Academy Funds
Westlake
25
26
Fund Balances - Total Governmental Funds $58,160,529
Adjustments for the Statement of Net Position:
Capital assets used in governmental activities are not current financial
resources and, therefore, not reported in the governmental funds.
Capital assets - non-depreciable 12,446,059
Capital assets - net depreciable 68,492,745
Other long-term assets are not available to pay for current-period
expenditures and, therefore, are deferred in the governmental funds.47,137
Deferred outflows - TMRS pension 638,306
Deferred outflows - TMRS OPEB 1,403
Deferred outflows - TRS pension 3,075,092
Deferred outflows - TRS OPEB 679,748
Deferred inflows - TMRS pension (284,393)
Deferred inflows - TMRS OPEB (19,017)
Deferred inflows - TRS pension (988,289)
Deferred inflows - TRS OPEB (2,162,939)
Some liabilities, including bonds payable and deferred charges, are not reported as
liabilities in the governmental funds.
Accrued interest (116,247)
Deferred charges on bond refunding, net 175,134
Bond premium (1,158,251)
Net pension liability - TMRS (1,340,967)
Net pension liability - TRS (4,390,064)
OPEB liability - TMRS (91,291)
OPEB liability - TRS (1,484,624)
Compensated absences (422,835)
Non-current liabilities due in one year (2,659,979)
Non-current liabilities due in more than one year (28,192,033)
Net Position of Governmental Activities $100,405,224
See Notes to Financial Statements.
Town of Westlake, Texas
RECONCILIATION OF THE BALANCE SHEET TO THE STATEMENT OF NET POSITION
GOVERNMENTAL FUNDS
September 30, 2024
Differences between expected and actual experiences,assumption changes and net differences
between projected and actual earnings and contributions subsequent to the measurement date for
the postretirement benefits (pension and OPEB)are recognized as deferred outflows of resources
and deferred inflows of resources on the statement of net position.
27
Revenues
Taxes
Property tax $2,175,830 $1,832,327 $- $-
Sales tax 8,988,994 - - 2,996,331
Occupancy tax - - - -
Franchise and local taxes 922,078 - - -
State program revenues - - - -
Federal program revenues - - - -
License and permits 6,027,602 - - -
Grants/contributions 3,000 - 1,041,997 -
Local and intermediate sources - - - -
Fines and forfeitures 459,014 - - -
Investment income 1,917,887 - 383,607 165,514
Other revenue 200,042 - - -
20,694,447 1,832,327 1,425,604 3,161,845
Expenditures
Current:
General government 4,028,620 - - -
Public safety 4,046,069 - - -
Cultural recreation 336,809 - - -
Public works 825,239 - - -
Visitor services - - - -
Education 1,775,047 - - -
Debt Service:
Principal 277,041 2,349,600 - -
Interest and fiscal charges 10,779 1,084,795 - -
Bond issuance costs - 3,500 - -
Capital outlay 85,424 - 153,767 -
11,385,028 3,437,895 153,767 -
9,309,419 (1,605,568) 1,271,837 3,161,845
GOVERNMENTAL FUNDS (Page 1 of 2)
Projects
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
Town of Westlake, Texas
EDCServiceGeneral
For the Year Ended September 30, 2024
28
*
$- $- $- $4,008,157
- - - 11,985,325
- - 748,500 748,500
- - - 922,078
8,093,195 - - 8,093,195
397,867 - - 397,867
- - - 6,027,602
- - 180,000 1,224,997
1,907,310 - - 1,907,310
- - - 459,014
- 185,415 24,924 2,677,347
- - 1,050 201,092
10,398,372 185,415 954,474 38,652,484
- - - 4,028,620
- - - 4,046,069
- - - 336,809
- - - 825,239
- - 270,342 270,342
10,683,313 - - 12,458,360
161,456 - 55,436 2,843,533
20,422 - 1,903 1,117,899
- - - 3,500
- 535,426 - 774,617
10,865,191 535,426 327,681 26,704,988
(466,819) (350,011) 626,793 11,947,496
FundsFundsAcademyCapital Projects
29
Other Financing Sources (Uses)
Transfers in $- $1,761,938 $- $-
Transfers (out)(1,453,264) - - (1,761,938)
(1,453,264) 1,761,938 - (1,761,938)
Ending Fund Balances
Total Other Financing Sources
(Uses)
Net Change in Fund Balances
GOVERNMENTAL FUNDS (Page 2 of 2)
For the Year Ended September 30, 2024
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
Town of Westlake, Texas
Service Projects
Debt Capital 4B
EDCGeneral
30
*
$1,453,264 $- $- $3,215,202
- - - (3,215,202)
1,453,264 - - -
Funds
Nonmajor Total
GovernmentalExpansion
Capital Projects
Governmental
Funds
Westlake
Academy
Westlake
Academy
31
32
Amounts reported for governmental activities in the statement of activities are
different because:
Net changes in fund balances - total governmental funds $11,947,496
Governmental funds report capital outlays as expenditures. However, in the
statement of activities the cost of those assets is allocated over their estimated
useful lives and reported as depreciation expense.
Capital outlay 1,315,906
Depreciation expense (3,178,029)
Disposal of capital assets (49,517)
Revenues in the statement of activities that do not provide current financial
resources are not reported as revenues in the funds.(156,694)
Some expenses reported in the statement of activities do not require the use of current
financial resources and, therefore, are not reported as expenditures in governmental funds.
Compensated absences (43,175)
Accrued interest 7,103
Pension expense (709,657)
OPEB expense 280,534
The issuance of long-term debt (e.g., bonds, leases, certificates of obligation)
Amortization of deferred loss on refunding (63,200)
Amortization of premium 127,355
Principal payments on long-term debt 2,823,215
$12,301,337
See Notes to Financial Statements.
For the Year Ended September 30, 2024
Town of Westlake, Texas
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE
STATEMENT OF ACTIVITIES
provides current financial resources to governmental funds,while the repayment of the
principal of long-term debt consumes the current financial resources of governmental
funds.Neither transaction,however,has any effect on net position.Also,governmental
funds report the effect of premiums,discounts,and similar items when they are first
issued;whereas,these amounts are deferred and amortized in the statement of activities.
This amount is the net effect of these differences in the treatment of long-term debt and
related items.
33
Current Assets
Cash and cash equivalents $14,252,323 $408,623 $14,660,946
Noncurrent Assets
Deferred Outflows of Resources
Town of Westlake, Texas
September 30, 2024
PROPRIETARY FUNDS
STATEMENT OF NET POSITION (Page 1 of 2)
Fund TotalFund
CemeteryUtility
Nonmajor
34
Current Liabilities
Accounts payable $591,272 $4,151 $595,423
Accrued liabilities 19,872 - 19,872
Customer deposits payable 303,055 - 303,055
Accrued interest 74,645 - 74,645
Unearned revenue 326,753 - 326,753
Compensated absences, current 2,829 - 2,829
Long-term debt due within one year 578,871 - 578,871
1,897,297 4,151 1,901,448
Noncurrent Liabilities
Net pension liability - TMRS 100,933 - 100,933
OPEB liability - TMRS 6,871 - 6,871
Compensated absences, noncurrent 314 - 314
Long-term debt due in more than one year 16,963,812 - 16,963,812
18,969,227 4,151 18,973,378
Deferred Inflows of Resources
Pension inflows 20,944 - 20,944
OPEB inflows 1,326 - 1,326
Deferred gain on refunding 83,812 - 83,812
106,082 - 106,082
Net investment in capital assets (8,924,955) - (8,924,955)
Restricted for improvements - 50,000 50,000
Unrestricted 13,979,376 435,979 14,415,355
$5,054,421 $485,979 $5,540,400
See Notes to Financial Statements.
Fund Fund Total
Town of Westlake, Texas
STATEMENT OF NET POSITION (Page 2 of 2)
PROPRIETARY FUNDS
September 30, 2024
Utility Cemetery
Nonmajor
Total Net Position
Net Position
Liabilities
Total Liabilities
Total Deferred Inflows
Total Current Liabilities
35
36
Operating Revenues
Charges for services $7,952,400 $64,507 $8,016,907
Other revenues 462,537 - 462,537
8,414,937 64,507 8,479,444
Operating Expenses
Salaries and benefits 348,923 - 348,923
Supplies and materials 50,164 37,134 87,298
Repairs and maintenance 2,133,931 1,924 2,135,855
Utilities 2,050,281 - 2,050,281
Other operating expenses 179,142 596 179,738
Depreciation 580,722 - 580,722
5,343,163 39,654 5,382,817
3,071,774 24,853 3,096,627
Nonoperating Revenues (Expenses)
Investment income 697,130 21,335 718,465
Interest and fiscal expense (547,951) - (547,951)
149,179 21,335 170,514
3,220,953 46,188 3,267,141
Beginning net position 1,833,468 439,791 2,273,259
$5,054,421 $485,979 $5,540,400
For the Year Ended September 30, 2024
PROPRIETARY FUNDS
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION
Town of Westlake, Texas
Nonmajor
Total
Ending Net Position
Total Operating Revenues
Total Operating Expenses
Change in Net Position
Operating Income (Loss)
Total Nonoperating Revenues (Expenses)
Fund
Cemetery
Fund
Utility
37
Cash Flows from Operating Activities
Payments to employees $(368,240) $- $(368,240)
Payments to suppliers (4,303,445) (37,808) (4,341,253)
Receipts from customers 8,532,025 64,507 8,596,532
3,860,340 26,699 3,887,039
Cash Flows from Capital and Related Financing Activities
Acquisition and construction of capital assets (169,158) - (169,158)
Interest paid on capital debt (560,978) - (560,978)
Principal paid on capital debt (561,836) - (561,836)
(1,291,972) - (1,291,972)
Cash Flows from Investing Activities
Net Cash Provided (Used) by Operating Activities
Fund
Utility
Town of Westlake, Texas
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS (Page 1 of 2)
For the Year Ended September 30, 2024
Total
Ending Cash and Cash Equivalents
Net Cash Provided by Investing Activities
Fund
Net Cash Provided (Used) by Capital and Related
Financing Activities
38
Reconciliation of Operating Income (Loss)
to Net Cash Provided (Used) by Operating Activities
Operating Income (Loss)$3,071,774 $24,853 $3,096,627
Adjustments to reconcile operating
income (loss) to net cash provided (used):
Depreciation 580,722 - 580,722
Changes in Operating Assets and Liabilities:
(Increase) Decrease in:
Accounts receivable 140,613 - 140,613
Inventory - 596 596
Increase (Decrease) in:
Accounts payable 106,296 1,250 107,546
Accrued liabilities 3,777 3,777
Unearned revenue (39,788) - (39,788)
Pension outflows 37,261 - 37,261
OPEB outflows 120 - 120
Pension inflows 18,962 - 18,962
OPEB inflows (336) - (336)
Compensated absences (19,852) - (19,852)
Net pension liability - TMRS (56,167) - (56,167)
OPEB liability - TMRS 695 - 695
Customer deposits 16,263 - 16,263
$3,860,340 $26,699 $3,887,039
For the Year Ended September 30, 2024
Net Cash Provided (Used) by Operating Activities
Total
Cemetery
FundFund
Utility
Nonmajor
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS (Page 2 of 2)
Town of Westlake, Texas
39
Assets
Current Assets:
Cash and cash equivalents $6,355,591
Special assessment receivable - current 525,000
Noncurrent Assets:
Special assessment receivable - noncurrent 22,350,000
Total Assets 29,230,591
Liabilities
Noncurrent Liabilities:
Long-term debt 22,875,000
Total Liabilities 22,875,000
Net Position
Restricted for public improvement district 6,355,591
Total Net Position $6,355,591
See Notes to Financial Statements.
Trust Fund
Private Purpose
Solana PID
Town of Westlake
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
September 30, 2024
40
Additions
Investment earnings $355,197
Special assessment collections 2,475,996
Total Additions 2,831,193
Deductions
Payment to developer 134,520
Administrative expenses 2,800
Interest expenses 1,454,375
Total Deductions 1,591,695
Change in Net Position 1,239,498
Beginning net position 5,116,093
Ending Net Position $6,355,591
See Notes to Financial Statements.
Trust Fund
Private Purpose
Solana PID
Town of Westlake
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
For the Year Ended September 30, 2024
41
42
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS
September 30, 2024
43
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Town of Westlake, Texas (the “Town”) was incorporated under the provisions of the laws of
the State of Texas on December 26, 1956. The Town operates under a Council -Manager form of
government and provides the following services as authorized by the laws of the State of Texas:
public safety; cultural and recreation; and economic development.
The accounting and reporting policies of the Town relating to the funds included in the
accompanying basic financial statements conform to accounting principles generally accepted in
the United States of America applicable to state and local governments. Generally Accepted
Accounting Principles for local governments include those principles prescribed by the
Governmental Accounting Standards Board (“GASB”). The more significant accounting policies
of the Town are described below.
A.Description of Government-Wide Financial Statements
The government-wide financial statements (i.e., the statement of net position and the statement of
activities) report information on all of the nonfiduciary activities of the primary government and
its component units. All fiduciary activities are reported only in the fund financial statements.
Governmental activities, which normally are supported by taxes, intergovernmental revenues, and
other nonexchange transactions, are reported separately from business-type activities, which rely to
a significant extent on fees and charges to external customers for support. Likewise, the primary
government is reported separately from certain legally separate component units for which the
primary government is financially accountable.
B. Financial Reporting Entity
The accompanying financial statements present the government and its component units, entities
for which the government is considered financially accountable. Blended component units,
although legally separate entities, are, in substance, part of the government’s operations.
Discretely presented component units are reported in separate columns in the government-wide
financial statements to emphasize that they are legally separate from the government.
As required by accounting principles generally accepted in the United States of America, these
financial statements include the primary government and organizations for which the primary
government is financially accountable and other organizations for which the nature and
significance of their relationship with the primary government are such that exclusion would
cause the reporting entity's financial statements to be misleading or incomplete.
The definition of the reporting entity is based primarily on the notion of financial accountability.
A primary government is financially accountable for the organizations that make up its legal
entity. It is also financially accountable for legally separate organizations if its officials appoint a
voting majority of an organization's governing body and either it is able to impose its will on that
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
44
organization or there is a potential for the organization to provide specific financial benefits to, or
to impose specific financial burdens on, the primary government. A primary government may
also be financially accountable for governmental organizations that are fiscally dependent on it.
A primary government has the ability to impose its will on an organization if it can significantly
influence the programs, projects, or activities of, or the level of services performed or provided
by, the organization. A financial benefit or burden relationship exists if the primary government
(a) is entitled to the organization's resources; (b) is legally obligated or has otherwise assumed the
obligation to finance the deficits of, or provide financial support to, the organization; or (c) is
obligated in some manner for the debt of the organization.
Some organizations are included as component units because of their fiscal dependency on the
primary government. An organization is fiscally dependent on the primary government if it is
unable to adopt its budget, levy taxes, set rates or charges, or issue bonded debt without
approval by the primary government.
Blended Component Units
4B Economic Development Corporation
4B Economic Development Corporation is a Texas nonprofit industrial corporation under the
Development Corporation Act of 1979 formed to promote economic development within the
Town and the State of Texas in order to eliminate unemployment and underemployment, and
to promote and encourage employment and the public welfare of, for, and on behalf of the
Town by developing,implementing, financing, and providing one or more projects defined
and permitted under Section 4B of the Act. The board of directors is composed of seven
persons appointed by the members of the Town's governing board. Four of the members of
the board of directors are members of the Town's governing board. Since the board of
directors is substantively the same as the Town's governing body, and a financial benefit
relationship exists, the entity has been reported as a blended component unit of the Town.
This component unit is presented as a major governmental fund for the current fiscal year.
Westlake Academy
Westlake Academy (the “Academy”) is an open-enrollment charter school, as provided by
Subchapter D,Chapter 12, of the Texas Education Code. The Town of Westlake (Charter
Holder) applied for and became the first municipality in Texas to ever receive this special
charter designation. The board consists of six trustees and is appointed by the Town's
governing body. Currently, all the members of the board of trustees are members of the
Town's governing body. Since the board of directors is substantively the same as the Town's
governing body, and a financial benefit relationship exists, the entity has been reported as a
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
45
blended component unit of the Town. The Academy's year-end is August 31.This component
unit is presented as a major governmental fund for the current fiscal year.
Discretely Presented Component Units
Texas Student Housing Entities
The Texas Student Housing (“TSH”)Authority, Texas Student Housing Authority –College
Station Project, and Texas Student Housing Corporation –Denton Project (collectively, Texas
Student Housing Entities) are Texas nonprofit organizations as a duly constituted authority of the
Town pursuant to Section 53.35(b) of the Texas Education Code, as amended (Act). Texas Student
Housing Entities' primary purpose is to construct, own, and operate student housing facilities on
college campuses in Texas. The boards consist of seven directors which are appointed by the
Town's governing body and has the ability to remove at will the appointed members; thus, the
governing body can impose its will on the organizations. However,the board is not substantively
the same as the Town’s governing body; therefore, the Texas Student Housing Entities are
reported as discretely presented component units (enterprise funds). The Town is not responsible
for the long-term debt of the Texas Student Housing Entities. The Texas Student Housing
Entities’years-end are August 31.
C. Basis of Presentation -Government-Wide and Fund Financial Statements
While separate government-wide and fund financial statements are presented, they are
interrelated. The governmental activities column incorporates data from governmental funds
while business-type activities incorporate data from the government’s enterprise funds. Separate
financial statements are provided for governmental funds and the proprietary funds.
As discussed earlier, the government has three discretely presented component units which are
shown in separate columns in the government-wide financial statements.
As a general rule, the effect of interfund activity has been eliminated from the government-wide
financial statements. Exceptions to this general rule are payments where the amounts are
reasonably equivalent in value to the interfund services provided and other charges between the
various other functions of the government. Elimination of these charges would distort the direct
costs and program revenues reported for the various functions concerned.
The fund financial statements provide information about the government’s funds, including its
blended component units. Separate statements for each fund category; governmental and
proprietary are presented. The emphasis of fund financial statements is on major governmental
and enterprise funds, each displayed in a separate column. All remaining governmental and
enterprise funds are aggregated and reported as nonmajor funds. Major individual governmental
and enterprise funds are reported as separate columns in the fund financial statements.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
46
Governmental Funds
Governmental funds are those funds through which most governmental functions are typically
financed.The government reports the following major governmental funds:
General Fund
The General Fund is the main operating fund of the Town. This fund is used to account
for all financial resources not accounted for in other funds. All general tax revenues and
other receipts that are not restricted by law or contractual agreement to some other fund
are accounted for in this fund. General operating expenditures, fixed charges and capital
improvement costs that are not paid through other funds are paid from the General Fund.
The General Fund includes the Town’s Major Maintenance and Replacement Fund,
Vehicle Replacement Fund, and PID (local) Fund.
Debt Service Fund
The Debt Service Fund is used to account for the accumulation of financial resources for
the payment of principal, interest and related costs on long-term debt paid primarily from
taxes levied by the Town. The fund balance of the Debt Service Fund is restricted to
signify the amounts that are restricted exclusively for debt service expenditures.
Capital Projects Fund
The Capital Projects Fund is used to account for proceeds from long-term financing and
revenue and expenditures related to authorized construction and other capital asset
acquisitions other than those related to the expansion of Westlake Academy facilities.
4B EDC Fund
The 4B EDC Fund accounts for the economic development corporation’s activity, a
blended component unit.
Westlake Academy Fund
The Westlake Academy Fund accounts for the education activities of the blended
component unit.
Westlake Academy Expansion Capital Projects Fund
The Westlake Academy Expansion Capital Projects Fund is used to account for proceeds
from long-term financing and revenue and expenditures related to authorized
construction related to the expansion of Westlake Academy facilities.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
47
Proprietary Fund Types
Proprietary funds are used to account for activities that are similar to those often found in the
private sector. All assets, liabilities, equities, revenues, expenses, and transfers relating to the
government’s business activities are accounted for through proprietary funds. The measurement
focus is on determination of net income, financial position, and cash flows. Proprietary funds
distinguish operating revenues and expenses from non-operating items. Operating revenues
include charges for services. Operating expenses include costs of materials, contracts, personnel,
and depreciation. All revenues and expenses not meeting this definition are reported as non-
operating revenues and expenses. Proprietary fund types follow GAAP prescribed by the
Governmental Accounting Standards Board (GASB) and all Financial Accounting Standards
Board’s standards issued prior to November 30, 1989. Subsequent to this date, the Town
accounts for its enterprise funds as presented by GASB. The proprietary fund types used by the
Town include enterprise funds.
The government reports the following major proprietary funds:
Utility Fund
The Utility fund is utilized to account for revenues and expenses related to providing
water and sewer services to the general public on a continuing basis.
Additionally, the Town reports for the following fund types:
Special Revenue Funds
The Town accounts for resources restricted to, or designed for, specific purposes in a
special revenue fund.
Fiduciary Funds
The Solana PID private purpose trust fund accounts for bond proceeds, assessments, and
related debt associated with bonds issued by the Town as an agent for the Solana Public
Improvement District.
D. Measurement Focus and Basis of Accounting
The accounting and financial reporting treatment is determined by the applicable measurement
focus and basis of accounting. Measurement focus indicates the type of resources being measured
such as current financial resources or economic resources. The basis of accounting indicates the
timing of transactions or events for recognition in the financial statements.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
48
The government-wide financial statements are reported using the economic resources measurement
focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are
recorded when a liability is incurred, regardless of the timing of related cash flows. Property
taxes are recognized as revenues in the year for which they are levied. Grants and similar items
are recognized as revenue as soon as all eligibility requirements imposed by the provider have
been met.
The governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as
they are both measurable and available. Revenues are considered to be available when they are
collectible within the current period or soon enough thereafter to pay liabilities of the current
period. For this purpose, the government considers revenues to be available if they are collected
within 60 days of the end of the current fiscal period. Expenditures generally are recorded when
a liability is incurred, as under accrual accounting. However, debt service expenditures, as well
as expenditures related to compensated absences, and claims and judgments, are recorded only
when payment is due. General capital asset acquisitions are reported as expenditures in
governmental funds. Issuance of long-term debt and acquisitions under leases are reported as
other financing sources.
Property taxes, sales taxes, franchise taxes, licenses, and interest associated with the current fiscal
period are all considered to be susceptible to accrual and so have been recognized as revenues of
the current fiscal period. Entitlements are recorded as revenues when all eligibility requirements
are met, including any time requirements, and the amount is received during the period or
within the availability period for this revenue source (within 60 days of year end). Expenditure-
driven grants are recognized as revenue when the qualifying expenditures have been incurred
and all other eligibility requirements have been met, and the amount is received during the
period or within the availability period for this revenue source (within 60 days of year end). All
other revenue items are considered to be measurable and available only when cash is received by
the government.
Proprietary, pension and other postemployment benefit trust funds are reported using the
economic resources measurement focus and the accrual basis of accounting. Custodial funds use the
economic resources measurement focus but utilize the accrual basis of accounting for reporting its
assets and liabilities.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
49
E. Assets, Liabilities, Deferred Outflows/Inflows, and Fund Equity or Net Position
1.Deposits and Investments
The Town’s cash and cash equivalents includes cash on hand, demand deposits and short-term
investments with original maturities of three months or less from the date of acquisition. Because
the Town, at its option, can withdraw funds within a twenty-four hour period from TexPool and
Texas Class, these investments are considered to be cash equivalents.
State statutes authorize the Town to invest in (1) obligations of the United States or its agencies
and instrumentalities; (2) direct obligations of the State of Texas or its agencies; (3) other
obligations, the principal of and interest on which are unconditionally guaranteed or insured by
the State of Texas or the United States; (4) obligations of states, agencies, counties, cities, and
other political subdivisions of any state having been rated as to investment quality by a
nationally recognized investment rating firm and having received a rating of not less than A or
its equivalent; (5) certificates of deposit by state and national banks domiciled in this state that
are (A) guaranteed or insured by the Federal Deposit Insurance Corporation, or its successor; or,
(B) secured by obligations that are described by (1) –(4); or, (6) fully collateralized direct
repurchase agreements having a defined termination date, secured by obligations described by
(1), pledged with third party selected or approved by the Town, and placed through a primary
government securities dealer. The Town’s investments are governed by the same state statutes.
All investments are recorded at fair value based on quoted market prices. Fair value is the
amount at which a financial instrument could be exchanged in a current transaction between
willing parties.
2.Fair Value
The Town has applied Governmental Accounting Standards Board (GASB) Statement No. 72, Fair
Value Measurement and Application. GASB Statement No. 72 provides guidance for determining
a fair value measurement for reporting purposes and applying fair value to certain investments
and disclosures related to all fair value measurements.
3.Receivables and Interfund Transactions
Transactions between funds that are representative of lending/borrowing arrangements
outstanding at the end of the year are referred to as either “interfund receivables/payables” (i.e.,
the current portion of interfund loans) or “advances to/from other funds” (i.e., the non-current
portion of interfund loans). All other outstanding balances between funds are reported as “due
to/from other funds” in the fund financial statements. If the transactions are between the primary
government and its component unit, these receivables and payables are classified as “due to/from
component unit/primary government.” Any residual balances outstanding between the
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
50
governmental activities and business-type activities are reported in the government-wide
financial statements as “internal balances.”
Advances between funds are offset by a nonspendable fund balance account in the applicable
governmental fund to indicate they are not available for appropriation and are not expendable
available financial resources.
All trade receivables are shown net of any allowance for uncollectible amounts.
4. Inventories and Prepaid Items
The costs of governmental fund type inventories are recorded as expenditures when the related
liability is incurred, (i.e., the purchase method). The inventory is carried at historical cost using
the first-in/first-out method. Certain payments to vendors reflect costs applicable to future
accounting periods (prepaid expenditures) are recognized as expenditures when utilized.
5.Restricted Assets
Certain proceeds of governmental and enterprise fund cash and investments are classified as
restricted assets on the statement of net position because their use is limited by applicable bond
covenants, legal restrictions, or restrictions in place by outside parties.
6.Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads,
bridges, sidewalks, and similar items) are reported in the applicable governmental or business-
type activities columns in the government-wide financial statements. Capital assets are defined
by the government, as assets with an initial individual cost of more than $5,000 and an estimated
useful life of three years or more. Such assets are recorded at historical cost or estimated historical
cost if purchased or constructed. Donated capital assets, donated works of art and similar items,
and capital assets received in a service concession are recorded at acquisition value on the date of
donation. Major outlays for capital assets and improvements are capitalized as projects are
constructed. Interest costs incurred in connection with construction of enterprise fund capital
assets are capitalized when the effects of capitalization materially impact the financial statements.
The costs of normal maintenance and repairs that do not add to the value of the asset or
materially extend assets’ lives are not capitalized.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
51
Property, plant, and equipment of the primary government, as well as the component units, are
depreciated using the straight-line method over the following estimated useful years.
Buildings 20-50 Years
Improvements other than buildings 5-30 Years
Machinery and equipment 3-30 Years
Information systems and software 3 Years
Infrastructure (water and sewer system)10-50 Years
7. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate section
for deferred outflows / inflows of resources. This separate financial statement element, deferred
outflows of resources, represents a consumption of net assets that applies to a future period(s) and
so will not be recognized as an outflow of resources (expense/ expenditure) until then. The
government only has three items that qualify for reporting in this category. One example is the
deferred charge on refunding reported in the government-wide statement of net position. A
deferred charge on refunding results form the difference in the carrying value of refunded debt
and its reacquisition price. This amount is deferred and amortized over the shorter of the life of
the refunded or refunding debt.
In addition to liabilities, the statement of financial position will sometimes report a separate
section for deferred inflows of resources. This separate financial statement element, deferred inflows
of resources, represents an acquisition of net assets that applies to a future period(s) and so will
not be recognized as an inflow of resources (revenue) until that time. The government has only
one type of item, which arises only under a modified accrual basis of accounting that qualifies for
reporting in this category. Accordingly, the item, unavailable revenue, is reported only in the
governmental funds balance sheet. The governmental funds report unavailable revenues from
property taxes, fines and forfeitures and ambulance fees. These amounts are deferred and
recognized as an inflow of resources in the period that the amounts become available. Deferred
inflows of resources can also occur at the government wide level due to differences between
investment gains and losses realized on pension investments compared to assumption used
within the pension actuarial valuation model.
8. Compensated Absences
The Town's policy provides vacation and sick leave to be accrued at the start of employment.
Employees earn 10 days of vacation and 10 days of sick leave between one year and five years of
service. After completion of 5 years of service, 15 days of vacation and 15 days of sick leave per
year are earned. After completion of 10 years of service, 20 days of vacation and 20 days of sick
leave per year are earned.Unused vacation hours are paid upon termination or retirement at the
employee's normal hourly rate.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
52
9. Long-Term Obligations
In the government-wide financial statements, long-term debt and other long-term obligations are
reported as liabilities in the applicable governmental activities statement of net position. The
long-term debt consists primarily of bonds payable and accrued compensated absences.
Long-term debt for governmental funds is not reported as liabilities in the fund financial
statements until due. The debt proceeds are reported as other financing sources, net of the
applicable premium or discount and payments of principal and interest reported as expenditures.
In the governmental fund types, issuance costs, even if withheld from the actual net proceeds
received, are reported as debt service expenditures. However, claims and judgments paid from
governmental funds are reported as a liability in the fund financial statements only for the
portion expected to be financed from expendable available financial resources.
Long-term debt and other obligations, financed by proprietary funds, are reported as liabilities in
the appropriate funds. For proprietary fund types, bond premiums and discounts are deferred
and amortized over the life of the bonds using the effective interest method, if material. Bonds
payable are reported net of the applicable bond premium or discount. Issuance costs are
expensed when incurred.
Assets acquired under the terms of leases are recorded as liabilities and capitalized in the
government-wide financial statements at the present value of net minimum lease payments at
inception of the lease. In the year of acquisition, lease transactions are recorded as other financing
sources and as capital outlay expenditures in the general fund.Lease payments representing both
principal and interest are recorded as expenditures in the general fund upon payment with an
appropriate reduction of principal recorded in the government-wide financial statements.
10. Leases
The Town is a lessee for a noncancellable lease of a building and office equipment.The Town
recognizes a lease liability and an intangible right-to-use lease asset (lease asset) in the
government-wide financial statements. The Town recognizes lease liabilities with an individual
value of $10,000 or more.
At the commencement of a lease, the Town initially measures the lease liability at the present
value of payments expected to be made during the lease term.Subsequently, the lease liability is
reduced by the principal portion of lease payments made.The lease asset is initially measured as
the initial amount of the lease liability, adjusted for lease payments made at or before the lease
commencement date, plus certain initial direct costs. Subsequently, the lease asset is amortized
on a straight-line basis over its useful life.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
53
Key estimates and judgments related to leases include how the Academy determines (1) the
discount rate it uses to discount the expected lease payments to present value, (2) lease term, and
(3) lease payments.
The Town uses the interest rate charged by the lessor as the discount rate. When the
interest rate charged by the lessor is not provided, the Town generally uses its
estimated incremental borrowing rate as the discount rate for leases.
The lease term includes the noncancellable period of the lease. Lease payments
included in the measurement of the lease liability are composed of fixed payments
and purchase option price that the Town is reasonably certain to exercise.
The Town monitors changes in circumstances that would require a remeasurement of its lease
and will remeasure the lease asset and liability if certain changes occur that are expected to
significantly affect the amount of the lease liability.
Lease assets are reported with other capital assets and lease liabilities are reported with long-term
debt on the statement of net position.
11. Pensions
For purposes of measuring the net pension liabilities, related deferred outflows and inflows of
resources,and pension expense, the Town’s specific information about its Fiduciary Net Position
in the Texas Municipal Retirement System (“TMRS”) and Teachers Retirement System (“TRS”)
and additions to/deductions from the Town’s Fiduciary Net Position have been determined on
the same basis as they are reported by TMRS and TRS. For this purpose, plan contributions are
recognized in the period that compensation is reported for the employee, which is when
contributions are legally due. Benefit payments and refunds are recognized when due and
payable in accordance with the benefit terms. Investments are reported at fair value.
For TMRS, information regarding the Town’s Total Pension Liability is obtained from TMRS
through reports prepared for the Town by TMRS consulting actuary, Gabriel Roeder Smith &
Company, in compliance with Governmental Accounting Standards Board (GASB) Statement No.
68,Accounting and Financial Reporting for Pensions.
For TRS, information regarding the Town’s Total Pension Liability is obtained from TRS which is
a cost-sharing multi-employer defined benefit plan. Reports prepared are in compliance with
Governmental Accounting Standards Board (GASB) Statement No. 68.
12. Other Postemployment Benefits (“OPEB”)
The Town has implemented GASB Statement No. 75, Accounting and Financial Reporting for
Postemployment Benefits Other Than Pensions. This statement applies to the individual
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
54
employers (TMRS cities) in the TMRS Supplemental Death Benefits (SDB) plan, with retiree
coverage. The TMRS SDB covers both active and retiree benefits with no segregation of assets,
and therefore doesn’t meet the definition of a trust under GASB No. 75 (i.e., no assets are
accumulated for OPEB) and as such the SDB is considered to be an unfunded OPEB plan. For
purposes of reporting under GASB No. 75, the retiree portion of the SDB is not considered a cost
sharing plan and is instead considered a single employer, defined benefit OPEB plan. The death
benefit for active employees provides a lump-sum payment approximately equal to the
employee’s annual salary, calculated based on the employee’s actual earnings on which TMRS
deposits are made, for the 12-month period preceding the month of death. The death benefit
amount for retirees is $7,500. GASB No. 75 requires the liability of employers and nonemployer
contributing entities to employees for defined benefit OPEB (net OPEB liability) to be measured
as the portion of the present value of projected benefit payments to be provided to current active
and inactive employees that is attributed to those employees’ past periods of service (total OPEB
liability), less the amount of the OPEB plan’s fiduciary net position.
For TRS, information regarding the Town’s Total OPEB Liability is obtained from TRS which is a
cost-sharing multi-employer defined benefit plan. Reports prepared are in compliance with
Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial
Reporting for Postemployment Benefits Other Than Pensions.
13. Net Position Flow Assumption
Sometimes the government will fund outlays for a particular purpose from both restricted (e.g.,
restricted bond or grant proceeds) and unrestricted resources. In order to calculate the amounts
to report as restricted –net position and unrestricted –net position in the government-wide and
proprietary fund financial statements, a flow assumption must be made about the order in which
the resources are considered to be applied. It is the government’s policy to consider restricted –
net position to have been depleted before unrestricted –net position is applied.
14. Fund Balance Flow Assumption
Sometimes the government will fund outlays for a particular purpose from both restricted and
unrestricted resources (the total of committed, assigned, and unassigned fund balance). In order
to calculate the amounts to report as restricted, committed, assigned, and unassigned fund
balance in the governmental fund financial statements a flow assumption must be made about
the order in which the resources are considered to be applied. It is the government’s policy to
consider restricted fund balance to have been depleted before using any of the components of
unrestricted fund balance. Further, when the components of unrestricted fund balance can be
used for the same purpose, committed fund balance is depleted first, followed by assigned fund
balance. Unassigned fund balance is applied last.The general fund is the only fund that reports a
positive unassigned fund balance amount. In other governmental funds it is not appropriate to
report a positive unassigned fund balance amount. However, in governmental funds other than
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
55
the general fund, if expenditures incurred for specific purposes exceed the amounts that are
restricted, committed, or assigned to those purposes, it may be necessary to report a negative
unassigned fund balance in that fund.
15. Fund Balance Policies
Fund balance of governmental funds is reported in various categories based on the nature of any
limitations requiring the use of resources for specific purposes. The government itself can
establish limitations on the use of resources through either a commitment (committed fund
balance) or an assignment (assigned fund balance).
The committed fund balance classification includes amounts that can be used only for the specific
purposes determined by a formal action of the government’s highest level of decision-making
authority. The governing council is the highest level of decision-making authority for the
government that can, by adoption of an ordinance prior to the end of the fiscal year, commit fund
balance. Once adopted, the limitation imposed by the ordinance remains in place until a similar
action is taken (the adoption of another ordinance) to remove or revise the limitation.
Amounts in the assigned fund balance classification are intended to be used by the government
for specific purposes but do not meet the criteria to be classified as committed. The governing
body (Council) has by resolution authorized the Director of Finance and Financial Services to
assign fund balance. The council may also assign fund balance as it does when appropriating
fund balance to cover a gap between estimated revenue and appropriations in the subsequent
year’s appropriated budget. Unlike commitments, assignments generally only exist temporarily.
In other words, an additional action does not normally have to be taken for the removal of an
assignment. Conversely, as discussed above, an additional action is essential to either remove or
revise a commitment.The general fund is the only fund that reports a positive unassigned fund
balance amount.
16. Estimates
The preparation of financial statements, in conformity with generally accepted accounting
principles, requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenditures/expenses during
the reporting period. Actual results could differ from those estimates.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
56
F. Revenues and Expenditures/Expenses
1. Program Revenues
Amounts reported as program revenues include 1) charges to customers or applicants who
purchase, use, or directly benefit from goods, services, or privileges provided by a given function
or segment and 2) grants and contributions (including special assessments) that are restricted to
meeting the operational or capital requirements of a particular function or segment. All taxes,
including those dedicated for specific purposes, and other internally dedicated resources are
reported as general revenues rather than as program revenues.
2. Property Taxes
Property taxes are levied by October 1 on the assessed value listed as of the prior January 1 for all
real and business personal property in conformity with Subtitle E, Texas Property Tax Code.
Taxes are due on receipt of the tax bill and are delinquent if not paid before February 1 of the
year following the year in which imposed. Under state law, property taxes levied on real
property constitute a lien on the real property which cannot be forgiven without specific
approval of the State Legislature. The lien expires at the end of twenty years. Taxes levied on
personal property can be deemed uncollectible by the Town.
Property taxes at the fund level are recorded as receivables and deferred revenues at the time the
taxes are assessed. Revenues are recognized as the related ad valorem taxes are collected.
Additional amounts estimated to be collectible in time to be a resource for payment of obligations
incurred during the fiscal year and therefore susceptible to accrual in accordance with Generally
Accepted Accounting Principles have been recognized as revenue.
3.Proprietary Funds Operating and Nonoperating Revenues and Expenses
Proprietary funds distinguish operating revenues and expenses from nonoperating items.
Operating revenues and expenses generally result from providing services and producing and
delivering goods in connection with a proprietary fund’s principal ongoing operations. The
principal operating revenues of the utility fund, golf course fund, and storm water utility funds
are charges to customers for sales and services. The utility fund also recognizes as operating
revenue the portion of tap fees intended to recover the cost of connecting new customers to the
system. Operating expenses for enterprise funds include the cost of sales and services,
administrative expenses, and depreciation on capital assets. All revenues and expenses not
meeting this definition are reported as nonoperating revenues and expenses.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
57
NOTE 2. RECONCILIATION OF GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS
A.Explanation of certain differences between the governmental fund balance sheet and the
government-wide statement of net position.
The governmental fund balance sheet includes reconciliation between fund balance-total
governmental funds and net position-governmental activities as reported in the government-wide
statement of net position. One element of that reconciliation explains that long-term liabilities,
including bonds, are not due and payable in the current period and, therefore, are not reported in
the funds.
B.Explanation of certain differences between the governmental fund statement of revenues,
expenditures, and changes in fund balances and the government-wide statement of activities.
The governmental fund statement of revenues, expenditures, and changes in fund balances
includes a reconciliation between net changes in fund balances –total governmental funds and
changes in net position of governmental states that, “the issuance of long-term debt (e.g., bonds)
provides current financial resources to governmental funds, while the repayment of the
principal of long-term debt consumes the current financial resources of governmental funds.
Also, governmental funds report the effect of premiums, discounts, and similar items when debt
is first issued, whereas these amounts are deferred and amortized in the statement of activities.”
NOTE 3. STEWARDSHIP, COMPLIANCE, AND ACCOUNTABILITY
Annual budgets are adopted on a basis consistent with Generally Accepted Accounting
Principles (GAAP) for all governmental funds, with the exception of Solana PID capital projects,
which is a project-length based budget. The original budget is adopted by the Town Council
prior to the beginning of the year. The legal level of control as defined by the Council-approved
policy is the fund level. No funds can be transferred or added which affect the total fund
expenditures without Town Council approval. Appropriations lapse at the end of the year.
As of September 30, 2024, expenditures exceeded appropriations at the legal level of control
(fund level)as follows:
4B Economic Development Corporation 138,802
Capital Projects Fund 38,767
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
58
A.Restricted Net Position
The Town records restricted net position on amounts with externally imposed restrictions (e.g.,
through debt covenants or by grantors) or restrictions imposed by law through constitutional
provisions or enabling legislation. Total restricted net position for the primary government was
$19,294,260.Of which, $318,051 is restricted by enabling legislation.
B.Deficit Equity
At September 30, 2024, the debt service fund had a deficit fund balance of $112,330. The deficit
balance will be eliminated in the future through reduction of expenses, increase in revenues, or
reimbursements from other funds.
NOTE 4. DETAILED NOTES ON ALL FUNDS
A.Deposits and Investments
Deposits -State statutes require that all deposits in financial institutions be fully collateralized by
U.S. Government obligations or its agencies and instrumentalities or direct obligations of Texas
or its agencies and instrumentalities that have a market value of not less than the principal
amount of the deposits. The Town's cash deposits at September 30, 2024 and during the year
ended September 30, 2024 were entirely covered by FDIC insurance or by pledged collateral held
by the Town's agent bank in the Town's name.
Legal and contractual provisions governing deposits and investments
The Public Funds Investment Act (Government Code Chapter 2256) contains specific provisions
in the areas of investment practices, management reports and establishment of appropriate
policies. Among other things, it requires the Town to adopt, implement, and publicize an
investment policy. That policy must address the following areas: (1) safety of principal and
liquidity, (2) portfolio diversification, (3) allowable investments, (4) acceptable risk levels, (5)
expected rates of return, (6) maximum allowable stated maturity of portfolio investments, (7)
maximum average dollar-weighted maturity, allowed based on the stated maturity date for the
portfolio, and (8) investment staff quality and capabilities.
The Act also requires the Town to have independent auditors perform test procedures related to
investment practices as provided by the Act. The Town is in substantial compliance with the
requirements of the Act and with local policies.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
59
As of September 30, 2024, the Town had the following investments:
Investment Type
TexPool investment $105 0.07
TexasClass investment 26,590,853 0.10
Total fair value $26,590,958
Portfolio weighted average maturity 0.10
Weighted
Average Maturity
Value (Years)
Carrying
Interest rate risk:In compliance with the Town’s Investment Policy, as of September 30, 2024,the
Town minimized the interest rate risk, related to current events market turmoil in the portfolio
by:In order to limit interest and market rate risk from changes in interest rates, the Town's
investment policy sets a maximum stated maturity limit of two years for obligations of the
United States Government, its agencies and instrumentalities (excluding mortgage backed
securities) and one year for fully insured or collateralized certificates of deposit. No more than
80% of the Town's monthly average balance may be invested in money market funds.
Additionally, the Town invests in an investment pool that purchases a combination of shorter-
term investments with an average maturity of 31 days thus reducing the interest rate risk.
Credit risk: The Town’s investment policy limits investments to obligations of the United States,
State of Texas, or their agencies and instrumentalities with an investment quality rating of not
less than “A” or its equivalent, by a nationally recognized investment rating firm. Other
obligations must be unconditionally guaranteed (either express or implied) by the full faith and
credit of the United States Government or the issuing U.S. agency and investment pools with an
investment quality not less than AAA or AAAm, or equivalent, by at least one nationally
recognized rating service. As of September 30, 2024, all of the Town’s purchased investments in
U.S.Agencies Obligations were rated AA+, AAA and Aaa by Standard & Poors, Fitch and
Moody’s, respectively.
Custodial credit risk –deposits: In the case of deposits, this is the risk that in the event of a bank
failure, the Town’s deposits may not be returned to it.State statutes require that all deposits in
financial institutions be insured or fully collateralized by U.S. government obligations or its
agencies and instrumentalities or direct obligations of Texas or its agencies and instrumentalities
that have a market value of not less than the principal amount of the deposits. As of September
30, 2024, the market values of pledged securities and FDIC exceeded bank balances.
Custodial credit risk –investments: For an investment, this is the risk that, in the event of the failure
of the counterparty, the Town will not be able to recover the value of its investments or collateral
securities that are in the possession of an outside party. The Town’s investment policy requires
that it will seek to safeguard securities at financial institutions, avoiding physical possession.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
60
Further, all trades, where applicable, are executed by delivery versus payment to ensure that
securities are deposited in the Town’s safeguard account prior to the release of funds.
TexPool
TexPool was established as a trust company with the Treasurer of the State of Texas as trustee,
segregated from all other trustees, investments, and activities of the trust company. The State
Comptroller of Public Accounts exercises oversight responsibility over TexPool. Oversight
includes the ability to significantly influence operations, designation of management, and
accountability for fiscal matters. Additionally, the State Comptroller has established an advisory
board composed of both participants in TexPool and other persons who do not have a business
relationship with TexPool.The advisory board members review the investment policy and
management fee structure.Finally, Standard & Poor’s rate TexPool AAAm. As a requirement to
maintain the rating, weekly portfolio information must be submitted to Standard & Poor’s, as
well as to the office of the Comptroller of Public Accounts for review.At September 30, 2024, the
fair value of the position in TexPool approximates fair value of the shares. There were no
limitations or restrictions on withdrawals.
Texas CLASS
The Texas Cooperative Liquid Assets Securities System Trust (“Texas CLASS”) was created as a
local government investment pool pursuant to Section 2256.016 of the Public Funds Investment
Act, Texas Government Code (PFIA). Per state code, entities may pool any of their funds, or
funds under their control, to preserve principal, maintain the liquidity of the funds, and
maximize yield. The Texas CLASS Trust Agreement is an agreement of indefinite term regarding
the investment, reinvestment, and withdrawal of local government funds. The parties to the Trust
Agreement are Texas local government entities that choose to participate in the Trust (the
Participants), Public Trust Advisors, LLC (Public Trust) as Program Administrator, and Wells
Fargo Bank Texas, N.A. as Custodian. Finally, Standard & Poor’s rate Texas CLASS AAAm. As a
requirement to maintain the rating, weekly portfolio information must be submitted to Standard
& Poor’s, as well as to the office of the Comptroller of Public Accounts for review. There were no
limitations or restrictions on withdrawals.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
61
B.Receivables
The following comprise receivable balances of the primary government at year end:
Property taxes $4,370 $- $1,884 $- $- $6,254
Sales tax 1,521,156 - - 507,051 - 2,028,207
Franchise taxes 288,793 - - - - 288,793
Hotel occupancy - - - - 22,509 22,509
Due from other govts.- 1,339,781 - - 4,489 1,344,270
Other 172,441 65,007 - - - 237,448
Allowance (108,283) - (471) - - (108,754)
Total $1,878,477 $1,404,788 $1,413 $507,051 $26,998 $3,818,727
4B NonmajorWestlakeDebt
TotalServiceEDCGovernmental
Governmental Activities
General Academy
Accounts $1,128,285 $420 $1,128,705
Total $1,128,285 $420 $1,128,705
Utility Cemetery
Fund
Business-Type Activities
TotalFund
The following comprise receivable balances of the component units at year end:
Tenants $- $19,585 $63,284 $82,869
Cambridge 344,615 - - 344,615
Other - - 3,885 3,885
Allowance (344,615) - - (344,615)
Total $- $19,585 $67,169 $86,754
Authority
TSH
Total
TSH Auth. -
College Station
TSH Corp. -
Denton Project
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
62
C.Capital Assets
A summary of changes in governmental activities capital assets for the year end was as follows:
Capital assets, not being depreciated:
Land $12,446,059 $- $- $12,446,059
Construction in progress 571,216 - (571,216) -
Total capital assets not being depreciated 13,017,275 - (571,216) 12,446,059
Capital assets, being depreciated:
Capital improvements 40,219,866 250,361 571,216 41,041,443
Buildings 47,988,792 504,079 (49,517) 48,443,354
Machinery and equipment 5,877,572 372,598 - 6,250,170
Information systems and software 1,503,042 188,868 - 1,691,910
Right of use assets - Town 2,160,094 - - 2,160,094
Right of use assets - Academy 840,769 - - 840,769
Total capital assets being depreciated 98,590,135 1,315,906 521,699 100,427,740
Less accumulated depreciation
Capital improvements 10,249,073 1,123,172 - 11,372,245
Buildings 11,507,850 1,095,875 - 12,603,725
Machinery and equipment 4,828,063 295,371 - 5,123,434
Information systems and software 1,038,676 145,045 - 1,183,721
Right of use assets - Town 517,919 194,552 - 712,471
Right of use assets - Academy 615,385 324,014 - 939,399
Total accumulated depreciation 28,756,966 3,178,029 - 31,934,995
Net capital assets being depreciated 69,833,169 (1,862,123) 521,699 68,492,745
$82,850,444 $(1,862,123) $(49,517) $80,938,804
Ending
Balances Additions Reclassifications Balances
Total capital assets
Beginning Retirements/
Depreciation expense was charged to governmental functions as follows:
General government $1,440,988
Public safety 585,082
Public works 957,407
Education 194,552
$3,178,029 Total Governmental Activities Depreciation Expense
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
63
A summary of changes in business-type activities capital assets for the year end was as follows:
Ca pit al assets, not b eing depr ecia ted:
Const ruct ion in pr ogr ess $329,030 $- $- $329,030
Tot al capit al assets not being depr eciated 329,030 - - 329,030
Ca pit al assets, b eing depr ecia ted:
Capit al impr ov ements 14,899,416 85,843 - 14,985,259
Wa stewater treat ment rights 635,199 - - 635,199
Ma chinery and equipment 3,804,045 83,315 - 3,887,360
Right of use a ssets 381,193 - - 381,193
Tot al capit al assets being depr ecia ted 19,719,853 169,158 - 19,889,011
Less accumulat ed depr ecia tion
Ca pit al impr ov em ents 7,331,839 361,490 - 7,693,329
Wa stewa ter treat ment rights 635,199 - - 635,199
Ma chinery and equipment 2,858,143 162,053 - 3,020,196
Right of use a ssets 110,598 57,179 - 167,777
Tot al accumulat ed depr eciat ion 10,935,779 580,722 - 11,516,501
Net capit al assets b eing depr ecia ted 8,784,074 (4 11,564) - 8,372,510
Tot al capit al assets $9,113,104 $(4 11,564) $- $8,701,540
Balance s Incre ases Re classifica tio ns Balances
Beginning Decreases/Ending
Depreciation expense was charged to business-type activities as follows:
Water and sewer $580,722
$580,722 Total Business-Type Activities Depreciation Expense
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
64
A summary of changes in capital assets for the Town’s discretely presented component units, as
of the year end was as follows:
Ca pit al assets, not b eing depreciat ed:
Land $5,099,597 $- $- $5,099,597
Construct ion in pr ogr ess 1,567 - - 1,567
Tot al capit al assets not being depreciat ed 5,101,164 - - 5,101,164
Ca pit al assets, b eing depreciat ed:
Buildings and impr ov ements 65,814,507 1,904,400 - 67,718,907
Furnit ur e and equipment 5,107,497 151,439 - 5,258,936
Tot al capit al assets being depreciat ed 70,922,004 2,055,839 - 72,977,843
Less accumulat ed depr eciat ion
Buildings and impr ov ements 37,480,430 2,105,018 - 39,585,448
Furnit ur e and equipment 3,918,197 269,033 - 4,187,230
Tot al accumulat ed deprecia tion 41,398,627 2,374,051 - 43,772,678
Net capit al assets being depreciat ed 29,523,377 (5 76,021) - 29,205,165
Tot al capit al assets $34,624,541 $(5 76,021) $- $34,306,329
Balances Incre ases Reclassificatio ns Balances
Beginning Decreases/Ending
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
65
D.Other Long-term Liabilities
The following summarizes the changes in other long-term liabilities of the primary government
during the year. The general and utility fund has typically been used to liquidate the liability
for compensated absences for governmental activities and business-type activities, respectively.
Go ve rnm enta l Activitie s:
Com pensated Ab sences $379,660 $455,182 $(4 12,007) $422,835 $380,552
To tal Governmental Activities $379,660 $455,182 $(4 12,007) $422,835 $380,552
Lo ng -te rm Liabilitie s Due in Mo re than One Year $42,283
Busine ss-Type Activities:
Com pensated Ab sences $22,995 $3,384 $(2 3,236) $3,143 $2,829
To ta l Busine ss-Type Activitie s $22,995 $3,384 $(2 3,236) $3,143 $2,829
Lo ng -term Liabilities Due in Mo re than One Year $314
Am ounts
Due Within
One Year
Beg inning
Balance Additio ns Re ductio ns
Ending
Balance
E.Long-term Debt
The Town periodically issues general obligation bonds, certificates of obligation, and tax notes
to provide for the acquisition and construction of major capital facilities and infrastructure.
Combination tax and revenue certificates of obligation are issued for both governmental and
business-type activities. General obligation bonds, governmental revenue bonds and tax notes
pledge the full faith and credit of the Town.The Town also periodically utilizes notes and leases
to provide financing for general government purposes.In general, the Town uses the debt
service fund and general fund to liquidate governmental long-term liabilities.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
66
The following is a summary of changes in the Town’s total long-term liabilities for the year
ended September 30, 2024.
Governmental Activities:
General Obligation Bonds $10,600,000 $- $(1,090,000)$9,510,000 $1,105,000
Certificates of Obligation 17,397,600 - (573,600) 16,824,000 588,600
Tax Notes 3,784,000 - (686,000) 3,098,000 471,000
Less deferred amounts:
For premiums 1,285,606 - (127,355) 1,158,251 -
Lease liabilities - Academy 364,260 - (194,552) 169,708 169,708
Lease liabilities - Town 1,511,025 - (260,721) 1,250,304 325,671
Notes payable 18,342 - (18,342) - -
$34,960,833 $- $(2,950,570)$32,010,263 $2,659,979
$29,350,284
Business-Type Activities:
Certificates of Obligation $2,542,400 $- $(121,400) $2,421,000 $121,400
General Obligation Refunding Bonds 14,550,000 - (385,000) 14,165,000 400,000
Lease liabilities - Town 276,078 - (55,436) 220,642 57,471
Less deferred amounts:
For premiums 745,424 - (9,383) 736,041 -
18,113,902 - (571,219) 17,542,683 578,871
$16,963,812
Component Unit Activities:
Revenue Bonds - Denton Project $21,380,000 $- $- $21,380,000 $21,380,000
Revenue Certificates - College Station 28,205,000 - - 28,205,000 28,205,000
Line of credit 15,883,639 - - 15,883,639 15,883,639
Less deferred amounts:
For discounts (259,989) - 37,485 (222,504) (222,504)
$65,208,650 $- $37,485 $65,246,135 $65,246,135
Amounts
Beginning Refundings/Ending
Total Component Unit Activities
Due Within
Balance Additions Decreases Balance
Total Governmental Activities
Total Business-Type Activities
Long-term liabilities due in more than one year
Long-term liabilities due in more than one year
One Year
Long-term liabilities applicable to the Town’s governmental activities are not due and payable
in the current period and accordingly, are not reported as fund liabilities in the governmental
funds. Interest on long-term debt is not accrued in governmental funds, but rather is recognized
as an expenditure when due.The proprietary fund type long-term debt will be repaid, plus
accrued interest, from operating revenues of the respective fund. Leases are secured by the
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
67
underlying asset. In the event of default, the lender may demand immediate payment or take
possession of the asset.
At year end, long-term debt of governmental activities was comprised of the following debt
issues:
Go vernmenta l Activitie s:
Final Original Balance
De scriptio n Ma turity Am ount 9/30/2024
Gener al Ob ligation Bon ds:
Refunding, Ser ies 2013 2.23 %2028 2,200,000$ 640,000$
Refunding, Ser ies 2014 3.47 %2032 1,910,000 1,500,000
Refunding, Ser ies 2017 3.93 %2032 5,795,000 5,555,000
Refunding, Ser ies 2021 0.61 %2031 4,430,000 1,815,000
14,335,000$ 9,510,000$
Cer tificat es of Ob ligation:
Ser ies 2013 3.42 %2043 9,320,000 6,319,000
Ser ies 2016 3.39 %2046 9,180,000 7,660,000
Ser ies 2021 1.63 %2041 3,215,000 2,845,000
21,715,000$ 16,824,000$
Ta x Notes
Tax Not e, Ser ies 2023 3.59 %2030 3,552,000 3,098,000
5,082,000$ 3,098,000$
Lease lia bilit ies
Academ y 5.00 %2025 581,716$ 169,708$
Tow n - Ter race a t Sola na 1.00 %2028 2,160,094 1,250,304$
2,741,810$ 1,420,012$
Total 44,240,584$ 30,852,012$
Ra te
Inte re st
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
68
Business-type Activitie s:
Final Origina l Balance
Descriptio n Maturity Amount 9/30/2024
Gen er al Ob ligation Bonds :
Refundin g, Ser ies 2022 3.00 %2047 14,920,000$ 14,165,000$
14,920,000$ 14,165,000$
Cer tificat es of Ob ligation s:
Ser ies 2013 2.00 - 4.00 %2043 9,320,000$ 781,000$
Ser ies 2018 1.98 - 3.06 %2028 2,100,000 1,640,000
11,420,000$ 2,421,000$
Lea se Liabilities
Tow n - Terrace a t Solana 1.00 %2028 381,193$ 220,642$
381,193$ 220,642$
To ta l 26,721,193$ 16,806,642$
Co mponent Unit Activities:
Final Or iginal Ba lance
Descr ipt ion Ma turity Am ount 9/30/2024
Revenue Bonds :
2001 A Bon ds 5.0 - 11.0 %2031 26,955,000$ 18,140,000$
2001 B Bon ds 5.0 - 11.0 2031 3,240,000 3,240,000
30,195,000$ 21,380,000$
Revenue Cer tificat es :
2004 A Bon ds 7.0 %2040 17,500,000 15,135,000
2004 B Bon ds 9.7 2024 4,900,000 3,000,000
2004 C Bon ds 7.0 2039 4,820,000 4,690,000
2004 D Bon ds 7.0 2040 5,380,000 5,380,000
32,600,000$ 28,205,000$
Lin e of credit :
Bon dh older adv ances 10.0 %n/a 5,000,000 15,883,639$
5,000,000$ 15,883,639$
To tal 67,795,000$ 65,468,639$
Ra te
Inte rest
In terest
Rate
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
69
The annual requirements to amortize long-term debt outstanding of governmental activities as of
September 30, 2024, are as follows:
Year Ending To ta l
September 3 0,Re quirements
2025 $1,105,000 $338,260 $1,443,260
2026 1,135,000 299,513 1,434,513
2027 1,170,000 259,370 1,429,370
2028 1,215,000 217,765 1,432,765
2029 1,190,000 172,750 1,362,750
2030-2032 3,695,000 225,174 3,920,174
Tot al $9,510,000 $1,512,832 $11,022,832
Year Ending To ta l
September 3 0,Re quirements
2025 $588,600 $571,498 $1,160,098
2026 611,950 552,165 1,164,115
2027 631,400 531,851 1,163,251
2028 650,300 510,611 1,160,911
2029 772,100 486,631 1,258,731
2030-2034 4,163,400 2,013,920 6,177,320
2035-2039 4,335,400 1,342,674 5,678,074
2040-2044 4,090,850 552,211 4,643,061
2045-2046 980,000 39,600 1,019,600
Year Ending To ta l
September 3 0,Re quirements
2025 $471,000 $102,764 $573,764
2026 488,000 85,550 573,550
2027 506,000 67,707 573,707
2028 525,000 49,201 574,201
2029 544,000 30,012 574,012
2030 564,000 10,124 574,124
Tot al $3,098,000 $345,358 $3,443,358
Tax Notes
Principa l Interest
General Oblig atio n Re funding Bonds
InterestPrincipal
Certificates of Oblig atio n
Principa l Interest
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
70
Year Ending
September 3 0,
2025 $325,671 $9,612 335,283
2026 337,303 6,725 344,028
2027 349,038 3,737 352,775
2028 238,292 780 239,072
Tot al $1,250,304 $20,854 $1,271,158
Total
Re quire ments
Le ase Liabilities - Town
Principa l Intere st
As of September 30, 2024, the total net carrying value of the Town’s right to use assets was
$1,447,623.
Year Ending To tal
September 30,Re quire ments
2025 $169,708 $3,913 $173,621
Tot al $169,708 $3,913 $173,621
Le ase Liabilitie s - Academy
Principa l Inte re st
As of September 30, 2024, the total net carrying value of the Academy’s right to use assets was
$98,630.
The annual requirements to amortize long-term debt outstanding of business-type activities as of
September 30, 2024, are as follows:
Busine ss-Type Activities
Year Ending
September 3 0,
2025 $121,400 $74,884 $196,284
2026 128,050 71,542 199,592
2027 133,600 67,950 201,550
2028 134,700 64,189 198,889
2029 152,900 59,997 212,897
2030-2034 816,600 225,171 1,041,771
2035-2039 739,600 91,484 831,084
2040-2043 194,150 15,939 210,089
Tot al $2,421,000 $671,156 $3,092,156
Re quirements
Certificates of Oblig atio n
InterestPrincipal
Total
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
71
Year Ending
Septe mber 30,
2025 $400,000 $465,300 $865,300
2026 420,000 448,900 868,900
2027 435,000 431,800 866,800
2028 450,000 414,100 864,100
2029 470,000 395,700 865,700
2030-2034 2,660,000 1,674,100 4,334,100
2035-2039 3,165,000 1,167,675 4,332,675
2040-2044 3,675,000 655,725 4,330,725
2045-2047 2,490,000 113,550 2,603,550
Tot al $14,165,000 $5,766,850 $19,931,850
Total
Re quirementsInterestPrincipal
Co ntractual Oblig atio ns
Ye ar Ending
Se ptember 3 0,
2025 $57,471 $1,696 59,167
2026 59,524 1,187 60,711
2027 61,595 660 62,255
2028 42,052 780 42,832
Tot al 220,642$ 4,323$ 224,965$
To tal
Requirements
Lease Liabilitie s - Town
Principal Inte re st
As of September 30, 2024, the total net carrying value of the Town’s right to use assets was $213,416.
The following are the annual requirements to amortize long-term debt outstanding of the component
units as of September 30, 2024. However, as the components have not met the compliance
requirements and are in default, the entire balance is considered a current liability.All unpaid
interest is accrued for and included in accrued liabilities.
Year Ending Total
September 30,Principal Inte rest Requirements
Past due 7,055,000$ 3,447,359$ 10,502,359$
2025 1,645,000 1,035,835 2,680,835
2026 1,765,000 917,550 2,682,550
2027 1,890,000 790,423 2,680,423
2028 2,025,000 654,110 2,679,110
2029 2,175,000 507,720 2,682,720
2030 2,330,000 350,225 2,680,225
2031 2,495,000 181,283 2,676,283
Tot al 21,380,000$ 7,884,505$ 29,264,505$
Revenue Bonds
Co mponent Unit Activities - Dento n Pro je ct
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
72
The Bonds are payable solely from the revenues generated by the Denton Property and are secured
by the revenues pledged and assigned under the terms of the Trust Indenture, as well as secured by
the property. The Town of Westlake does not have any liability for the payment of the bonds as the
bonds are non-recourse to both the Town of Westlake and Texas Student Housing Authority. Interest
rates on the bonds range from 5.00% to 11.00%and are payable semi-annually on July 1 and January
1 of each year thereafter.
At August 31, 2024, the Project was not in compliance with certain covenants of the Indenture
including insufficient funds in some of the required funds and a fixed charges ratio less than 1.25. In
addition, all required principal payments on the Series B bonds had not been made as of August 31,
2024. Upon certain events of default either the trustee, or owners of not less than 25% in aggregate
principal of the bonds then outstanding, may declare the principal and all interest then due to be
immediately due and payable.
Year Ending To tal
Septe mber 30,Principa l Intere st Re quirements
Past due 10,820,000$ 27,712,735$ 38,532,735$
2025 1,040,000 1,301,455 2,341,455
2026 915,000 1,214,688 2,129,688
2027 675,000 1,149,558 1,824,558
2028 725,000 1,096,440 1,821,440
2029 780,000 1,039,243 1,819,243
2030 840,000 977,548 1,817,548
2031-2035 5,270,000 3,779,816 9,049,816
2036-2040 7,140,000 1,349,949 8,489,949
Tot al 28,205,000$ 39,621,432$ 67,826,432$
Re ve nue B onds
Co mpo nent Unit Activitie s - Co llege Sta tio n Pro je ct
Class C and D bonds are in default and the property does not generate enough revenue to pay
the debt obligations. All of the Class C and D bonds issued remain outstanding as of August 31,
2024.
Each class has certain rights and privileges, as contained in the private placement
memorandum. As a part of the offering, the Project entered into a trust agreement with The
Bank of New York (the Trustee) for the purpose of determining that each class is paid in
accordance with the private placement memorandum.
At August 31, 2024, the Project was not in compliance with the fixed charge coverage ratio. As a
result, the lender may accelerate the maturity of the unpaid portion of the principal payable
under the installment sale agreement.The Bonds are payable solely from the revenues
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
73
generated by the College Station Property and are secured by the revenues pledged and
assigned under the terms of the Trust Indenture, as well as secured by the property.
The Town of Westlake does not have any liability for the payment of debt of the discretely
presented component units as the bonds are non-recourse to both the Town and Texas Student
Housing Authority.
The component unit, Texas Student Housing Authority College Station Project signed a loan
agreement on October 18, 2021. This agreement establishes a committed revolving line of credit,
allowing the Borrower to request advances from the Lender until the Expiration Date. The
advances accrue interest at 10%. The total outstanding amount under this arrangement was
initially $5,000,000, referred to as the "Line of Credit," of which $11,084,842 was recorded as
proceeds during the year.
The following are the annual requirements to amortize long-term debt outstanding of the Public
Improvement District (PID) as of September 30, 2024. The town is not obligated in any manner for
the special assessment debt but merely acts as the developer’s agent in handling the debt service PID.
The bond is fully serviced by the special assessments received.
Year e nding
Se ptember 3 0,Principa l Inte rest To ta l
2025 525,000$ 1,426,875$ 1,951,875$
2026 575,000 1,398,000 1,973,000
2027 600,000 1,362,781 1,962,781
2028 650,000 1,326,031 1,976,031
2029 675,000 1,286,219 1,961,219
2030-2034 4,150,000 5,749,688 9,899,688
2035-2039 5,750,000 4,286,563 10,036,563
2040-2044 8,000,000 2,218,344 10,218,344
2045-2049 1,950,000 124,313 2,074,313
To tal 22,875,000$ 19,178,813$ 42,053,813$
Special Assessment Bonds
F.Unearned Revenue
Unearned revenue in the proprietary fund of $326,753 relates to the collection of the entire
amount due on sixteen Ductbank leases as follows: five leases with AT&T local network
services ranging from 5 – 30 years; five leases with Verizon Southwest ranging from 5-30 years;
one five-year leases with MCI Metro; and one five-year lease with L3 Communications for use
of the Town's Ductbank.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
74
Governmental funds also reported unearned revenues. Governmental unearned revenues
totaled $431,969, of which $427,057 was from State and Local Fiscal Recovery Funds. These
funds were received in advance of funds being earned.
G.Deferred Charges on Refunding
A deferred charge resulting from the issuance of the 2010 and 2015 general obligation
refunding bonds has been recorded as a deferred outflow of resources and is being amortized
to interest expense over the term of the refunded debt. The net balance outstanding as of
September 30, 2024 was $332,570 for government-type activity reflected in the government-
wide statements. Current year amortization expense totaled $106,071.
H.Deferred Gain on Refunding
A deferred gain resulting from the issuance of the 2021 and 2022 general obligation refunding
bonds has been recorded as deferred inflow of resources. The net balance outstanding as of
September 30, 2024 was $75,389 and $83,812 for governmental activities and business-type
activities, respectively. Current year amortization expense totaled $18,847 and $3,644,
respectively.
I.Interfund Transactions
The compositions of interfund balances as of the year ended September 30, 2024 were as follows:
Due F ro m (Re ceiva ble Fund):
Genera l fund $112,329 $ - $112,329
Ec onom ic Developm en t - 12,224 12,224
To ta l $112,329 $12,224 $124,553
Due To
(Payable F und):
Visito rs
To tal
Debt
Se rvice Associatio n
Interfund receivables and payables are used to cover operational and capital expenditures.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
75
Transfers between funds during the year are as follows:
Transfer Out:
Gener al $1,453,264 $- $1,453,264
4B EDC - 1,761,938 1,761,938
Total
To ta l
De bt
Transfer In:
We stlake
Aca de my Service
Transfers were primarily used to support debt services and expenditures, as well as general
administrative costs.
NOTE 5. OTHER INFORMATION
A.Risk Management
The Town is exposed to various risks of loss related to torts, theft of, damage to, and
destruction of assets; errors and omissions; injuries to employees, and natural disasters. The
Town's general liability, workers' compensation liability, law enforcement liability, errors and
omissions liability, and automobile liability coverage is insured by the Texas Municipal League,
a public entity risk pool. The Town's only responsibility to the Texas Municipal League is to
pay premiums for insurance and related deductible amounts of these policies. Other risk of loss
is covered by commercial insurance. Settlements of claims have not exceeded coverage in the
past three years.
B.Contingent Liabilities & Commitments
Litigation
Various claims and lawsuits are pending against the Town. In the opinion of Town
management, after consultation with legal counsel, the potential loss on these claims and
lawsuits will not materially affect the Town's financial position.
Interlocal Agreement with the City of Southlake
In August 1995, the Town entered into an agreement with the City of Southlake to allow the
Town to utilize capacity in a sewer line and to set forth their respective rights and obligations
with respect to the sewer line owned by the City of Southlake. The Town is obligated to share in
the cost of construction, operation and maintenance of the sewer line. The sewer line was
constructed in 2000. Additionally, the Town must pay the City of Southlake all transportation,
treatment and related costs allocable to the metered flow of sewage from the Town into the
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
76
sewer line. Costs associated with this agreement for the year ended September 30, 2024, were
$1,006,727.
Water Purchase Contract
The Town has a contract with the City of Fort Worth, Texas, to purchase water. Under the
contract, the Town may obtain from the City of Fort Worth, a supply of potable water at a
reasonable rate based on water usage. The rate charges are subject to minimum annual contract
payments. Water expense for the year ended September 30, 2024,was $1,483,271.
C. Defined Benefit Pension Plans
Texas Municipal Retirement System
Plan Description
The Town of Westlake, Texas participates as one of 919 plans in the nontraditional,joint
contributory, hybrid defined benefit pension plan administered by the Texas Municipal
Retirement System (TMRS). TMRS is an agency created by the State of Texas and administered
in accordance with the TMRS Act, Subtitle G, Title 8, Texas Government Code (the TMRS Act) as
an agent multiple-employer retirement system for municipal employees in the State of Texas.
The TMRS Act places the general administration and management of the system with a six-
member board of trustees. Although the Governor, with the advice and consent of the Senate,
appoints the board, TMRS is not fiscally dependent on the State of Texas. TMRS’s defined
benefit pension plan is a tax-qualified plan under Section 401 (a) of the Internal Revenue Code.
TMRS issues a publicly available Comprehensive Annual Financial Report (CAFR) that can be
obtained at www.tmrs.com.
All eligible employees of the Town are required to participate in TMRS.
Benefits Provided
TMRS provides retirement, disability, and death benefits. Benefit provisions are adopted by the
governing body of the Town, within the options available in the state statutes governing TMRS.
At retirement, the benefit is calculated as if the sum of the employee’s contributions, with
interest, and the town-financed monetary credits with interest were used to purchase an
annuity. Members may choose to receive their retirement benefit in one of seven payment
options. Members may also choose to receive a portion of their benefit as a partial lump sum
Distribution in an amount equal to 12, 24, or 36 monthly payments, which cannot exceed 75% of
the member’s deposits and interest.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
77
The plan provisions are adopted by the governing body of the Town, within the options
available in the state statutes governing TMRS and within the actuarial constraints also in the
statutes.
Plan provisions for the Town were as follows:
Plan Year 2022 Plan Year 2023
Employee deposit rate 7%7%
Matching ratio (town to
employee)
2 to 1 2 to 1
Years required for vesting 5 5
Service retirement eligibility
(expressed as age / years of
service)
60/5, 0/20 60/5, 0/20
Updated service credit 100% Repeating Transfers 100% Repeating Transfers
Annuity increase (to retirees)0% of CPI repeating 0% of CPI repeating
The Town also participates in Social Security.
Employees covered by benefit terms
At the December 31, 2023 valuation and measurement date, the following employees were
covered by the benefit terms:
Inactive employees or beneficiaries currently receiving benefits 26
Inactive employees entitled to but not yet receiving benefits 45
Active employees 44
Total 115
Contributions
The contribution rates for employees in TMRS are either 5%, 6%, or 7% of employee gross
earnings, and the Town matching percentages are either 100%, 150%, or 200%, both as adopted
by the governing body of the Town. Under the state law governing TMRS, the contribution rate
for each town is determined annually by the actuary, using the Entry Age Normal (EAN)
actuarial cost method. The actuarially determined rate is the estimated amount necessary to
finance the cost of benefits earned by employees during the year, with an additional amount to
finance any unfunded accrued liability.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
78
Employees for the Town of Westlake, Texas were required to contribute 7% of their annual gross
earnings during the fiscal year. The contribution rates for the Town of Westlake, Texas were
12.08% and 12.27% in calendar years 2023 and 2024, respectively. The Town’s contributions to
TMRS for the year ended September 30, 2024, were $562,313 and were more than the required
contributions.
Net Pension Liability
The Town’s Net Pension Liability (NPL) was measured as of December 31, 2023, and the Total
Pension Liability (TPL) used to calculate the Net Pension Liability was determined by an
actuarial valuation as of that date.
The Total Pension Liability in the December 31, 2023 actuarial valuation was determined using
the following actuarial assumptions:
Inflation 2.5% per year
Overall payroll growth 2.75% per year, adjusted down for population declines, if
any
Investment Rate of Return 6.75%, net of pension plan investment expense,
including inflation
Salary increases are based on a service-related table. Mortality rates for active members are based
on the PUB(10) mortality tables with the Public Safety table used for males and the General
Employee table used for females. Mortality rates for healthy retirees and beneficiaries are based
on the Gender-distinct 2019 Municipal Retirees of Texas mortality tables. The rates for actives,
healthy retirees and beneficiaries are projected on a fully generational basis by Scale UMP to
account for future mortality improvements. For disabled annuitants, the same mortality tables for
healthy retirees are used with a 4-year set-forward for males and a 3-year set-forward for
females. In addition, a 3.5% and 3.0% minimum. The town should insert the plan provisions that
they have adopted. For example, the town may include retirement eligibility, employee and
employer deposit rates, vesting requirements, and other provisions such as cost-of-living
adjustments or updated service credit. Plan provisions, by town, are available on the website
under For Cities | Resources | Plan Design. The town may also want to refer to TMRS’ Plan
Description footnote, in the Annual Report, to obtain additional language regarding the pension
plan.78 16 mortality rate is applied, for males and females respectively, to reflect the impairment
for younger members who become disabled. The rates are projected on a fully generational basis
by Scale UMP to account for future mortality improvements subject to the floor.
The actuarial assumptions were developed primarily from the actuarial investigation of the
experience of TMRS over the four-year period from December 31, 2014 to December 31, 2018.
They were adopted in 2019 and first used in the December 31, 2019 actuarial valuation. The post-
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
79
retirement mortality assumption for Annuity Purchase Rates (APRs) is based on the Mortality
Experience Investigation Study covering 2009 through 2011 and dated December 31, 2013.Plan
assets are managed on a total return basis with an emphasis on both capital appreciation as well
as the production of income in order to satisfy the short-term and long-term funding needs of
TMRS. The long-term expected rate of return on pension plan investments was determined using
a building-block method in which best estimate ranges of expected future real rates of return
(expected returns, net of pension plan investment expense and inflation) are developed for each
major asset class. These ranges are combined to produce the long-term expected rate of return by
weighting the expected future real rates of return by the target asset allocation percentage and by
adding expected inflation. The target allocation and best estimates of real rates of return for each
major asset class in fiscal year 2023 are summarized in the following table:
Asset Class Target Allocation Long-Term Expected Real
Rate of Return (Arithmetic)
Global Equity 35.0%7.7%
Core Fixed Income 6.0%4.9%
Non-Core Fixed Income 20.0%8.7%
Other Public and Private Markets 12.0%8.1%
Private Equity 10.0%11.8%
Total 100.0%
Discount Rate
The discount rate used to measure the Total Pension Liability was 6.75%. The projection of cash
flows used to determine the discount rate assumed that member and employer contributions will
be made at the rates specified in statute. Based on that assumption, the pension plan’s Fiduciary
Net Position was projected to be available to make all projected future benefit payments of
current active and inactive members. Therefore, the long-term expected rate of return on pension
plan investments was applied to all periods of projected benefit payments to determine the Total
Pension Liability.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
80
Changes in Net Pension Liability:
Total Pension
Liability (a )
Pla n F iducia ry Ne t
Po sitio n (b)
Net Pension
Liability (a) – (b)
Balance at 12/31/22 $ 13,096,720 $ 10,852,428 $ 2 ,2 44,292
Changes for t he y ea r:
Ser vice Cost 7 91,237 - 791,237
In terest 8 92,802 - 892,802
Differ ence b et ween expect ed and
act ual experience (3 25,903) - (3 25,903)
Changes of assumpt ions (11,197) - (1 1,197)
Con tributions – employ er - 5 62,313 (5 62,313)
Con tributions – em ploy ee - 3 31,613 (3 31,613)
Net inv estment income - 1 ,2 63,452 (1,263,452)
Benefit paymen ts, including
r efunds of emp. cont ribution s (5 31,282) (5 31,282) -
Administ rative expen se - (7 ,9 91) 7 ,9 91
Ot her changes - (56) 5 6
Net changes 8 15,657 1 ,6 18,049 (8 02,392)
Balance at 1 2/31/23 $ 13,912,377 $ 12,470,477 $ 1 ,4 41,900
The Town uses the general fund to liquidate pension liabilities.
Sensitivity of the Net Position Liability to Changes in the Discount Rate
The following presents the net pension liability of the Town, calculated using the discount rate of
6.75%, as well as what the Town’s net pension liability would be if it were calculated using a
discount rate that is 1-percentage-point lower (5.75%) or 1-percentage-point higher (7.75%) than
the current rate:
1% Decrease Current Sing le Rate 1% Increase
5.75%Assum ptio n 6.75% 7.75%
$3,526,815 $1,441,900 $(259,507)
Pension Plan Fiduciary Net Position
Detailed information about the pension plan’s Fiduciary Net Position is available in a separately
issued TMRS financial report. That report may be obtained on the Internet at www.tmrs.com.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
81
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources
Related to Pensions:
For the year ended September 30, 2024, the Town recognized a pension expense of $549,316. This
amount is included as part of expenses within the functional program activities.
At September 30, 2024, the Town reported deferred outflows and inflows of resources related to
pensions from the following sources:
Primary Government:
Differ ence b et ween project ed and a ct ual
invest ment earnings $- $(2 99,198)
Changes in act uar ial assumpt ions (6,139)
Differ ences between expect ed and act ua l
economic experience 263,510 -
Contributions subsequent to t he
measurement date 422,378 -
Tota l $685,888 $(3 05,337)
Deferred
Outflo ws of Reso urces
Deferred
(Inflo ws) o f Reso urces
Deferred outflows of resources related to pensions resulting from contributions subsequent to the
measurement date of $422,378 will be recognized as a reduction of the net pension liability for the
year ending September 30, 2025.
Other amounts reported as deferred outflows and inflows of resources related to pensions will be
recognized in pension expense as follows:
Year ended December 3 1:
2024 $(1 ,912)
2025 2,216
2026 108,548
2027 (1 50,679)
2028 -
Thereafter -
$(41,827)
Texas Retirement System of Texas
Plan Description
The Academy participates in a cost-sharing multiple-employer defined benefit pension that has
a special funding situation. The plan is administered by the Teacher Retirement System of Texas
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
82
(TRS). TRS’s defined benefit pension plan is established and administered in accordance with
the Texas Constitution, Article XVI, Section 67 and Texas Government Code, Title 8, Subtitle C.
The pension trust fund is a qualified pension trust under Section 401(a) of the Internal Revenue
Code. The Texas Legislature establishes benefits and contribution rates within the guidelines of
the Texas Constitution. The pension’s Board of Trustees does not have the authority to establish
or amend benefit terms.
All employees of public, state-supported educational institutions in Texas who are employed for
one-half or more of the standard work load and who are not exempted from membership under
Texas Government Code, Title 8, Section 822.002 are covered by the system.
TRS Pension Plan Fiduciary Net Position
Detailed information about the Teacher Retirement System’s fiduciary net position is available
in a separately issued Annual Comprehensive Financial Report that includes financial
statements and required supplementary information. That report may be obtained on the online
at https://www.trs.texas.gov/Pages/about_archive_cafr.aspx; by writing to TRS at 1000 Red River
Street, Austin, TX, 78701-2698; or by calling (512) 542-6592.
Benefits Provided
TRS provides service and disability retirement, as well as death and survivor benefits, to eligible
employees (and their beneficiaries) of public and higher education in Texas. The pension
formula is calculated using 2.3 percent (multiplier) times the average of the five highest annual
creditable salaries times years of credited service to arrive at the annual standard annuity except
for members who are grandfathered,the three highest annual salaries are used. The normal
service retirement is at age 65 with five years of credited service or when the sum of the
member’s age and years of credited service equals 80 or more years.Early retirement is at age 55
with five years of service credit or earlier than 55 with 30 years of service credit. There are
additional provisions for early retirement if the sum of the member’s age and years of service
credit total at least 80, but the member is less than age 60 or 62 depending on date of
employment, or if the member was grandfathered in under a previous rule. There are no
automatic postemployment benefit changes; including automatic COLAs. Ad hoc post-
employment benefit changes,including ad hoc COLAs can be granted by the Texas Legislature
as noted in the Plan description above.
Texas Government Code section 821.006 prohibits benefit improvements, if, as a result of the
particular action, the time required to amortize TRS unfunded actuarial liabilities would be
increased to a period that exceeds 31 years, or, if the amortization period already exceeds 31
years, the period would be increased by such action. Actuarial implications of the funding
provided in the manner are determined by the System’s actuary.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
83
Contributions
Contribution requirements are established or amended pursuant to Article 16, section 67 of the
Texas Constitution which requires the Texas legislature to establish a member contribution rate
of not less than 6% of the member’s annual compensation and a state contribution rate of not
less than 6% and not more than 10% of the aggregate annual compensation paid to members of
the system during the fiscal year.Employee contribution rates are set in state statute, Texas
Government Code 825.402. The Texas Pension Reform Bill (Senate Bill 12) of the 86th Texas
Legislature amended Texas Government Code 825.402 for member contributions and increased
both employee and employer contribution rates for plan years 2020 through 2025.
Schedule of Contribution Rates
Contribution Rates 2023
(Rate)(Rate)
Member 8.00% 8.25%
Non-employer contributing entity (State)8.00% 8.25%
Employers 8.00% 8.25%
The employer and member contributions for the Academy’s fiscal year 2024 amounted to
$295,372 and $490,370, respectively. The State’s contributions for plan year 2023 (measurement
year) amounted to $299,155.
Contributors to the plan include members, employers and the State of Texas as the only non-
employer contributing entity. The State is the employer for senior colleges, medical schools and
state agencies including TRS. In each respective role, the State contributes to the plan in
accordance with state statutes and the General Appropriations Act (GAA).
As the non-employer contributing entity for public education and junior colleges, the State of
Texas contributes to the retirement system an amount equal to the current employer
contribution rate times the aggregate annual compensation of all participating members of the
pension trust fund during that fiscal year reduced by the amounts described below which are
paid by the employers. Employers (public school, junior college, other entities or the State of
Texas as the employer for senior universities and medical schools) are required to pay the
employer contribution rate in the following instances:
On the portion of the member's salary that exceeds the statutory minimum for members
entitled to the statutory minimum under Section 21.402 of the Texas Education Code.
During a new member’s first 90 days of employment.
When any or all of an employee’s salary is paid by federal funding sources, a privately
sponsored source, from non-educational and general, or local funds.
When the employing district is a public junior college or junior college district, the
employer shall contribute to the retirement system an amount equal to 50 percent of the
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
84
state contribution rate for certain instructional or administrative employees; and 100
percent of the state contribution rate for all other employees.
In addition to the employer contributions listed above, there is an additional surcharge an
employer is subject to.
All public schools, charter schools, and regional educational service centers must
contribute 1.8 percent of the member’s salary beginning in fiscal year 2023, gradually
increasing to 2 percent in fiscal year 2025.
When employing a retiree of the Teacher Retirement System, the employer shall pay both
the member contribution and the state contribution as an employment after retirement
surcharge.
Actuarial Assumptions
The Total Pension Liability in the August 31, 2023 actuarial valuation was determined using the
following actuarial assumptions:
Valuation Date August 31, 2022
Actuarial Cost Method Individual entry age normal
Asset Valuation Method Market value
Single Discount Rate 7.00%
Investment Rate of Return 7.25%
Municipal Bond Rate as of August 2020 2.33% as reported in Fidelity Index’s 20-year
Municipal GO
Inflation 2.30% per year
Overall payroll growth 3.05% to 9.05%, including inflation
Active mortality rates Based on 90% of the RP 2014 Employing
Mortality Tables for males and females with
full generational mortality. The post-
retirement mortality rates for healthy lives
were based on the 2018 TRS of Texas Health
Pensioner Mortality Tables with full
generational projection using the ultimate
improvement rates from the most recently
published projective scale U-MP.
The actuarial methods and assumptions are used in the determination of the total pension
liability are the same assumptions used in the actuarial valuation as of August 31, 2022. For a full
description of these assumptions please see the actuarial valuation report dated November 12,
2022.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
85
Discount Rate
A single discount rate of 7.00 percent was used to measure the total pension liability. The single
discount rate was based on the expected rate of return on plan investments of 7.00 percent. The
projection of cash flows used to determine this single discount rate assumed that contributions
from active members, employers and the non-employer contributing entity will be made at the
rates set by the legislature during the 2019 session. It is assumed that future employer and state
contributions will be 9.50 percent of payroll in fiscal year 2024 gradually increasing to 9.56
percent of payroll in fiscal year 2025 and thereafter. This includes all employer and state
contributions for active and rehired retirees.
Based on those assumptions, the pension plan’s fiduciary net position was projected to be
available to make all future benefit payments of current plan members. Therefore, the long-term
expected rate of return on pension plan investments was applied to all periods of projected
benefit payments to determine the total pension liability.
The long-term rate of return on pension plan investments is 7.00 percent. The long-term expected
rate of return on pension plan investments was determined using a building-block method in
which best estimates ranges of expected future real rates of return (expected returns, net of
pension plan investment expense and inflation) are developed for each major asset class. These
ranges are combined to produce the long-term expected rate of return by weighting the expected
future real rates of return by the target asset allocation percentage and by adding expected
inflation. Best estimates of geometric real rates of return for each major asset class as of August
31, 2023 (see page 56 of the TRS ACFR) are summarized in the following table:
Asset Class Target Allocation Long-Term Expected
Real Rate of Return
(Geometric)
Expected
Contribution to
Long-Term
Portfolio
Returns
Global Equity 54.0%20.3%4.10%
Stable Value 21.0%10.2%0.70%
Real Return 21.0%4.9%1.50%
Risk Parity 8.0%4.5%0.40%
Leverage
Inflation 2.30%
Volatility Drag (0.90) %
Total 100.0%
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
86
Discount Rate Sensitivity Analysis
The following presents the net pension liability of the Town, calculated using the discount rate
of 7.00%, as well as what the Town’s net pension liability would be if it were calculated using a
discount rate that is 1-percentage-point lower (6.00%) or 1-percentage-point higher (8.00%) than
the current rate:
1% Decrease Current Sing le Rate 1% Increase
6.00%Assum ptio n 7.00% 8.00%
$6,563,389 $4,390,064 $2,582,943
Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources
Related to Pensions
At June 30, 2024, the Academy reported a liability of $4,390,064 for its proportionate share of the
TRS’s net pension liability. This liability reflects a reduction for State pension support provided
to the Academy.The amount recognized by the Academy as its proportionate share of the net
pension liability, the related State support, and the total portion of the net pension liability that
was associated with the Academy were as follows:
Academy’s proportionate share of the collective net pension liability $4.390,064
State’s proportionate share that is associated with Academy 3,997,690
Total $8,387,754
The net pension liability was measured as of August 31, 2022 (and rolled forward to August 31,
2023)and the total pension liability used to calculate the net pension liability was determined by
an actuarial valuation as of that date. The Academy’s proportion of the net pension liability was
based on the Academy’s contributions to the pension plan relative to the contributions of all
employers to the plan for the period September 1, 2022 thru August 31, 2023.
At August 31, 2023, the employer’s proportion of the collective net pension liability was
0.0063911% which was an increase of 0.0005543632% from its proportion measured as of August
31, 2022.
Changes since the Prior Measurement Date
The actuarial assumptions and methods are the same as used in the determination of the prior
year's net pension liability.
The Texas 2023 Legislature passed legislation that provides a one-time stipend to certain retired
teachers.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
87
The stipend was paid to retirees beginning in September of 2023. The Legislature appropriated
funds to pay for this one-time stipend so there will be no impact on the net pension liability of
TRS. In addition, the Legislature also provided for a cost-of-living adjustment (COLA) to retirees
which was approved during the November 2023 election which will be paid in January 2024.
Therefore, this contingent liability was not reflected as of June 30, 2024.
For the year ended June 30, 2024, the Academy recognized pension expense of $1,607,920 and
revenue of $603,617 for support provided by the State.
At June 30, 2024, the Academy reported deferred outflows and inflows of resources related to
pensions from the following sources:
Prim ary Government:
Differ ence b et ween project ed and a ct ua l
investment earnings $156,419 $(5 3,159)
Changes in act uarial assumpt ions 415,214 (101,612)
Differ ences betw een expect ed a nd act ual
economic experience 1,371,762 (732,901)
Changes in pr opor tion and differ ences
in contributions 836,325 (100,617)
Contributions subsequent to t he
measur ement da te 295,372 -
Total $3,075,092 $(988,289)
Deferre d
Outflows of Re so urce s
De fe rred
(Inflo ws) o f Re so urce s
Deferred outflows of resources related to pensions resulting from contributions subsequent to the
measurement date of $295,372 will be recognized as a reduction of the net pension liability for the
year ending June 30, 2025.
Other amounts reported as deferred outflows and inflows of resources related to pensions will be
recognized in pension expense as follows:
Year e nde d Aug ust 3 1:
2025 $479,211
2026 387,001
2027 651,270
2028 227,797
2029 46,152
Thereafter -
$1,791,431
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
88
D.Postemployment Benefits Other Than Pensions
The Town also participates in a defined benefit group-term life insurance plan operated by
the Texas Municipal Retirement System (TMRS) known as the Supplemental Death Benefits
Fund (SDBF). This is a voluntary program in which participating member cities may elect, by
ordinance, to provide group-term life insurance coverage for their active members, including
or not including retirees. The Town elected, by ordinance, to provide group-term life
insurance coverage to both current and retired employees. The Town may terminate
coverage under and discontinue participation in the SDBF by adopting an ordinance before
November 1 of any year to be effective the following January 1.
The death benefit for active employees provides a lump-sum payment approximately equal
to the employee’s annual salary (calculated based on the employee’s actual earnings, for the
12-month period preceding the month of death); retired employees are insured for $7,500;
this coverage is an “other postemployment benefit,” or OPEB. The SDBF covers both active
and retiree benefits with no segregation of assets and, therefore, doesn’t meet the definition
of a trust under GASB No. 75, paragraph 4b, (i.e., no assets are accumulated for OPEB). As
such, the SDBF is considered to be a single-employer unfunded OPEB plan (and not a cost
sharing plan) with benefit payments treated as being equal to the employer’s yearly
contributions for retirees.
The Town offers supplemental death to: Plan Year 2022 Plan Year 2023
Active employees (yes or no) Yes Yes
The Town contributes to the SDBF at a contractually required rate as determined by an
annual actuarial valuation. The rate is equal to the cost of providing one-year term life
insurance. The funding policy for the SDBF program is to assure that adequate resources are
available to meet all death benefit payments for the upcoming year; the intent is not to pre-
fund retiree term life insurance during employees’ entire careers.
Employees covered by benefit terms
At the December 31, 2023 valuation and measurement date, the following employees were
covered by the benefit terms:
Inactive employees or beneficiaries currently receiving benefits 19
Inactive employees entitled to but not yet receiving benefits 3
Active employees 44
Total 66
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
89
The Town’s contributions to the TMRS SDBF for the years ended 2024 and 2023 were $1,679,
and $1,452, respectively, which equaled the required contributions each year.
Schedule of Contribution Rates
(RETIREE-only portion of the rate)
Plan/
Calendar Year Contribution
(Rate)
Made
(Rate)
Contributed
2022 0.03%0.03%100.0%
Total OPEB Liability
The Town’s Postemployment Benefits Other Than Pensions Liability (OPEB) was measured
as of December 31, 2023, and the Total OPEB Liability was determined by an actuarial
valuation as of that date.
Actuarial assumptions:
The Total OPEB Liability in the December 31, 2023 actuarial valuation was determined using
the following actuarial assumptions:
Inflation 2.5% per year
Overall payroll growth 3.6%to 11.85%, including inflation per year
Discount rate 3.77%
Retirees’ share of benefit-related costs $0
Administrative expenses All administrative expenses are paid through
the Pension Trust and accounted for under
reporting requirements under GASB
Statement No. 68
Salary increases were based on a service-related table. Mortality rates for active members,
retirees, and beneficiaries were based on the gender-distinct RP2000 Combined Healthy
Mortality Tables with Blue Collar Adjustment, with male rates multiplied by 109% and
female rates multiplied by 103%. The rates are projected on a fully generational basis by
scale BB to account for future mortality improvements. For disabled annuitants, the gender-
distinct RP2000 Combined Healthy Mortality Tables with Blue Collar Adjustment are used
with males rates multiplied by 109% and female rates multiplied by 103% with a 3-year set-
forward for both males and females. In addition, a 3% minimum mortality rate is applied to
reflect the impairment for younger members who become disabled. The rates are projected
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
90
on a fully generational basis by scale BB to account for future mortality improvements
subject to the 3% floor.
Discount Rate:
The discount rate used to measure the Total OPEB Liability was 3.77%. The discount rate
was based on the Fidelity Index’s “20-Year Municipal GO AA Index” rate as of December 31,
2021.
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate
The following presents the total OPEB liability of the Town, calculated using the discount
rate of 4.05%, as well as what the Town’s total OPEB liability (asset) would be if it were
calculated using a discount rate that is 1-percentage-point lower (3.05%) or 1-percentage-
point higher (5.05%) than the current rate:
$118,532 $98,162 $82,285
1% Decrease
2.77%
Curre nt Single Rate
Assumptio n 3.77%
1% Incre ase
4.77%
Changes in the Total OPEB Liability:
To ta l OPEB
Liability
Balance at 12/31/22 $ 8 8,234
Changes for t he y ear:
Ser vice Cost 6 ,156
Interest 3 ,669
Differ ence b et ween expect ed and
act ual experien ce (3,698)
Changes of assumpt ions 5 ,222
Benefit payments (1,421)
Net changes 9 ,928
Balance at 12/31/23 $ 98,162
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to OPEB
For the year ended September 30, 2024, the Town recognized OPEB expense of $8,553.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
91
At September 30, 2024, the Town reported deferred outflows of resources and deferred
inflows of resources related to the OPEB liability from the following sources:
Differ en ces betw een expect ed a nd
act ual econ om ic experience $ - $ (2,6 24)
Changes in assumpt ions - (1 7,719)
Con tributions subs equent to
measurement dat e 1 ,403 -
To ta l $ 1 ,403 $ (2 0,343)
Deferred Outflo ws
of Re so urce s
De fe rre d (Inflo ws)
of Re so urce s
The Town reported $1,102 as deferred outflows of resources related to OPEB resulting from
contributions subsequent to the measurement date that will be recognized as a reduction of
the OPEB liability for the year ending September 30, 2025.
Other amounts reported as deferred outflows of resources related to OPEB will be
recognized in OPEB expense as follows:
Year e nde d December 3 1:
2024 $(1 ,672)
2025 (1 ,369)
2026 (1 ,815)
2027 (5 ,535)
2028 (5 ,816)
Thereafter (4 ,136)
$(2 0,343)
E.Defined Other Post Employment Benefit Plan
Texas Retirement System –Care
Plan Description
The Academy participates in the Texas Public School Retired Employees Group Insurance
Program (TRS-Care). It is a multiple-employer, cost-sharing, defined benefit OPEB plan with a
special funding situation. The TRS-Care program was established in 1986 by the Texas
Legislature. The TRS Board of Trustees administers the TRS-Care program and the related fund
in accordance with Texas Insurance Code Chapter 1575. The Board of Trustees is granted the
authority to establish basic and optional group insurance coverage for participants as well as to
amend benefit terms as needed under Chapter 1575.052. The Board may adopt rules, plans,
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
92
procedures, and orders reasonably necessary to administer the program, including minimum
benefits and financing standards.
TRS-Care Plan Fiduciary Net Position
Detail information about the TRS-Care’s fiduciary net position is available in the separately
issued TRS Comprehensive Annual Financial Report that includes financial statements and
required supplementary information. That report may be obtained on the Internet at
https://www.trs.texas.gov/TRS%20Documents/2023%20ACFR%20Final%2011-20-2023.pdf;by
writing to TRS at 1000 Red River Street, Austin, TX, 78701-2698; or by calling (512) 542-6592.
Benefits Provided
TRS-Care provides a basic health insurance coverage (TRS-Care 1), at no cost to all retirees from
public schools, charter schools, regional education service centers and other educational
academies who are members of the TRS pension plan. Optional dependent coverage is available
for an additional fee.
Eligible retirees and their dependents not enrolled in Medicare may pay premiums to participate
in one of two optional insurance plans with more comprehensive benefits (TRS-Care 2 and TRS-
Care 3).Eligible retirees and dependents enrolled in Medicare may elect to participate in one of
the two Medicare health plans for an additional fee. To qualify for TRS-Care coverage, a retiree
must have at least 10 years of service credit in the TRS pension system. The Board of Trustees is
granted the authority to establish basic and optional group insurance coverage for participants as
well as to amend benefit terms as needed under Chapter 1575.052. There are no automatic post-
employment benefit changes;including automatic COLAs.
The premium rates for the optional health insurance are based on years of service of the member.
The schedule below shows the monthly rates for a retiree with and without Medicare coverage.
Retiree or Survivin g Spou se $135 $200
Retiree an d Spouse 529 689
Retiree or Survivin g Spou se
an d Ch ildren 468 408
Retiree an d Family 1,020 999
Medicar e Non -Medicar e
TRS-Care Monthly Premium Rates
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
93
Contributions
Contribution rates for the TRS-Care plan are established in state statute by the Texas Legislature,
and there is no continuing obligation to provide benefits beyond each fiscal year. The TRS-Care
plan is currently funded on a pay-as-you-go basis and is subject to change based on available
funding. Funding for TRS-Care is provided by retiree premium contributions and contributions
from the state, active employees,and Academy based upon Academy payroll. The TRS Board of
Trustees does not have the authority to set or amend contribution rates.
Texas Insurance Code, section 1575.202 establishes the state’s contribution rate which is 1.25% of
the employee’s salary. Section 1575.203 establishes the active employee’s rate which is .65% of
pay. Section 1575.204 establishes an employer contribution rate of not less than 0.25% or not more
than 0.75%of the salary of each active employee of the public. The actual employer contribution
rate is prescribed by the Legislature in the General Appropriations Act. The following table
shows contributions to the TRS-Care plan by type of contributor.
Schedule of Contribution Rates
Contribution Rates 2023
(Rate)(Rate)
Active employee 0.65% 0.65%
Non-employer contributing entity (State)1.25% 1.25%
Employers 0.75% 0.75%
The employer and member contributions for the Academy’s fiscal year 2023 amounted to $50,495
and $38,634, respectively. The State’s contributions for plan year 2022 (measurement year)
amounted to $70,196.
In addition to the employer contributions listed above, there is an additional surcharge all TRS
employers are subject to (regardless of whether or not they participate in the TRS Care OPEB
program). When employers hire a TRS retiree, they are required to pay to TRS Care, a monthly
surcharge of $535 per retiree.
TRS-Care received supplemental appropriations from the State of Texas as the Non-Employer
Contributing Entity in the amount of $21.3 million in fiscal year 2023 provided by Rider 14 of the
Senate Bill GAA of the 87th Legislature. These amounts were re-appropriated from amounts
received by the pension and TRS-Care funds in excess of the state's actual obligation and then
transferred to TRS-Care.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
94
Actuarial assumptions:
The actuarial valuation of the total OPEB liability was performed as of August 31, 2022.Update
procedures were used to roll forward the total OPEB liability to August 31, 2023. The actuarial
valuation was determined using the following actuarial assumptions: Actuarial Assumptions can be
found in the 2023 TRS ACFR, Note 9, page 79.
The actuarial valuation of the OPEB plan offered through TRS-Care is similar to the actuarial
valuation performed for the pension plan, except that the OPEB valuation is more complex.The
demographic assumptions were updated based on the experience study performed for TRS for
the period ending August 31, 2021. The following assumptions and other inputs used for
members of TRS-Care are based on an established pattern of practice and are identical to the
assumptions used in the August 31, 2022 TRS pension actuarial valuation that was rolled forward
to August 31, 2023:
The active mortality rates were based on 90 percent of the RP-2014 Employee Mortality Tables for
males and females. The post-retirement mortality rates for healthy lives were based on the 2021
TRS of Texas Healthy Pensioner Mortality Tables, with full generational projection using the
ultimate improvement rates from the mortality projection scale MP-2021.
Actuarial cost method Individual entry age normal
Inflation 2.3% per year
Discount rate 3.91%, as reported in Fidelity Index’s 20-year
Municipal GO AA Index as of August 31, 2021
Election rates Normal Retirement; 65% participation prior to age 65
and 40% after age 65. 25% of pre-65 retirees are
assumed to discontinue coverage at age 65.
Healthcare trend rates 9% for Medicare retirees and 7.30% for non-Medicare
retirees
Administrative expenses Third-party administrative expenses related to the
delivery of health care benefits are included in the
age-adjusted claims costs.
Discount Rate
A single discount rate of 4.13% was used to measure the total OPEB liability at August 31, 2023.
This was an increase of 0.22% in the discount rate since the previous measurement date.
Because the investments are held in cash and there is no intentional objective to advance fund the
benefits, the Single Discount Rate is equal to the prevailing municipal bond rate.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
95
The source of the municipal bond rate is the Fidelity “20-year Municipal GO AA Index” as of
August 31, 2023 using the Fixed Income Market Data/Yield Curve/ Data Municipal bonds with 20
years to maturity that include only federally tax-exempt municipal bonds.
Discount Rate Sensitivity Analysis
The following presents the total OPEB liability of the Academy, calculated using the discount rate
of 3.91%, as well as what the Academy’s total OPEB liability (asset) would be if it were calculated
using a discount rate that is 1-percentage-point lower (2.91%) or 1-percentage-point higher
(4.91%) than the current rate:
1% Decrease Discount Rate 1% Increase
3.13%4.13%5.13%
Academy's pr oportion at e sh are
of th e net OPEB liability $1,748,578 $1,484,624 $1,269,231
Healthcare Trend Rates Sensitivity Analysis
The following presents the net OPEB liability of the plan using the assumed healthcare cost trend
rate, as well as what the net OPEB liability would be if it were calculated using a trend rate that is
one-percentage point lower or one-percentage point higher than the assumed healthcare cost
trend rate.
1% Decr ease 1% Increase
in Trend Rat e Tr en d Rate in Trend Rate
Academy's proportionate share
of th e net OPEB liabilit y $1,222,513 $1,484,624 $1,821,830
OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows
of Resources Related to OPEB
At June 30, 2024, the Academy reported a liability of $1,484,624 for its proportionate share of the
TRS’s Net OPEB Liability. This liability reflects a reduction for State OPEB support provided to
the Academy. The amount recognized by the Academy as its proportionate share of the net
OPEB liability, the related State support, and the total portion of the net OPEB liability that was
associated with the Academy were as follows:
Academy’s proportionate share of the collective net pension liability $1,484,624
State’s proportionate share that is associated with Academy 1,791,427
Total $3,276,051
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
96
The Net OPEB Liability was measured as of August 31, 2022 and rolled forward to August 31,
2023 and the Total OPEB Liability used to calculate the Net OPEB Liability was determined by an
actuarial valuation as of that date. The employer’s proportion of the Net OPEB Liability was
based on the employer’s contributions to the OPEB plan relative to the contributions of all
employers to the plan for the period September 1, 2022 thru August 31,2023.
At August 31, 2023 the employer’s proportion of the collective Net OPEB Liability was .006706%,
which was an increase of .00011191% the same proportion measured as of August 31, 2022.
Changes Since the Prior Actuarial Valuation
The following were changes to the actuarial assumptions or other inputs that affected
measurement of the Total OPEB liability since the prior measurement period.
The discount rate increased from 3.91% as of August 31, 2022 to 4.13% as of August 31,
2023. This change increased the total OPEB liability.
Changes of Benefit Terms Since the Prior Measurement Date –There were no changes in
benefit terms since the prior measurement date.
For the year ended June 30, 2024, the Academy recognized OPEB gain of $619,359 and revenue of
$382,969 for support provided by the State.
At June 30, 2024, the Academy reported deferred outflows of resources and deferred inflows of
resources related to the OPEB liability from the following sources:
Differ ences b et ween expect ed and a ct ual econom ic
experience $67,168 $(1 ,2 49,030)
Ch anges in act uar ial assumpt ions 202,640 (9 09,075)
Differ ence b et ween project ed a nd a ct ua l invest ment
earn in gs 641 -
Ch anges in pr opor tion a nd differ en ce b et ween t he
em ployer's con tribution s and proportion ate shar e of
contributions 358,804 (4,8 34)
Con tributions sub sequen t to t he m ea sur em ent dat e 50,495 -
Tota l $679,748 $(2 ,1 62,939)
De ferre d
Outflo ws
of Re so urces
Deferre d
(Inflo ws)
of Re so urce s
The Academy reported $50,495 as deferred outflows of resources related to OPEB resulting from
contributions subsequent to the measurement date that will be recognized as a reduction of the
net OPEB liability for the year ending August 31, 2024.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
97
Other amounts reported as deferred outflows and inflows of resources related to pensions will
be recognized in pension expense as follows:
Year ended Aug ust 31:
2025 $(3 59,984)
2026 (2 91,890)
2027 (1 99,703)
2028 (2 30,043)
2029 (1 93,930)
Thereafter (2 58,136)
$(1,5 33,686)
F.Health Care Coverage
During the period ended August 31, 2023, employees of the Academy who met minimum
eligibility requirements were covered by a state-wide health care plan, TRS Active Care. The
Academy's participation in this plan is renewed annually. The Academy paid into the Plan $397
per month per employee and $322 per month when the employee works less than 30 hours per
week if eligible to enroll in TRS Active Care. Employees, at their option, pay premiums for any
coverage above these amounts as well as for dependent coverage.
The Teacher Retirement System (TRS) manages TRS Active Care. The medical plan is
administered by Aetna, and Caremark Health administers the prescription drug plan. The latest
financial information on the state-wide plan may be obtained by writing to the TRS
Communications Department, 1000 Red River Street, Austin, Texas 78701, by calling the TRS
Communications Department at 1-800-223-8778, or by downloading the report from the TRS
Internet website, www.trs.state.tx.us, under the TRS Publications heading.
G.Solana Public Improvement District
On February 24, 2014, the Town Council granted a petition by Maguire Partners-Solana Land, LP
in resolution 14-07 to authorize and provide for the creation of a public improvement district, The
Solana Public Improvement District (“the District”). The District encompasses approximately 85
acres currently being developed as a master-planned mixed-use development known as
“Westlake Entrada” that is expected to include, among other things, condominiums, residential
villas, hotels, office, retail,commercial, institutional and hospitality uses, and a wedding event
center. The District was created in accordance with Chapter 372 of the Texas Local Government
Code.
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
98
On February 5, 2015, the Town Council approved issuance of $26,175,000 of Special Assessment
Revenue Bonds, Series 2015 related to the District. The Public Improvement District Bonds (The
Bonds) are special and limited obligations of the Town payable solely from the pledged revenues
and other funds comprising the Trust Estate, as and to the extent provided in the indenture. The
bonds do not give rise to a charge against the general credit or taxing power of the Town and are
payable solely from the sources identified in the indenture. The owners of the bonds shall never
have the right to demand payment thereof out of money raised or to be raised by taxation, or out
of any funds of the Town other than the Trust Estate, as and to the extent provided in the
indenture; and, no owner of the bonds shall have the right to demand any exercise of the Town’s
taxing power to pay the principal of the bonds or the interest or redemption premium, if any,
thereon. The Town shall have no legal or moral obligation to pay the bonds out of any funds of
the Town other than the Trust Estate in accordance with the Texas Local Government Code.
The proceeds from the bond issue are being used as follows: payment of a portion of the costs of
construction, acquisition, or purchase of certain water, wastewater and roadway public
improvements for the special benefit of the District; funding a reserve fund; funding capitalized
interest; payment of a portion of the costs incidental to the organization of the District; and
payment of the cost of issuance of the bonds. The Town is not, and will not be obligated to
provide any funds to finance construction of authorized improvements. All design and
construction costs of the District’s authorized public improvements will be paid from the District
assessments and from other sources of funds, if any, to the extent provided in the Trust
Indenture.
H.Tax Abatements
The Town enters into economic development agreements authorized under Chapter 380 of the
Texas Local Government Code and Chapter 312 of the Texas Tax Code. These agreements are
planning tools designed to stimulate economic activity, redevelopment, community
improvement, and provide a return on investment for the community. These programs abate or
rebate property and/or sales and hotel/motel taxes and may include other incentive payments
such as fee reductions or construction costs reimbursements. Economic development agreements
are considered on a case-by-case basis by the Town Council and generally contain recapture
provisions, which may require repayment or termination if recipients do not meet the required
provisions of the economic incentives.
I.Going Concern
These 2024 financial statements were prepared assuming the Texas Student Housing entities will
continue as going concerns. The Texas Student Housing entities’ bonds payable are considered to
be in default due to not making full principal and interest payments and, therefore, are reported
as current liabilities. This is considered an event of default by the Trustees, which gives the
bondholders the right to accelerate and demand payment of the bonds in full or exercise
Town of Westlake, Texas
NOTES TO FINANCIAL STATEMENTS, Continued
September 30, 2024
99
foreclosure on the assets. Management and the property managers are in the process of
developing and implementing plans to increase occupancy and rental rates at the properties to
improve their financial performance.
J.Subsequent Events
There were no material subsequent events through November 10, 2025, the date the financial
statements were issued.
K.Restatement –Discretely Presented Component Unit
Due to corrections to accrued interest payables, the component unit restated its beginning net
position.The restatement of beginning net position is as follows:
Pr ior year ending net pos ition, a s repor ted $(7 1,596,619) $(5 2,731,011) $(2 1,031,386)
Cor rect a ccr ued interest 15,840,486 7,352,418 8,488,068
Rest ated b egin ning n et pos it ion $(5 5,756,133) $(4 5,378,593) $(1 2,543,318)
Discretely
Pre sented
Co mponent Units
TSH
Co rpo ra tio n -
Denton Pro je ctCollege Sta tio n
Autho rity -
TSH
100
REQUIRED SUPPLEMENTARY INFORMATION
101
Revenues
Property tax $2,250,171 $2,175,171 $2,175,830 $659
Sales tax 6,825,000 10,075,000 8,988,994 (1,086,006)
Franchise and local taxes 589,135 819,135 922,078 102,943
License and permits 6,436,604 5,786,604 6,027,602 240,998
Grants/contributions - - 3,000 3,000
Fines and forfeitures 502,985 427,985 459,014 31,029
Investment income 303,800 1,383,800 1,917,887 534,087
Other revenue 106,900 106,900 200,042 93,142
17,014,595 20,774,595 20,694,447 (80,148)
Expenditures
Current:
General government
General service 1,126,962 1,546,962 1,207,775 339,187
Town manager 434,803 434,803 301,485 133,318
Planning and development 712,471 762,471 874,629 (112,158)
Town secretary 8,152 28,152 126,220 (98,068)
Municipal Court 477,189 477,189 335,229 141,960
Facilities/Maintenance 211,700 211,700 129,630 82,070
Finance 331,093 371,093 356,168 14,925
HR 165,923 165,923 132,369 33,554
Communications 578,656 628,656 565,115 63,541
Total general government 4,046,949 4,626,949 4,028,620 598,329
Public safety
Fire/Ems 3,045,683 3,072,683 2,710,132 362,551
Police Service 1,208,278 1,338,278 1,335,937 2,341
Total Public Safety 4,253,961 4,410,961 4,046,069 364,892
Cultural and recreation 383,200 383,200 336,809 46,391
Public works 642,742 767,742 825,239 (57,497)
Education 1,864,127 1,831,095 1,775,047 56,048
Debt service:
Principal - - 277,041 (277,041)
Interest and fiscal charges - - 10,779 (10,779)
Capital outlay 126,200 456,200 85,424 370,776
11,317,179 12,476,147 11,385,028 1,091,119
5,697,416 8,298,448 9,309,419 1,010,971
Total Expenditures
Actual (Negative)
Revenues Over (Under)
Expenditures
Budget
GENERAL FUND
For the Year Ended September 30, 2024
Original
Budget
Town of Westlake, Texas
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL (Page 1 of 2)
102
Transfers in $172,500 $172,500 $- $(172,500)
Transfers (out)(1,914,764) (1,749,764) (1,453,264) 296,500
(1,742,264) (1,577,264) (1,453,264) 124,000
Net Change in Fund Balance
Beginning fund balance 31,279,143
Total Other Financing Sources
(Uses)
Town of Westlake, Texas
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL (Page 2 of 2)
GENERAL FUND
For the Year Ended September 30, 2024
Variance with
Final Budget
Original
Budget Final Budget
103
Revenues
Sales tax $2,275,000 $3,275,000 $2,996,331 $(278,669)
Investment earnings - - 165,514 165,514
2,275,000 3,275,000 3,161,845 (113,155)
2,275,000 3,275,000 3,161,845 (113,155)
Other Financing Sources (Uses)
Total Other Financing Sources(Uses)
Total Revenues
Revenues Over (Under) Expenditures
Budget Budget
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
4B ECONOMIC DEVELOPMENT CORPORATION
For the Year Ended September 30, 2024
Town of Westlake, Texas
104
Revenues
Local and intermediate sources $3,643,020 $3,485,321 $1,907,310 $(1,578,011)
State program revenues 8,200,712 8,200,712 8,093,195 (107,517)
Federal program revenues 397,867 397,867 397,867 -
12,241,599 12,083,900 10,398,372 (1,685,528)
Expenditures
Current:
Education 11,821,309 12,267,643 10,683,313 1,584,330
Debt service:
Principal 214,495 222,994 161,456 61,538
Interest 12,173 12,173 20,422 (8,249)
12,047,977 12,502,810 10,865,191 1,637,619
193,622 (418,910) (466,819) (47,909)
Net Change in Fund Balance
Beginning fund balance 1,108,429
Final Budget
Town of Westlake, Texas
For the Year Ended June 30, 2024
WESTLAKE ACADEMY - GENERAL FUND
IN FUND BALANCE - BUDGET AND ACTUAL
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
(Negative)
Total Revenues
Total Expenditures
Revenues Over (Under)
Expenditures
Budget
105
Total pension liability
Service cost $791,237 $809,933 $696,815 $683,693
Interest 892,802 822,373 738,265 660,928
Differences between expected and
actual experience (325,903) (125,512) 78,164 (5,405)
Benefit payments, including refunds
of participant contributions (531,282) (376,833) (270,676) (129,398)
Net change in total pension liability
Total pension liability - beginning
Total pension liability - ending (a)
Plan fiduciary net position
of participant contributions (531,282) (376,833) (270,676) (129,398)
Net change in plan fiduciary net position
Plan fiduciary net position - beginning
Plan fiduciary net position - ending (b)
$1,441,900 $2,244,292 $850,240 $1,370,359
89.64% 82.86% 92.89% 87.22%
$$$$
30.45% 45.03% 19.58% 32.21%
Plan fiduciary net position as a
percentage of the total pension
Fund's net pension liability as a
percentage of covered payroll
12/31/202012/31/202112/31/2022
(a) - (b)
12/31/2023
Town of Westlake, Texas
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
TEXAS MUNICIPAL RETIREMENT SYSTEM
Years Ended:
106
$651,255 $605,453 $566,643 $483,414 435,146 $288,923
570,598 493,022 439,725 371,753 317,982 264,994
131,635 126,691 (120,557) 212,434 96,226 176,965
(112,642)(84,942)(146,316)(58,144)(38,289)(55,762)
(112,642) (84,942) (146,316) (58,144) (38,289) (55,762)
$1,440,488 $1,741,361 $1,062,281 $1,476,481 1,215,618 $707,597
84.86% 78.72%84.92%76.58%77.04%83.71%
$$$$$
36.36% 47.37%31.94%50.82%45.09%32.57%
12/31/2019 12/31/201412/31/201612/31/201712/31/2018 12/31/2015
107
9/30/2024 9/30/2023 9/30/2022 9/30/2021
Actuarially determined employer contributions $562,313 $569,334 $587,595 $524,995
$(562,313)$(571,341)$(587,595)$(524,995)
12.41% 11.80% 11.63% 11.77%
Valuation Date:
Methods and Assumptions Used to Determine Contribution Rates:
Other Information:
Post-retirement:2019 Municipal Retirees of Texas Mortality Tables.The rates
are projected on a fully generational basis with scale UMP.
Pre-retirement:PUB(10)mortality tables,with the Public Safety table used for
males and the General Employee table used for females.The rates are
projected on a fully generational basis with scale UMP.
NOTES TO SCHEDULE OF EMPLOYER CONTRIBUTIONS TO PENSION PLAN
Contributions in relation to the actuarially
determined contribution
Employer contributions as a percentage of
covered payroll
Town of Westlake, Texas
SCHEDULE OF EMPLOYER CONTRIBUTIONS TO PENSION PLAN
TEXAS MUNICIPAL RETIREMENT SYSTEM
Years Ended:
Actuarially determined contribution rates are calculated as of December 31 and become
effective in January 13 months later.
Experience-based table of rates that are specific to the Town's plan of benefits.
Last updated for the 2019 valuation pursuant to an experience study of the
period 2014 - 2018
108
9/30/2020 9/30/2019 9/30/2018 9/30/2017 9/30/2016 9/30/2015
$478,059 $473,030 $454,421 $419,720 $31,618 $277,651
$(478,059)$(473,030)$(454,421)$(419,720)$(316,618)$(277,651)
11.78% 12.07% 12.36% 12.62% 11.22%9.99%
109
0.0063911% 0.0058367% 0.0051806% 0.0055779%
$4,390,064 $3,465,116 $1,319,306 $2,987,427
Westlake Academy 3,997,690 4,030,833 1,996,109 4,112,478
Total
66.03%55.45%21.56%49.92%
73.15%75.62%88.79%75.54%
TEACHER RETIREMENT SYSTEM OF TEXAS
SCHEDULE OF ACADEMY'S PROPORTIONATE SHARE OF NET PENSION LIABILITY
pension liability
pension liability
Town of Westlake, Texas
8/31/2021 8/31/2020
Academy's proportionate share of net
pension liability as a percentage of
covered payroll
Plan fiduciary net position as a
percentage of total pension liability
Years Ended:
Covered payroll
8/31/2023
110
0.0028912% 0.0027061% 0.0028012% 0.0027822% 0.0030945% 0.0007190%
$1,502,914 $1,489,525 $895,663 $1,051,346 $1,093,865 $192,056
5,272,547 5,571,598 3,480,057 4,035,754 3,667,893 2,965,583
27.16%28.16%16.61%20.64%22.86%4.47%
75.24%73.74%82.17%78.00%78.43%83.25%
8/31/2019 8/31/2018 8/31/2017 8/31/2016 8/31/2015 8/31/2014
111
Total OPEB liability
Service cost $6,156 $11,962 $10,420 $8,934 $7,131
Interest 3,669 2,348 2,272 2,388 2,146
Changes in benefit terms - - - - -
Differences between expected and
actual experience (3,698) 1,428 (2,401) (80) 3,831
refunds of participant
contributions (1,421)(1,495)(434)(425)(396)
Net changes
Total OPEB liability - beginning
Total OPEB liability - ending $98,162 $88,234 $122,372 $108,591 $82,590
$$$$$
2.07%1.77%2.82%2.55%2.08%
Notes to schedule:
1
2
12/31/202112/31/2022
Years Ended:
TEXAS MUNICIPAL RETIREMENT SYSTEM
PENSION (OPEB) LIABILITY AND RELATED RATIOS
Town of Westlake, Texas
SCHEDULE OF CHANGES IN POSTEMPLOYMENT BENEFITS OTHER THAN
12/31/2023
percentage of covered employee
payroll
No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB statement No. 75 to pay related benefits.
compiled, only available information is shown.
12/31/2020 12/31/2019
112
1
$7,720
1,844
-
(2,126)
(5,184)
$54,484 2
$3,676,094
1.48%
12/31/2018
This schedule is presented to illustrate the requirement to show information for ten years. However, until a full ten-year trend is
113
0.6706100% 0.6594200% 0.0060770% 0.0060887%
$1,484,624 $1,578,920 $2,344,162 $2,314,571
1,791,427 1,926,034 3,140,655 3,110,229
Total
23.76%25.27%44.53%38.68%
14.94%11.52%6.18%4.99%
8/31/2021 8/31/20208/31/2022
Academy's proportion of the net OPEB
liability
liability
liability associated with Westlake Academy
8/31/2023
OPEB liability as a percentage of covered
payroll
Plan fiduciary net position as a percentage
of total OPEB liability
Years Ended:
TEACHER RETIREMENT SYSTEM (TRS) CARE PLAN
NET OPEB LIABILITY
SCHEDULE OF ACADEMY'S PROPORTIONATE SHARE OF
Town of Westlake, Texas
114
1
0.0059857% 0.0059093% 0.0058830%
$2,830,719 $2,950,588 $2,558,314
3,761,390 4,695,104 4,406,333
$$
51.15%55.78%47.45%
2.66%1.57%0.91%
8/31/2018 8/31/20178/31/2019
115
116
OTHER SUPPLEMENTARY INFORMATION
COMBINING AND INDIVIDUAL FUND FINANCIAL
STATEMENTS AND SCHEDULES
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Revenues
Occupancy taxes $446,000 $771,000 $748,500 $(22,500)
Investment income 5,000 5,000 24,052 19,052
Other revenue 5,100 5,100 1,050 (4,050)
456,100 781,100 773,602 (7,498)
Expenditures
Tourism 432,910 432,910 270,342 162,568
Debt service:
Principal - - 55,436 (55,436)
Interest and fiscal charges - - 1,903 (1,903)
432,910 432,910 327,681 105,229
23,190 348,190 445,921 97,731
Beginning fund balances 280,499
Notes to Other Supplementary Information
Positive
Town of Westlake, Texas
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
VISITORS ASSOCIATION FUND
For the Year Ended September 30, 2024
Variance with
Final Budget
Actual (Negative)
Original
Budget Budget
Revenues Over (Under) Expenditures
120
Revenues
Investment income $200 $872 $672
Total Revenues 200 872 672
Beginning fund balances 15,457
Ending Fund Balances
Notes to Other Supplementary Information
Final Budget
Actual
For the Year Ended September 30, 2024
Original &
Final Budget
Town of Westlake, Texas
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
LONE STAR PUBLIC FACILITIES CORPORATION
121
Revenues
Occupancy taxes $10,000 $- $(10,000)
Grants and contributions 180,000 180,000 -
Total Revenues 190,000 180,000 (10,000)
Expenditures
Public works 10,000 - 10,000
Total Expenditures 10,000 - 10,000
180,000 180,000 -
Net Change in Fund Balances $180,000 180,000 $-
Beginning fund balances 47,651
Ending Fund Balances
Notes to Other Supplementary Information
1. Annual budgets are adopted on a basis consistent with generally accepted accounting principles (GAAP).
Original &
Final Budget
IN FUND BALANCE - BUDGET AND ACTUAL
ECONOMIC DEVELOPMENT FUND
For the Year Ended September 30, 2024
Variance with
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
Final Budget
Town of Westlake, Texas
Actual
Positive
(Negative)
Revenues Over (Under) Expenditures
122
Revenues
Property taxes $1,893,283 $1,893,283 $1,832,327 $(60,956)
1,893,283 1,893,283 1,832,327 (60,956)
Expenditures
Debt Service:
Principal 2,349,600 2,349,600 2,349,600 -
Interest and fiscal charges 1,084,714 1,084,714 1,084,795 (81)
Bond issuance costs 7,000 7,000 3,500 3,500
3,441,314 3,441,314 3,437,895 3,419
(1,548,031) (1,548,031) (1,605,568) (57,537)
Other Financing Sources (Uses)
Transfers in 1,623,136 1,623,136 1,761,938 138,802
Total Other Financing Sources (Uses)
Beginning fund balances (268,700)
Notes to Other Supplementary Information
Total Expenditures
Revenues Over (Under) Expenditures
For the Year Ended September 30, 2024
Actual
Positive
Total Revenues
Original
Budget
Town of Westlake, Texas
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
Budget
IN FUND BALANCE - BUDGET AND ACTUAL
DEBT SERVICE FUND
123
Revenues
Investment income $125,000 $285,000 $383,607 $98,607
Grant revenue - - 1,041,997 1,041,997
125,000 285,000 1,425,604 1,140,604
Expenditures
Capital outlay 280,000 115,000 153,767 (38,767)
280,000 115,000 153,767 (38,767) *
(155,000) 170,000 1,271,837 1,101,837
Other Financing Sources (Uses)
400,000 115,000 - (115,000)
Beginning fund balances 6,309,317
Notes to Other Supplementary Information
Ending Fund Balances
Actual (Negative)
Revenues Over (Under) Expenditures
Budget
Sources (Uses)
Budget
Town of Westlake, Texas
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
CAPITAL PROJECTS FUND
IN FUND BALANCE - BUDGET AND ACTUAL
For the Year Ended September 30, 2024
124
Revenues
Investment income $55,000 $155,000 $185,415 $30,415
55,000 155,000 185,415 30,415
Expenditures
Capital outlay - 585,000 535,426 49,574
- 585,000 535,426 49,574
55,000 (430,000) (350,011) 79,989
Net Change in Fund Balances
Ending Fund Balances
Variance with
WESTLAKE ACADEMY EXPANSION CAPITAL PROJECTS
For the Year Ended September 30, 2024
Town of Westlake, Texas
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL
Final Budget
Total Revenues
Total Expenditures
Revenues Over (Under) Expenditures
Budget Budget
125
126
***
Cash and cash equivalents $2,134,609 $68,699 $290,557 $2,493,865
Restricted assets - cash - - 3,857,945 3,857,945
Receivables, net - 19,585 67,169 86,754
Prepaids - 92,080 39,888 131,968
Total Current Assets 2,134,609 180,364 4,255,559 6,570,532
Capital assets:
Non-depreciable - 2,901,164 2,200,000 5,101,164
Net depreciable capital assets - 21,406,323 7,798,842 29,205,165
Total Noncurrent Assets - 24,307,487 9,998,842 34,306,329
Total Assets 2,134,609 24,487,851 14,254,401 40,876,861
Liabilities
Accounts payable and
accrued liabilities 29,401 512,184 690,443 1,232,028
Unearned revenue - 1,600 98,566 100,166
Accrued interest - 31,110,935 3,710,306 34,821,241
Debt due within one year - 28,205,000 21,157,496 49,362,496
Line of credit - 15,883,639 - 15,883,639
Total Current Liabilities 29,401 75,713,358 25,656,811 101,399,570
Total Liabilities 29,401 75,713,358 25,656,811 101,399,570
Net investment in capital assets - (3,897,513) (11,482,006) (15,379,519)
Unrestricted 2,105,208 (47,327,994) 79,596 (45,143,190)
Total Net Position $2,105,208 $(51,225,507) $(11,402,410) $(60,522,709)
Authority Denton Project Total
Assets
Net Position
Student TSH
Housing (a)Corporation -
Project
College
Station
Town of Westlake, Texas
COMBINING SCHEDULE OF NET POSITION
DISCRETELY PRESENTED COMPONENT UNITS
September 30, 2024
Texas TSH Authority
127
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130
FINANCIAL TRENDS INFORMATION
1 Net Position by component
2 Changes in net assets
3 Fund balances, governmental funds
4 Changes in fund balance, governmental funds
5 Assessed value and actual value of taxable property
6 Principal property tax payers
7 Property tax levies and collections
8 Property Tax Rates - Direct and Overlapping Governments
9 Taxable Sales by Industry Type
10 Ratios of general bonded debt outstanding
11 Ratios of outstanding debt
12 Direct and overlapping governmental activities debt
13 Demographic and economic statistics
14 Principal employers
15 Full-time equivalent Town government employees by function/program
16 Operating indicators by function/program
17 Capital asset statistics by function/program
These schedules offer demographic and economic indicators to help the reader understand how the
environment within which the Town's financial activities take place.
information in the Town's financial report relates to the service the government provides and the
activities it performs.
STATISTICAL SECTION
The Statistical Section presents detailed information as a context for understanding what the information in
the financial statements, note disclosures and required supplementary information says about the Town of
Westlake's overall financial health.
performance and well-being have changed over time
source, the property tax.
levels of outstanding debt and the Town's ability to issue additional debt in the future.
131
2015 2016 2017 2018
Governmental activities:
Net investment in capital assets $29,633,298 $38,299,337 $46,499,873 $47,629,452
Restricted 17,827,177 7,489,048 2,034,916 1,077,646
Unrestricted 7,108,101 9,260,572 9,513,643 6,537,845
$54,568,576 $55,048,957 $58,048,432 $55,244,943
Business-type activities:
Net investment in capital assets $6,410,547 $6,044,363 $5,583,570 $5,293,188
Restricted - - - -
Unrestricted (2,608,315) (4,041,360) (3,746,696) (4,685,810)
$3,802,232 $2,003,003 $1,836,874 $607,378
Primary government:
Net investment in capital assets $36,043,845 $44,343,700 $52,083,443 $52,922,640
Total governmental activities net
position
position
position
Town of Westlake, Texas
NET POSITION BY COMPONENT
Last Ten Years
132
Table 1
2019 2020 2021 2022 2023 2024
$52,939,481 $51,306,319 $41,794,587 $33,888,598 $38,833,015 $39,942,216
133
2015 2016 2017 2018
Expenses
Governmental activities:
General government $3,145,716 $4,491,557 $5,716,302 $4,776,131
Public safety 2,381,437 2,737,084 3,063,003 3,133,733
Cultural and recreation 129,970 187,274 217,489 184,685
Public works 1,081,996 1,102,636 1,634,549 1,820,908
Economic Development 171,757 141,779 163,578 469,852
Visitor services 665,936 740,835 737,071 885,654
Education 8,598,261 9,516,287 8,566,295 6,568,453
Interest on long-term debt 1,022,201 990,413 1,401,199 1,184,818
17,197,274 19,907,865 21,499,486 19,024,234
Business-type activities:
Utility $4,861,529 $5,519,116 $4,893,075 $7,049,946
Cemetery 7,297 7,831 8,021 9,754
Program revenues:
Governmental activities:
Charges for services:
General government $110,778 $789,457 $73,180 $137,805
Public safety 887,919 932,017 783,681 782,833
Public works 936,245 1,789,776 3,338,541 2,027,613
Education 531,090 283,077 275,759 247,721
Operating grants and contributions 7,615,653 7,863,168 8,047,113 7,044,597
Capital grants and contributions 19,983,078 269,185 3,485,255 424,948
$30,064,763 $11,926,680 $16,003,529 $10,665,517
Business-type activities:
Charges for services:
Utility 3,549,775 3,968,086 4,815,635 5,794,818
Cemetery 13,620 11,115 9,964 29,440
$$$$
Net (expense) revenue:
Governmental activities $12,867,489 $(7,981,185)$(5,495,957)$(8,358,717)
Business-type activities (1,305,431) (1,547,746)(25,497) (1,234,171)
$11,562,058 $(9,528,931)$(5,521,454)$(9,592,888)
Town of Westlake, Texas
CHANGES IN NET POSITION
Last Ten Years
134
Table 2
2019 2020 2021 2022 2023 2024
$7,544,125 $6,407,650 $5,184,455 $5,660,733 $5,857,895 $5,891,114
10,628 21,734 8,438 9,886 9,973 39,654
5,374,118 6,410,755 5,069,595 6,924,690 7,888,135 7,952,400
30,745 67,578 25,145 31,900 88,220 64,507
$$$$$$
135
2015 2016 2017 2018
General revenues and other changes in
net position:
Governmental activities:
Taxes:
Sales $4,925,428 $4,609,523 $4,650,744 $6,003,605
Property 1,438,969 1,476,355 1,576,750 1,629,640
Hotel Occupancy 872,179 822,490 751,601 849,167
Mixed Beverage 59,184 61,476 68,432 62,347
Franchise 963,040 930,043 818,423 779,506
Investment earnings 28,904 55,600 182,095 356,076
Miscellaneous 198,199 241,501 278,071 215,076
Transfers 323,100 264,578 169,316 71,466
$8,809,003 $8,461,566 $8,495,432 $9,966,883
Investment earnings $7,083 $13,095 $28,684 $79,961
Miscellaneous 50,000 - - -
Transfers (323,100) (264,578) (169,316) (71,466)
(266,017) (251,483) (140,632) 8,495
$8,542,986 $8,210,083 $8,354,800 $9,975,378
Governmental activities $21,676,492 $480,381 $2,999,475 $1,608,166
Business-type activities (1,571,448) (1,799,229)(166,129) (1,225,676)
$20,105,044 $(1,318,848)$2,833,346 $382,490
Source: Annual Financial Reports
Town of Westlake, Texas
CHANGES IN NET POSITION (Continued)
Last Ten Years
net (expense) revenue
Total primary government
136
2019 2020 2021 2022 2023 2024
$8,032,671 $7,378,900 $6,372,366 $11,469,156 $16,650,960 $11,985,325
1,956,630 2,411,279 2,708,091 2,871,396 3,507,970 4,008,157
861,710 369,145 222,937 438,255 556,830 748,500
66,923 41,949 23,269 48,089 53,042 65,146
964,239 972,520 735,263 786,549 862,700 856,932
517,128 260,003 38,381 180,490 1,546,860 2,677,347
142,230 72,688 91,890 35,945 60,496 151,575
207,213 77,158 205,014 157,758 - -
$12,748,744 $11,583,642 $10,397,211 $15,987,638 $23,238,858 $20,492,982
$110,208 $62,177 $11,439 $61,467 $430,626 $718,465
- - - 290,276 151,413 462,537
(207,213) (77,158) (205,014) (157,758) - -
(97,005) (14,981) (193,575) 193,985 582,039 1,181,002
$12,651,739 $11,568,661 $10,203,636 $16,181,623 $23,820,897 $21,673,984
$7,447,700 $44,158 $2,321,696 $8,140,714 $14,795,632 $12,301,337
(2,246,841) 33,968 (291,728) 1,479,956 2,690,526 3,267,141
$5,200,859 $78,126 $2,029,968 $9,620,670 $17,486,158 $15,568,478
137
2015 2016 2017 2018
General fund
Prepaid items $13,334 $12,794 $18,705 $19,253
Restricted for:
Court security and technology 203,173 238,636 219,693 203,173
Public safety - - - -
Committed for:
Future projects 80,442 335,322 335,392 80,442
Assigned for:
Future equipment - - - -
Unassigned 7,383,601 9,092,721 10,363,702 10,493,380
All other governmental funds
Nonspendable:
Prepaid items $83,359 $68,718 $243,401 $56,397
Restricted for:
Donor stipulations - - - -
Visitor services 1,081,009 1,003,636 791,308 781,775
Future projects 13,632 13,679 13,789 14,141
Education 1,592,227 1,098,359 729,709 1,068,117
Total all other governmental funds
Total general fund
Town of Westlake, Texas
FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years (Unaudited)
138
Table 3
2019 2020 2021 2022 2023 2024
$19,302 $41,586 $38,889 $52,952 $20,989 $70,060
237,804 203,173 239,576 - - -
- - - 423,156 296,223 318,051
80,442 80,442 80,442 - - -
- - - - - -
14,900,650 16,265,309 17,854,010 21,099,589 30,961,931 38,747,187
734,938 416,064 97,684 339,045 274,173 726,413
14,543 14,719 14,813 1,237,325 3,395,290 4,976,069
1,323,663 1,685,116 1,898,618 1,425,775 771,173 1,880,695
139
2015 2016 2017 2018
Revenues
Taxes $8,252,748 $7,902,983 $7,867,015 $9,321,321
Licenses, fees and permits 1,200,790 2,715,236 3,521,686 2,314,933
Fines and forfeitures 734,152 796,014 673,716 633,318
State program revenues 6,173,418 6,543,782 6,603,358 7,217,383
Federal program revenues 87,797 98,564 140,152 114,797
Investment earnings 28,904 55,600 182,095 356,076
Grants/contributions 18,785,953 283,684 728,887 494,131
Other revenues 2,471,191 1,542,835 2,863,801 1,735,201
$37,734,953 $19,938,698 $22,580,710 $22,187,160
General government $2,411,239 $3,280,507 $4,596,827 $3,672,933
Public safety 2,490,551 2,453,857 2,684,244 2,992,727
Cultural and recreation 130,322 185,923 164,720 183,816
Public works 744,028 773,751 784,279 675,550
Economic development 171,757 141,779 163,578 469,852
Visitor services 670,157 725,971 717,055 875,322
Education 7,938,501 9,245,592 8,819,174 9,012,348
Capital outlay 5,274,282 9,561,954 7,082,844 9,407,447
Principal 1,130,762 1,150,490 1,124,697 1,555,677
Interest and other fiscal charges 977,412 947,411 1,105,376 1,182,679
Bond issuance cost - - 368,278 -
$21,939,011 $28,467,235 $27,611,072 $30,028,351
$15,795,942 $(8,528,537)$(5,030,362)$(7,841,191)
Town of Westlake, Texas
CHANGES IN FUND BALANCES, GOVERNMENTAL FUNDS
Last Ten Years
140
Table 4
2019 2020 2021 2022 2023 2024
$11,881,784 $11,174,378 $10,065,684 $15,614,508 $21,631,502 $17,664,060
5,873,529 1,996,834 2,612,098 3,809,047 2,212,024 6,027,602
616,451 492,435 582,854 492,485 414,603 459,014
7,415,219 8,011,061 8,482,552 8,130,551 8,046,091 8,093,195
110,248 137,910 121,678 267,004 208,724 397,867
517,128 260,003 38,381 180,490 1,546,860 2,677,347
1,253,200 292,860 1,800,000 5,202,216 7,874,323 3,132,307
1,804,309 1,837,744 1,512,867 142,206 161,180 201,092
$29,471,868 $24,203,225 $25,216,114 $33,838,507 $42,095,307 $38,652,484
$5,330,174 $5,169,038 $5,052,010 $5,479,973 $4,128,302 $4,028,620
3,269,778 3,512,456 3,546,694 4,204,025 4,163,956 4,046,069
272,146 264,248 182,253 314,978 170,930 336,809
593,830 622,307 601,562 728,837 565,424 825,239
306,982 203,407 - - - -
904,689 781,883 448,414 870,761 548,735 270,342
8,996,714 9,845,684 9,557,739 10,662,696 13,142,563 12,458,360
3,525,437 1,627,548 1,129,642 1,375,517 9,553,750 774,617
1,766,131 1,837,638 1,883,135 2,429,296 2,414,586 2,843,533
1,128,720 1,103,853 1,052,653 1,098,308 1,121,312 1,117,899
- - 130,029 - 55,000 3,500
$26,094,601 $24,968,062 $23,584,131 $27,164,391 $35,864,558 $26,704,988
$3,377,267 $(764,837) $1,631,983 $6,674,116 $6,230,749 $11,947,496
141
2015 2016 2017 2018
Other Financing Sources (Uses)
Sale of assets - - 1,200,000 -
Issuance of debt - - - -
Premium on CO issued - - - -
Refunding bonds issued - - 5,795,000 -
Premium on refunding bonds issued - - 1,020,809 -
Payments to bond escrow agent - - (6,452,467)-
Lease issuance 16,740 474,300 - -
Notes payable issued 162,059 - - -
Certificate of obligations issued - - 10,710,000 -
Special item - - - -
Extraordinary item - - - -
Transfers in 4,617,896 2,485,227 3,621,066 3,949,085
Transfers (out)(4,294,796)(2,220,649)(3,451,750)(3,877,619)
501,899 738,878 12,442,658 71,466
$16,297,841 $(7,789,659)$7,412,296 $(7,769,725)
Debt service as a percentage
of noncapital expenditures 12.7% 11.1% 12.7% 13.3%
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Town of Westlake
CHANGES IN FUND BALANCES, GOVERNMENTAL FUNDS (Continued)
Last Ten Years
(Modified Accrual Basis of Accounting)
142
2019 2020 2021 2022 2023 2024
- - - - - -
- - - - 3,552,000 -
- - 249,742 - - -
- - 4,430,000 - - -
- - 337,298 - - -
- - (4,694,366)- - -
- 585,623 - 581,716 - -
- - - - - -
- - 3,215,000 - - -
- - - - - -
- - - - - -
3,902,325 2,673,972 3,155,275 5,092,559 2,909,288 3,215,202
(3,695,112)(2,596,814)(2,950,261)(4,934,801)(2,909,288)(3,215,202)
207,213 662,781 3,742,688 739,474 3,552,000 -
$3,584,480 $(102,056) $5,374,671 $7,413,590 $9,782,749 $11,947,496
12.8% 12.6% 13.7% 13.7% 13.6% 15.6%
143
144
Table 5
Less:Total Taxable Total
Fiscal Real Personal Tax-Exempt Assessed Direct
Year Property Property Property Value Tax Rate
2015 1,123,354,430 139,936,507 342,248,275 921,042,662 0.15634
2016 1,175,230,336 107,537,466 336,770,136 945,997,666 0.15634
2017 1,468,274,115 132,422,540 437,293,366 1,163,403,289 0.13695
2018 1,517,833,356 133,680,163 442,433,216 1,209,080,303 0.13615
2019 1,558,408,769 139,762,420 400,628,631 1,297,542,558 0.15600
2020 1,652,355,031 149,841,592 935,964,493 866,232,130 0.16018
2021 2,042,984,947 161,717,042 564,511,494 1,640,190,495 0.16788
2022 2,414,982,032 147,888,720 752,658,487 1,820,212,265 0.16788
2023 2,675,522,050 278,777,229 790,588,739 2,163,710,540 0.16788
2024 2,966,805,290 259,271,467 765,044,551 2,461,032,206 0.16788
Source: Appraisal District
Town of Westlake, Texas
Appraised Value
Last Ten Years
ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
145
Percentage
of Total Town
Taxable
Taxpayer Rank Assessed Value
DCLI, LLC $134,848,028 1 5.07%
FMR Texas Ltd. Partnership 111,148,155 2 4.18%
SOL Westlake LP 93,371,372 3 3.51%
Cellco Partnership 69,335,972 4 2.61%
Albany Road-Solana LLC 51,370,754 5 1.93%
MRW Investors/Entrada Restaurant Ptnrs.42,624,859 6 1.60%
Fidelity Investments, Inc.31,602,070 7 1.19%
Marsh USA, Inc.20,157,863 8 0.76%
Supreme Bright Westlake I LLC 15,750,000 9 0.59%
CT West Park No. 1 LTD 13,700,000 10 0.52%
Total 21.97%
Town of Westlake, Texas
2024
Value
Assessed
Taxable
Current Year and Nine Years Ago
PRINCIPAL PROPERTY TAXPAYERS
146
Table 6
Percentage
of Total Town
Taxable
Taxpayer Rank Assessed Value
Bre Solana LLC $164,977,385 1 17.47%
FMR Texas LTD Prtnshp/FMR Texas 73,943,304 2 7.83%
DCLI, LLC 51,201,275 3 5.42%
Fidelity Investments Inc.19,681,046 4 2.08%
Marsh USA Inc.15,402,374 5 1.63%
Lexington TNI Westlake LP 12,750,000 6 1.35%
Corelogic Solutions LLC 6,494,537 7 0.69%
Prince Whipple Trust 5,802,272 8 0.61%
Vaquero Club, Inc.5,383,416 9 0.57%
Wells Vernon III 5,310,200 10 0.56%
Total 38.21%
2015
Value
Assessed
Taxable
147
Taxes Levied Adjusted
Fiscal for the Adjustments Taxes Levied Percent
Year Fiscal Year to Levy for Fiscal Year Amount of Levy
2015 1,394,914 11,812 1,406,726 1,401,149 99.60%
2016 1,428,932 13,883 1,442,815 1,440,607 99.85%
2017 1,480,120 60,401 1,540,521 1,536,921 99.77%
2018 1,476,611 153,680 1,630,291 1,624,655 99.65%
2019 1,966,661 (3,931) 1,962,730 1,953,575 99.53%
2020 2,365,878 34,399 2,400,277 2,392,470 99.67%
2021 2,369,205 335,571 2,704,776 2,699,328 99.80%
2022 2,713,447 150,777 2,864,224 2,860,396 99.87%
2023 3,235,278 235,108 3,470,386 3,462,134 99.76%
2024 3,940,263 90,985 4,031,248 4,022,973 99.76%
Source: Tarrant County
PROPERTY TAX LEVIES AND COLLECTIONS
Town of Westlake, Texas
Fiscal Year
148
Table 7
Percentage
Amount of Levy
5,807 1,406,956 100.01%
1,145 1,441,752 100.01%
4,944 1,541,865 100.08%
5,582 1,630,237 99.99%
8,957 1,962,532 99.98%
7,432 2,399,901 99.98%
1,949 2,701,277 99.99%
2,147 2,862,543 99.87%
(7,394) 3,454,740 99.87%
- 4,022,973 99.87%
Total Collections Collections/
149
Operating/
Fiscal General Debt Service Total (A)Carroll Northwest Keller
Year Fund Fund Direct ISD ISD ISD
2015 $0.13710 $0.01924 $0.15634 $1.40000 $1.45250 $1.54000
2016 0.13947 0.01687 0.15634 1.40000 1.45250 1.54000
2017 0.12882 0.00813 0.13695 1.39000 1.45250 1.52000
2018 0.11133 0.02482 0.13615 1.38500 1.49000 1.52000
2019 0.13201 0.02399 0.15600 1.38000 1.49000 1.51000
2020 0.11453 0.04565 0.16018 1.30000 1.42000 1.40830
2021 0.12490 0.04298 0.16788 1.28640 1.33630 1.39470
2022 0.12490 0.04298 0.16788 1.26860 1.29200 1.34400
2023 0.10284 0.06504 0.16788 1.21880 1.27460 1.27290
2024 0.09117 0.07671 0.16788 1.00250 1.09020 1.08750
Notes:
Source:Tarrant County Appraisal District
Denton Central Appraisal District
PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
Town of Westlake, Texas
Overlapping rates are those of local and county governments that apply to property owners
within the Town of Westlake. Not all overlapping rates apply to all Town's property owners
(e.g., the rates for the counties and school districts apply only to the proportion of the Town's
property owners whose property is located within the geographic boundaries of the county and
School Districts
Town Direct Rates Overlapping Rates
Last Ten Years
150
Table 8
Tarrant Tarrant Trophy Total
Denton Tarrant County County Club Direct and
County County College Dist Hospital Dist.MUD #1 Overlapping
$0.27220 $0.26400 $0.14950 $0.22790 $0.13339 $5.59583
0.27220 0.26400 0.14950 0.22790 0.13339 5.59583
0.24841 0.25400 0.14473 0.22790 0.12722 5.50171
0.23781 0.24400 0.14006 0.22443 0.12021 5.49766
0.22499 0.23400 0.13607 0.22443 0.11618 5.47166
0.22578 0.23400 0.13607 0.22443 0.11618 5.22494
0.22499 0.23400 0.13017 0.22443 0.10774 5.10661
0.23309 0.22900 0.13017 0.22443 0.10588 4.99505
0.21754 0.22400 0.13017 0.22429 0.09134 4.82152
0.18949 0.19450 0.11217 0.19450 0.06381 4.10255
151
NAICS Industry Type 2015 2016 2017 2018
11 Agriculture, Forestry, Fishing and Hunting $775 $2,083 $1,685 $4,303
21 Mining 714 655 128 5
22 Utilities 191,031 138,331 147,000 180,564
23 Construction 216,546 230,067 340,077 1,294,092
31-33 Manufacturing 234,651 209,128 86,798 113,487
42 Wholesale Trade 515,602 356,946 339,854 278,054
44-45 Retail 1,332,659 415,356 458,833 428,355
48-49 Transportation and Warehousing 3,550 1,107 1,133 567
51 Information 567,685 551,172 387,714 817,086
52 Financial and Insurance 295,622 754,386 509,201 709,787
53 Real Estate and Rental and Leasing 708,747 940,971 999,118 675,273
54 Professional, Scientific, and Technical Services 193,145 287,066 261,704 309,704
56 Admin and Support and Waste Mgmt & Rem Srv 50,264 125,033 85,430 93,967
61 Education Services 201,761 230,775 220,078 555,159
62 Health Care and Social Assistance 2,887 228 398 999
71 Arts, Entertainment and Recreation 189,027 201,391 241,107 216,403
72 Accommodation and Food Services 246,755 230,615 233,769 228,003
81 Other Services (except Public Administration)8,965 3,167 2,963 2,772
92 Public Administration - - 1 1,391
$4,960,386 $4,678,477 $4,316,991 $5,909,971
Town direct sales tax rate 2.00%2.00%2.00%2.00%
Note:
Source:Texas State Comptroller reports
Due to confidentiality issues, the names of the ten largest revenue
payers are not available. The categories presented are intended to
provide alternative information regarding the sources of the
Town of Westlake, Texas
TAXABLE SALES BY INDUSTRY TYPE
Last Ten Years
152
Table 9
2019 2020 2021 2022 2023 2024
$336 $196 $808 $258 $1,537 $415
- 11 20 - - -
183,347 179,545 206,392 265,341 343,837 320,191
2,249,378 1,385,998 667,542 565,978 803,382 504,886
284,939 350,447 343,715 407,905 520,825 464,845
533,723 406,321 597,218 481,305 444,526 441,394
523,021 737,764 942,782 698,459 809,683 888,289
624 1,723 731 1,789 1,380 1,468
793,755 764,753 1,985,535 5,943,401 6,288,810 3,312,258
835,150 352,872 141,787 690,168 2,419,260 2,695,503
928,259 884,229 174,719 170,707 2,331,425 248,738
519,447 596,913 1,014,951 720,804 1,232,370 921,518
98,927 76,437 154,815 120,659 14,957 13,143
577,530 424,882 153,277 437,497 419,534 1,033,961
592 692 673 616 546 137
266,915 460,281 379,180 626,503 467,120 604,250
226,361 122,585 135,043 215,823 390,694 461,119
2,329 4,285 4,089 6,254 25,571 194,268
1,656 1,717 2,427 2,029 2,198 2,625
$8,026,289 $6,751,651 $6,905,704 $11,355,496 $16,517,655 $12,109,008
153
154
Table 10
Percentage
General Certificates of Actual (1)
Fiscal Obligation of Taxable Per
Year Bonds Obligation Tax Notes Total Sales Capita
2015 $17,480,000 $11,046,131 $- $28,526,131 $11.58% $23,772
2016 17,091,659 10,739,306 - 27,830,965 12.08% 20,080
2017 15,267,000 18,460,700 1,530,000 35,257,700 15.16% 23,727
2018 15,457,018 19,361,251 1,328,000 36,146,269 12.04% 23,200
2019 14,504,400 20,957,422 1,116,000 36,577,822 9.11% 22,719
2020 12,660,000 19,914,365 901,000 33,475,365 9.07% 20,117
2021 12,690,000 20,042,866 682,000 33,414,866 10.49% 18,772
2022 11,655,000 19,365,261 459,000 31,479,261 5.49% 17,108
2023 10,600,000 17,397,600 3,784,000 31,781,600 5.09% 16,536
2024 9,510,000 16,824,000 3,098,000 29,432,000 6.55% 14,672
Notes: Details regarding the Town's outstanding debt can be found in the notes to the financial statements.
(1)See Demographic and Economic Statistics table for population data and personal income.
Town of Westlake, Texas
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
155
Fiscal
Year
2015 $17,480,000 $11,046,131 - $154,347 $357,041
2016 17,091,659 10,739,306 - 563,045 275,101
2017 15,267,000 18,460,700 1,530,000 162,004 238,404
2018 15,457,018 18,432,779 1,328,000 - 201,737
2019 14,504,400 17,930,135 1,116,000 - 165,050
2020 12,660,000 16,996,900 901,000 398,012 128,372
2021 12,690,000 20,042,866 682,000 2,419,147 91,696
2022 11,655,000 19,365,261 459,000 2,416,494 55,019
2023 10,600,000 17,397,600 3,748,000 1,875,285 18,342
2024 9,510,000 16,824,000 3,098,000 1,420,012 -
Note:
(1)
Details regarding the Town's outstanding debt can be found in the notes to the
financial statements.
income.
Tax NotesBonds
Obligation of
Obligation Liabilities
Lease
Loans
Last Ten Years
RATIOS OF OUTSTANDING DEBT BY TYPE
Town of Westlake, Texas
Governmental Activities
General Certificates
156
Table 11
Certificates
Obligations
Contractual
Other
Lease
Liabilities Capita
Per
(1)
Income
of Personal
Percentage
(1)
Government
Primary
Total
Bonds
Obligation
General
Business-Type Activities
Obligation
of
157
Table 12
As of Percent (1)Amount
Carroll ISD $269,520,000 9/30/2024 7.86%$21,184,272
Denton County 673,670,000 9/30/2024 0.27%1,818,909
Keller ISD 736,234,989 9/30/2024 4.16%30,627,376
Northwest ISD 2,280,247,569 9/30/2024 1.68%38,308,159
Tarrant County 345,130 9/30/2024 0.79%2,726,527
Tarrant County College District 569,915,000 9/30/2024 0.79%4,502,329
Tarrant County Hospital District 440,020,000 9/30/2024 0.79%3,476,158
Trophy Club MUD#1 4,290,000 9/30/2024 20.39%874,731
Total Overlapping Debt 103,518,461
Town of Westlake Outstanding Debt 46,018,000
Total Direct & Overlapping Debt 149,536,461$
Note:
(1)
As of September 30, 2024
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
Town of Westlake , Texas
Overlapping governments are those that coincide,at least in part,with the geographic boundaries of
the Town.This schedule estimates the portion of the outstanding debt of those overlapping
governments that is borne by the residents and businesses of the Town of Westlake.This process
recognized that,when considering the Town's ability to issue and repay long-term debt,the entire
debt burden borne by the resident and businesses should be taken into account.However,this does
not imply that every taxpayer is a resident,and therefore responsible for repaying the debt,of each
The percentage of overlapping debt applicable is estimated using taxable assessed property values.
Applicable percentages were estimated by determining the portion of the entity's taxable assessed
value that is within the Town's boundaries and dividing it by the entities' total taxable assessed value.
Taxing Body Debt Outstanding
Amount of
Overlapping
158
Table 13
Year
2015 1,273 $1,492,650 41.8 811 4.20%
2016 1,386 1,804,104 41.7 808 4.20%
2017 1,486 1,762,468 41.5 830 3.50%
2018 1,558 1,814,031 44.0 856 3.50%
2019 1,610 2,009,473 45.6 869 3.20%
2020 1,664 1,946,146 45.6 889 7.10%
2021 1,780 2,111,456 45.6 855 4.70%
2022 1,840 2,578,547 43.7 874 3.50%
2023 1,922 3,140,610 47.8 867 3.80%
2024 2,006 3,187,812 46.8 882 3.90%
Sources:
Tarrant County
Last Ten Years
DEMOGRAPHIC AND ECONOMIC STATISTICS
Town of Westlake, Texas
Population
Estimated
RateHome Value
Average
Age
Median School
Enrollment
Unemployment
1,273 1,386
1,486 1,558 1,610 1,664 1,780
1,840 1,922 2,006
0
500
1,000
1,500
2,000
2,500
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Estimated Population
159
Percentage
of Estimated
Total Town
Employer Employees Employment
Fidelity Investments 7,000 38.11%
Charles Schwab 4,765 25.94%
Goosehead 800 4.35%
Kiewett 497 2.71%
Marriott at Solana 132 0.72%
Virbac 130 0.71%
Total 16,975 92.41%
2024
Town of Westlake, Texas
PRINCIPAL EMPLOYERS
Current and Nine Years Ago - Unaudited
160
Table 14
Percentage
of Estimated
Total Town
Employer Employees Employment
Fidelity Investments 5,843 51.51%
Core Logic 1,790 15.78%
Wells Fargo 617 5.44%
Travelocity 200 1.76%
Total 10,786 95.08%
2015
161
Function/Program 2015 2016 2017 2018
General Government
Town Manager 1.00 1.00 1.00 1.00
Deputy Town Manager 0.00
Assistant Town Manager 1.00 0.90 1.00 1.00
Assistant to Town Manager 0.00 0.50 0.50 0.75
Procurement Specialist 0.00 0.00 0.00 0.00
Administrative Assistant 0.50 0.00 1.50 1.00
Planning & Development 1.66 3.17 4.00 4.00
Town Secretary 1.25 1.25 1.50 1.50
Facilities/Grounds Maintenance 1.34 1.58 0.50 1.75
Municipal Court 5.00 4.60 4.00 3.50
Finance 4.00 4.25 4.00 4.00
Human Resources 2.00 2.00 2.00 2.00
Information Technology 1.00 1.00 1.00 2.00
Public Safety (EMS)14.25 14.25 11.00 15.50
Culture and Recreation 0.84 0.84 0.50 0.50
Marketing and Public Affairs 2.00 2.00 2.00 2.00
Education 93.65 95.31 95.05 98.00
Total 132.15 135.32 132.55 142.50
year (including vacation and sick leave). Fulltime equivalent employment
is calculated by dividing total labor hours by 2,080. A full time education
Town of Westlake, Texas
FULL-TIME EQUIVALENT TOWN GOVERNMENT EMPLOYEES
BY FUNCTION/PROGRAM
Last Ten Fiscal Years - Unaudited
162
Table 15
2019 2020 2021 2022 2023 2024
1.00 1.00 1.00 1.00 1.00 1.00
1.00 1.00 1.00 1.00 1.00 0.00
1.00 1.00 1.00 1.00 1.00 0.00
0.00 1.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 1.00
1.00 1.00 1.00 1.00 1.00 1.00
4.00 4.00 4.00 4.00 4.00 4.00
1.50 1.00 1.00 1.00 1.00 1.00
1.00 0.83 0.83 0.83 0.50 0.00
4.25 4.75 4.75 4.75 5.75 3.75
4.00 3.00 5.00 5.00 6.00 5.00
2.00 2.00 1.00 2.00 2.00 2.00
2.00 2.00 2.00 3.00 4.00 4.00
15.50 15.00 18.00 18.00 20.00 19.00
1.00 0.83 0.83 0.83 0.50 0.00
2.00 2.00 2.00 2.00 3.00 3.00
95.00 100.26 103.51 103.51 106.26 116.00
140.25 145.00 151.25 153.25 161.01 165.75
163
Function/Program 2015 2016 2017 2018
General government
Permits issued 159 218 217 259
Permit values 80,011,354$ 87,307,794$ 262,690,940$ 311,013,915$
Police (Contract with Keller PD)
Motor vehicle stops 10,432 11,109 10,718 8,339
Traffic accident investigations 398 461 386 333
Part I crimes 20 13 22 31
DWI arrests 62 66 70 50
Fire/EMS
Fire runs 211 257 248 320
Ambulance runs 253 288 269 202
Inspections 261 246 290 188
Public Works - General
Street resurfacing (LF)- - 6,000 -
Potholes repaired 20 20 10 5
Public Works - Utility
Number of water accounts 713 752 810 835
1.021 1.122 1.233 1.400
2.770 1.586 1.646 1.564
System capacity - MG (water)2.685 2.685 2.685 2.685
Water purchased (in gallons x 000)372,838 409,817 450,208 510,931
(thousands of gallons)
Town of Westlake, Texas
OPERATING INDICATORS BY FUNCTION/PROGRAM
Last Ten Fiscal Years - Unaudited
164
Table 16
2019 2020 2021 2022 2023 2024
250 193 221 370 332 346
332,197,798$ 65,739,881$ 109,039,264$ 196,266,935$ 303,086,673$ 662,548,723$
7,729 7,457 7,049 7,351 5,016 6,429
327 219 254 310 265 348
14 48 48 34 28 49
25 33 36 47 30 60
235 308 371 412 359 293
206 128 272 227 179 292
227 103 165 150 227 313
- 5,012 8,820 4,345 - 1,000
8 10 15 25 - 10
762 773 807 855 911 940
1.157 1.345 1.250 1.653 1.818 1.654
2.003 2.709 2.789 3.125 3.975 4.452
2.685 2.685 2.685 2.685 2.685 2.660
470,817 477,405 465,605 628,146 686,822 595,359
165
Function/Program 2015 2016 2017 2018
Fire
Stations 1 1 1 1
Public Works - Utility
Pump station 1 1 1 1
Lift station 3 3 3 3
Telecommunications Duct Bank (LF)66,084 66,084 82,231 82,231
140 140 140 140
Water
Water mains (LF)148,117 148,117 181,393 181,393
Fire hydrants 214 214 256 256
2,685 2,685 2,685 2,685
Wastewater
Sanitary sewers (LF)104,373 104,373 123,168 123,168
Manholes 355 355 444 444
Public Works - Utility
Streets (miles)10.50 10.42 10.42 10.42
Traffic signals (school zone flashers)2 2 2 2
Parks and recreation
Open Space (acres)27 27 27 27
Playgrounds 2 2 2 2
Softball/soccer field 1 1 1 1
Football field 1 1 1 1
Town of Westlake, Texas
CAPITAL ASSETS STATISTICS BY FUNCTION/PROGRAM
Last Ten Fiscal Years - Unaudited
166
Table 17
2019 2020 2021 2022 2023 2024
1 1 1 1 1 1
1 1 1 1 1 1
3 3 3 3 3 3
82,231 86,711 86,711 86,711 86,711 86,711
140 160 160 180 180 180
181,393 188,387 188,387 189,475 189,475 189,475
256 267 267 275 275 275
2,685 2,685 2,685 2,685 2,685 2,685
123,168 128,923 128,923 129,985 129,985 129,985
444 467 467 480 480 480
10.84 10.84 10.84 10.84 11.14 11.14
2 2 4 4 4 4
27 27 27 27 27 27
2 2 2 2 2 2
1 1 1 1 1 1
1 1 1 1 1 1
167
168