|
Long -Term Debt
<br />The City of Paris has total debt outstanding in the amount of $102,637,545 (includes two financed purchases). Of
<br />this amount, $12,197,545 comprises debt being paid for by property tax or hotel tax revenues, and $90,440,000
<br />represents bonds being paid for by water and sewer revenues.
<br />Paris' bond debt increased by $8,346,785 during the fiscal year. This was due to the $12,355,000 GO Pension Bonds
<br />issued for the purpose of fully funding the fire fighters pension fund. This new debt was offset somewhat by
<br />principal payments made on the previously issued debt. The City's underlying bond rating from Moody's is Aa3.
<br />The maximum tax rate permitted by Article XI, Section 5 of the State of Texas constitution is $2.50 per $100 of
<br />assessed valuation. Consequently, no legal debt margin can be calculated. The state attorney general has
<br />traditionally allowed up to $1.50 per $100 valuation to be applied to debt service. The City levied a tax rate of
<br />$0.45373 per $100 valuation for the 2021-22 fiscal year. This rate was broken down into $0.37357 per $100
<br />valuation for operations and $0.08016 per $100 valuation for debt service. Using the traditional allowance of the
<br />state attorney general as a guide, the City of Paris is utilizing only 5.34% of its debt capacity. Additional information
<br />on the City of Paris' long-term debt can be found in note IV. K. of the Notes to the Financial Statements.
<br />Economic Factors and Next Year's Budgets and Rates
<br />• Sales tax revenues are projected to grow 5% in the coming year.
<br />• New construction amounted to 35 residential units and 17 commercial units.
<br />• Local population growth is expected to be minimal.
<br />• The tax rate is expected to increase $0.035 per $100 of value for debt services.
<br />• Franchise fees are expected to remain stable.
<br />All of these factors were considered in preparing the City of Paris' budget for 2022-23.
<br />Requests for Information
<br />This financial report is designed to provide a general overview of the City of Paris' finances for all those with an
<br />interest in the government's finances. Questions concerning any of the information provided in this report or
<br />requests for additional information should be addressed to the Office of the Finance Director, 135 S.E. First Street,
<br />City of Paris, Texas 75460.
<br />12
<br />Moody's
<br />Revenue
<br />Final
<br />Investors
<br />Issue
<br />Tax Supported
<br />Supported
<br />Maturity
<br />Rating
<br />2013 C.O.s (TWDV)
<br />$ -
<br />$ 1,560,000
<br />06-15-2032
<br />N/A
<br />2013 G.O. Bonds
<br />-
<br />25,335,000
<br />12-15-2032
<br />Aa3
<br />2016 G.O. Bonds
<br />-
<br />6,560,000
<br />12-15-2036
<br />Aa3
<br />2017 G.O. Bonds
<br />7,795,000
<br />-
<br />06-15-2037
<br />Aa3
<br />2018 G.O. Bonds
<br />-
<br />775,000
<br />09-30-2028
<br />Aa3
<br />2020 Tax and Rev C.O.s
<br />1,225,000
<br />-
<br />06-15-2030
<br />N/A
<br />2020 G.O. Refunding Bonds
<br />1,585,000
<br />-
<br />12-15-2029
<br />Aa3
<br />2020 Tax Notes
<br />770,000
<br />-
<br />06-15-2026
<br />N/A
<br />2021 Tax & Rev. C.O.s
<br />-
<br />43,855,000
<br />12-15-2050
<br />Aa3
<br />2022 GO Pension Bonds
<br />-
<br />12,355,000
<br />06-15-2042
<br />Aa3
<br />SuRRMA Loan
<br />192,906
<br />-
<br />06-29-2025
<br />N/A
<br />Financed Purchases— Firetrucks
<br />629,639
<br />-
<br />01-28-2026
<br />N/A
<br />$ 12,197,545
<br />$ 90,440,000
<br />Paris' bond debt increased by $8,346,785 during the fiscal year. This was due to the $12,355,000 GO Pension Bonds
<br />issued for the purpose of fully funding the fire fighters pension fund. This new debt was offset somewhat by
<br />principal payments made on the previously issued debt. The City's underlying bond rating from Moody's is Aa3.
<br />The maximum tax rate permitted by Article XI, Section 5 of the State of Texas constitution is $2.50 per $100 of
<br />assessed valuation. Consequently, no legal debt margin can be calculated. The state attorney general has
<br />traditionally allowed up to $1.50 per $100 valuation to be applied to debt service. The City levied a tax rate of
<br />$0.45373 per $100 valuation for the 2021-22 fiscal year. This rate was broken down into $0.37357 per $100
<br />valuation for operations and $0.08016 per $100 valuation for debt service. Using the traditional allowance of the
<br />state attorney general as a guide, the City of Paris is utilizing only 5.34% of its debt capacity. Additional information
<br />on the City of Paris' long-term debt can be found in note IV. K. of the Notes to the Financial Statements.
<br />Economic Factors and Next Year's Budgets and Rates
<br />• Sales tax revenues are projected to grow 5% in the coming year.
<br />• New construction amounted to 35 residential units and 17 commercial units.
<br />• Local population growth is expected to be minimal.
<br />• The tax rate is expected to increase $0.035 per $100 of value for debt services.
<br />• Franchise fees are expected to remain stable.
<br />All of these factors were considered in preparing the City of Paris' budget for 2022-23.
<br />Requests for Information
<br />This financial report is designed to provide a general overview of the City of Paris' finances for all those with an
<br />interest in the government's finances. Questions concerning any of the information provided in this report or
<br />requests for additional information should be addressed to the Office of the Finance Director, 135 S.E. First Street,
<br />City of Paris, Texas 75460.
<br />12
<br />
|