C.A.F.R., FY 2004-05 - Laserfiche WebLink

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Long-term Debt At the end of the current fiscal year, the City of Paris had total bonded debt outstanding of $48,805,000. Of this amount, $19,240,000 comprises debt backed by the full faith and credit of the government, and $29,565,000 represents bonds secured solely by specified revenue sources (i.e., revenue bonds). City of Paris' Outstanding Long-term Bond Debt Governmental Activities Business-Type Activities Total 2004 2005 2004 2005 2004 2005 General Obligation Bonds Revenue Bonds $18,235,000 $13,776,800 $ 27,620,000 $ 29,053,200 $18,235,000 27,620,000 $13,776,800 29,053,200 $18,235,000 $13,776,800 $ 27,620,000 $ 29,053,200 $45,855,000 $42,830,000 Total The City of Paris' bond debt decreased by $3,025,000 (6.59%) during the fiscal year. The City of Paris maintains an A2 rating from Moody's for its entire general obligation debt and an A3 rating from Moody's for all of its revenue debt. The maximum tax rate permitted by Article XI, Section 5 of the State of Texas constitution is $2.50 per $100 of assessed valuation. Consequently, no legal debt margin can be calculated. The state attorney general has traditionally allowed up to $1.50 per $100 valuation to be applied to debt service. The City levied a tax rate of $0.69225 per $100 valuation for the current fiscal year. This rate was broken down into $0.5665 per $100 valuation for operations and $0.12575 per $100 valuation for debt service. Using the traditional allowance of the state attorney general as a guide, the City of Paris is utilizing only 8.38% of its debt capacity. Additional information on the City of Paris' long-term debt can be found in note IV. G. of the Notes to the Financial Statements. Economic Factors and Next Year's Budgets and Rates . The unemployment rate for the City of Paris is currently 5.9%. . Sales tax revenues are projected for zero growth. . Inflation is currently at 4.3%. . New construction amounted to 47 residential units and 42 commercial units. . .. Local population growth is expected to be minimal. . The tax rate is expected to be at .69225. All of these factors were considered in preparing the City of Paris' budget for 2005-06. Requests for Information This financial report is designed to provide a general overview of the City of Paris' finances for all those with an interest in the government's fmances. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Office of the Finance Director, 135 S.E. First Street, City of Paris, Texas 75460. 14