|
$ 11,000,915 $113,005,000
<br />Paris' bond debt increased by $21,368,370 during the fiscal year. This was due to the $26,795,000 W&S Revenue
<br />Bonds issued for the purpose of constructing a new wastewater treatment plant. This new debt was offset somewhat
<br />by 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 />$0.44278 per $100 valuation for the 2022-23 fiscal year. This rate was broken down into $0.34377 per $100
<br />valuation for operations and $0.09901 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 6.60% 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 3.5% in the coming year.
<br />• New construction amounted to 15 residential units and 4 commercial units.
<br />• Local population growth is expected to be minimal.
<br />• The debt tax rate is expected to increase $0.05 per $100 of value for debt services while the O&M rate is
<br />expected to decrease $0.02 per $100 of value for operations.
<br />• Franchise fees are expected to remain stable.
<br />All of these factors were considered in preparing the City of Paris' budget for 2023-24.
<br />Requests for Information
<br />This financial report is designed to provide a general overview of the City of Paris' finances for all those with an
<br />interest in the government's finances. Questions concerning any of the information provided in this report or
<br />requests for additional information should be addressed to the Office of the Finance Director, 135 S.E. First Street,
<br />City of Paris, Texas 75460.
<br />12
<br />Moody's
<br />Revenue
<br />Final
<br />Investors
<br />Issue _.
<br />Tax Supprted
<br />Supportedm
<br />Maturity
<br />Ratm�
<br />2013 C.O.s (TWDB)
<br />$ -
<br />$ 1,410,000
<br />.06-15-2032
<br />N/A
<br />2013 G.O. Bonds
<br />-
<br />23,520,000
<br />12-15-2032
<br />Aa3
<br />2016 G.O. Bonds
<br />-
<br />6,205,000
<br />12-15-2036
<br />Aa3
<br />2017 G.O. Bonds
<br />7,380,000
<br />-
<br />06-15-2037
<br />Aa3
<br />2018 G.O. Bonds
<br />-
<br />650,000
<br />09-30-2028
<br />Aa3
<br />2020 Tax and Rev C.O.s
<br />1,080,000
<br />-
<br />06-15-2030
<br />N/A
<br />2020 G.O. Refunding Bonds
<br />1,400,000
<br />-
<br />12-15-2029
<br />Aa3
<br />2020 Tax Notes
<br />580,000
<br />-
<br />06-15-2026
<br />N/A
<br />2021 Tax & Rev. C.O.s
<br />-
<br />42,645,000
<br />12-15-2050
<br />Aa3
<br />2022 GO Pension Bonds
<br />-
<br />11,780,000
<br />06-15-2042
<br />Aa3
<br />2022 Water & Sewer Rev. Bds
<br />-
<br />26,795,000
<br />06-15-2051
<br />A3
<br />SuRRMA Loan
<br />99,178
<br />-
<br />06-29-2025
<br />N/A
<br />Financed Purchases — Firetrucks
<br />461,737
<br />-
<br />01-28-2026
<br />N/A
<br />$ 11,000,915 $113,005,000
<br />Paris' bond debt increased by $21,368,370 during the fiscal year. This was due to the $26,795,000 W&S Revenue
<br />Bonds issued for the purpose of constructing a new wastewater treatment plant. This new debt was offset somewhat
<br />by 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 />$0.44278 per $100 valuation for the 2022-23 fiscal year. This rate was broken down into $0.34377 per $100
<br />valuation for operations and $0.09901 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 6.60% 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 3.5% in the coming year.
<br />• New construction amounted to 15 residential units and 4 commercial units.
<br />• Local population growth is expected to be minimal.
<br />• The debt tax rate is expected to increase $0.05 per $100 of value for debt services while the O&M rate is
<br />expected to decrease $0.02 per $100 of value for operations.
<br />• Franchise fees are expected to remain stable.
<br />All of these factors were considered in preparing the City of Paris' budget for 2023-24.
<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
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