C.A.F.R., FY 2008-09 - Laserfiche WebLink

Home Browse Search

I The City of Paris' primary risk exposures are in the areas of workers compensation and tort liability. Provision for these risks is made through participation ' the Texas Municipal League's risk pool. Between 30 days and 90 day prior to the beginning of each fiscal year, the City Manager submits to the City Council a proposed budget for the fiscal year beginning on the following October 1. The operating budget, which represents the financial plan for the ensuing scal year, includes proposed expenditures and the means of financing them. Public hearings are conducted at which all interes ed persons' comments concerning the budget for the next fiscal year are heard. The budget is legally enacted by the City C uncil through passage of an ordinance not later than the 27th day of the last month prior to the beginning of the fiscal year. Generally, appropriations are legally adopted at the department level. Budgetary controls are maintained at the major cate ory of expenditure level within each operating division. All anticipated expenditures are budgeted for control purposes. Capital project funds are appropriated on a project by project basis. Expenditures and/or expenses are directly monitored by the City Council. Internal Controls Internal accounting controls re designed to provide reasonable, but not absolute, assurance of the safeguarding of assets against loss from unauthorized use or disposition and reliable financial records for preparing financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes that the cost of a control should not exceed the benefits likely to b derived. All internal control evaluatio is occur within this framework. The Finance Department's staff believes the City's internal control structure adequately a sures compliance with laws and regulations and reasonable assurance for safeguarding of assets. Debt The following schedule outlin s the outstanding City debt as of 9-30-09: Moody's Tax Revenue Final Investors Issue Supported Supported Maturi Rating Insured 1997 W & S Rev. Bonds $ - $ 2,525,000 06-15-16 A3 1998 Tax & Rev. Refunding Bonds - 2,035,000 12-15-11 A3 1998 W & S Rev. Refunding Bonds - 2,430,000 12-15-11 A3 2000 Tax & Rev. C 0. 4,175,000 - 12-15-19 A3 2000 W & S Rev. Bonds - 7,045,000 06-15-20 A3 2001 Tax & Rev. R funding Bonds - 1,745,000 06-15-12 A3 2002 Tax & Rev. C 0. 4,535,000 - 12-15-21 A3 2003 General Obligation Refunding Bonds 1,970,400 2,134,600 12-15-14 A3 Total $10,680,400 $17,914,600 The City has no lease/purchase agreements outstanding. A $120,600 note payable fo the construction of aircraft hangars and associated appurtenances at the City's Cox Field was obtained February 27, 1991. The note bears an interest rate of 5% with principal and interest payments made in annual installments. The current prin ipal outstanding is $17,994. Final payment is due August 21, 2011. 1-5