|
<br /> City of Paris - Net Capital Assets
<br /> Governmental Activities Business- Type Activities Total
<br /> 2006 2005 2006 2005 2006 2005
<br />Land $ 5,903,022 $ 5,903,022 $ 282,672 $ 282,672 $ 6,185,694 $ 6,185,694
<br />Buildings and System 12,456,556 7,397,886 47,855,707 50,034,894 60,312,263 57,432,780
<br />Improvements Other
<br />than Buildings 2,404,908 2,528,845 2,404,908 2,528,845
<br />Machinery, Furniture,
<br />and Equipment 2,911,873 2,982,286 170,250 213,590 3,082,123 3,195,876
<br />Infrastructure 18,261,789 17,528,113 18,261,789 17,528,113
<br />Construction in Progress 6,979 3,549,809 39,577 503,504 46,556 4,053,313
<br />Water Rights - Net 833,463 847,126 833,463 847,126
<br />Unamoritized Bond Expense 200,360 210,857 711,136 818,515 911,496 1,029,372
<br />Total $42,145,487 $40,100,818 $ 49,892,805 $ 52,700,301 $ 92,038,292 $92,801,119
<br />
<br />Additional information on the City of Paris' capital assets can be found in note IV. C. of the Notes to the Financial
<br />Statements.
<br />
<br />Long-term Debt
<br />
<br />At the end of the current fiscal year, the City of Paris had total bonded debt outstanding of $39,505,000. Of this amount,
<br />$13,054,000 comprises debt backed by the full faith and credit of the government, and $26,451,000 represents bonds secured
<br />solely by specified revenue sources (i.e., revenue bonds).
<br />
<br /> City of Paris Outstanding Long-Term Bond Debt
<br /> Governmental Activities Business-Type Activities Total
<br /> 2006 2005 2006 2005 2006 2005
<br />General
<br />Obligation Bonds $ 13,054,000 $13,776,800 $ $ $13,054,000 $13,776,800
<br />Revenue Bonds 26,451,000 29,053,200 26,451,000 29,053,200
<br />Total $ 13,054,000 $13,776,800 $26,451,000 $ 29,053,200 $39,505,000 $42,830,000
<br />
<br />The City of Paris' bond debt decreased by $3,325,000 (7.76%) during the fiscal year. The City of Paris maintains an
<br />underlying bond rating from Moody's of A2 with that rating being up graded to A3 when the issues are insured..
<br />
<br />The maximum tax rate permitted by Article XI, Section 5 of the State of Texas constitution is $2.50 per $100 of assessed
<br />valuation. Consequently, no legal debt margin can be calculated. The state attorney general has traditionally allowed up to
<br />$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
<br />2005-06 fiscal year. This rate was broken down into $0.5665 per $100 valuation for operations and $0.12575 per $100
<br />valuation for debt service. Using the traditional allowance of the state attorney general as a guide, the City of Paris is utilizing
<br />only 8.38% of its debt capacity.
<br />
<br />Additional information on the City of Paris' long-term debt can be found in note IV. G. of the Notes to the Financial
<br />Statements.
<br />
<br />10
<br />
|