CABRERA, CHIASSON, & HALL, LLP
CERTIFIED ACCOUNTANTS • BUSINESS CONSULTANTS

INDEPENDENT AUDITORS RECOMMENDATION ON
COMPREHENSIVE ANNUAL FINANCIAL REPORT
BURLESON, TX
YEAR ENDED SEPTEMBER 30, 2014

AUDITORS
ADBEEL CABRERA
KIMBERLY CHIASSON
CLIFTON HALL

CITY OF BURLESON, TX AUDITOR’S REPORT
We have audited the Comprehensive Annual Financial Report of the City of Burleson as well as conducted field inspections and additional independent research. Our responsibility is to express an opinion and recommend appropriate and efficient use of funds.
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DEMOGRAPHICS
Nestled between Fort Worth and Cleburne along the Interstate 35W corridor, Burleson is a charming, growing community offering a unique blend of metropolitan, suburban, and rural living. Fort Worth is approximately twelve miles to the north and there are approximately 28,000 acres of undeveloped land within the city limits and ETJ (extra-territorial jurisdiction). The city is conveniently located within minutes of Interstate 35W, Interstate 20, and Hwy 67 making the location attractive to both businesses and citizens. The population of Burleson has increased 43.6% between 2005 and 2014 and is expected to increase another 59% by 2030. In 2014, 413 new home permits were issued with an average value over $201,000 and several new apartment complexes are being constructed. Burleson has a median age of 33, an education level of 14.2, and an unemployment rate of 3.9%. COMPARATIVE SUBURBAN CITIES | | | | | | | | | | City | Population 2005 | Population 2014 | Percentage Growth | Per Capita Income | Unemployment Rate | Burleson | 28350 | 40714 | 43.61% | $ 28,304.00 | 3.9% | Cleburne | 28252 | 29747 | 5.29% | $ 36,336.00 | 6.0% | Benbrook | 20640 | 21850 | 5.86% | $ 46,989.00 | 5.9% | Weatherford | 23050 | 26940 | 16.88% | $ 45,856.00 | 4.2% | Mansfield | 45000 | 59230 | 31.62% | $ 31,917.00 | 5.1% | Saginaw | 17510 | 20370 | 16.3% | $ 26,844.00 | 5.0% |

Burleson is a business friendly city offering a state of the art business park and aggressive incentive packages for businesses locating at the Highpoint Business Park along Interstate 35W. Businesses that are already operating or building in the park include Chicken E Food Service Headquarters, Stuart Industries, Airforce Airguns, and Wagner-Smith Equipment.

Future plans for the city include The Burleson TOD (transit-oriented development) Master Plan. The plan, which will connect Burleson, Joshua, Cleburne, and Crowley to Fort Worth, includes construction of a rail station, civic plaza, and retail development. New residential property is also projected to be constructed in the area. Burleson’s Old Town Historic District is currently being updated with street improvements and aesthetic enhancements attracting new businesses to the area. Fuzzy’s Taco Shop, Fresco’s Mexican Restaurant and Dalton’s Corner are a few of the new businesses that have opened in Old Town over the last couple of years.
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FINANCIAL STATEMENT DATA
During 2014, the city’s net total net position, which was $202,653,658, increased by $7,364,463 from 2013. Net position for governmental activities increased $4,785,705 less a prior adjustment of $1,147,927 and net position for business-type activities increased by $3,726,685. It is the goal of the City that unassigned fund balance of the General Fund should be at least 20% of the General Fund annual expenditures. As of the close of the 2014, unassigned fund balance for the General Fund was $9,945,249 or 35.5%. The city projects the General Fund balance to exceed the target percentage in 2015 as well. In the General Fund, actual revenues exceeded budgeted revenues by $1,271,244 or 4.6%. Taxable property value has increased 89.6% over the last ten years and in 2014 the city experienced a $19 million increase in taxable value. The General Debt Service Fund balance increased $10,523 due to tax revenues in excess of debt service requirements.

The city of Burleson continues to boast favorable bond ratings with Moody’s, Standard and Poor’s, and Fitch giving the government the ability to receive reasonable interest rates for its debt. Currently Burleson has $11,663,079 of authorized, but unissued general obligation bonds. The city issued $10,165,000 in General Obligation bonds in 2014 specifically for street improvements and incurred construction costs related to arterial roads of approximately $7,262,300. There is over $19M in committed funds for capital assets. Developers donated streets and sidewalks worth approximately $1,681,000.
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FINANCIAL RATIOS – ANALYZING TRENDS
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AUDITOR RECOMMENDATIONS
After a thorough review of the annual report as well as field inspections of the infrastructure in the city, we recommend that funds are available and should be allocated for additional street improvements. We have identified several streets in the city that need to be expanded and improved due to high traffic volume presently or projected increased volume in the near future.

1. Hulen Street
Hulen Street in southern Burleson is currently a narrow street without center dotted lines to divide the opposing traffic. The street does not have curbs and needs to be repaved. Hulen Street can currently handle the traffic; however, with the new housing developments already being built and the plans for the train station and accompanying retail and civic center developments, the street will soon exceed its capacity. This street should be widened to four lanes, curbs should be constructed, and dividing dotted lines need to be added to separate the lanes.

2. Renfro Street at South Hurst Boulevard
Renfro Street between Interstate 35W and Cardinal Ridge Drive is currently at full capacity. Centennial High School is located at the corner of Renfro and South Hurst and extends to Cardinal Ridge causing congestion during school hours. We recommend widening Renfro Street and South Hurst Boulevard to accommodate the continued growth in the area.

3. Parking Garage in Old Town Burleson
With the continued growth and improvements being made in the Old Town Historic District, more parking is needed. Currently there is a parking lot that can hold 251 cars. This lot is consistently at full capacity on the weekends causing many cars to be parked on the street. A parking garage is needed to accommodate the continued growth of the area. This garage could be constructed at the current site of the parking lot or in a vacant field on the opposite side of Renfro Street.

4. Wilshire Boulevard between John Jones Street and Mountain Valley
Wilshire Boulevard becomes four lanes instead of six lanes at John Jones Street. To accommodate the increased traffic and the continued growth (including the new train station), this street should be widened to six lanes.