City of San Marcos Debt Trends and How They Compare to Other Texas City’s
Tomorrow the San Marcos City Council is holding a meeting they call a “Pre-Budget Workshop” (you can find the agenda here) for Fiscal Year Oct 2015 – Sept 2016.
Corridor News wanted to give some information concerning the city’s debt from the Texas Comptrollers website. It seems to us that San Marcos’ overall and per capita debt is something that every resident should be concerned about due to the amounts below.
The only thing we, as citizens can do, is show up at these meetings and voice our opinions, remember our children are going to be straddled with this debt, and the San Marcos City Council works for their citizens, not the other way around.
Unfortunately, the most updated information that is available from the Texas State Comptrollers office is up to August 31, 2013.
Below you will also find some links for additional information provided by the Texas Comptroller website.
When the Texas State Comptroller releases updated information, Corridor News will publish it immediately.
CITY OF SAN MARCOS CURRENT DEBT OBLIGATIONS
Debt Outstanding San Marcos, Texas as of August 31, 2013
**Debt outstanding is the principal owed over the remaining life of all debt issues
|
Type of Debt |
Amount |
|
Tax Supported Debt: **Tax-supported debt is backed by a pledge of property taxes levied within the issuer’s boundaries. Some tax-supported debt may be secured by a combination of property taxes and other revenue sources. It generally must be voter-approved (with exceptions for COs, tax notes, school district maintenance tax notes, and certain county road bonds and contractual obligations for personal property.) |
$229,060,000 |
|
Revenue Supported Debt: **Revenue-supported debt is secured by non-property tax revenue such as sales tax, tuition, admissions to athletic events, tolls, or water, gas, or electric municipal utility charges. As used in this site, it does not include debt that is also payable from property taxes. Revenue-supported debt generally does not require voter approval. |
$46,505,000 |
|
Lease-Purchase Obligations: **Lease Purchase is financing the purchase of an asset over time through lease payments that include principal and interest. Lease purchases can be financed through a private vendor. |
$0 |
Source: Texas Bond Review Board
SALES TAX RATE IN FISCAL YEAR 2012 $0.015000
PROPERTY TAX RATE IN CALENDAR YEAR 2012 $0.530200
HOW SAN MARCOS COMPARES
Tax-Supported Debt Outstanding for Cities of Similar Size, as of August 31, 2013
|
City Name |
Tax Supported Debt Outstanding |
Tax Supported Debt Outstanding Per Capita |
Population |
|
Rowlett |
$81,585,000 |
$1,406 |
58,043 |
|
Georgetown |
$125,830,000 |
$2,292 |
54,898 |
|
Port Arthur |
$64,950,000 |
$1,200 |
54,135 |
|
SAN MARCOS
|
$229,060,000
|
$4,236
|
54,076
|
|
Pflugerville |
$153,275,000 |
$2,852 |
53,752 |
|
Euless |
$37,500,000 |
$705 |
53,224 |
|
DeSoto |
$82,695,000 |
$1,606 |
51,483 |
|
Grapevine |
$162,776,685 |
$3,243 |
50,195 |
|
Galveston |
$48,727,428 |
$1,000 |
48,733 |
|
Bedford |
$54,320,000 |
$1,118 |
48,592 |
Source: Texas Bond Review Board, U.S. Census Bureau
Note: The table includes San Marcos and nine cities with closest population numbers based on 2013 U.S. Census Bureau population data. Tax-supported debt does not include revenue debt and lease-purchase obligations. For cities with municipal gas and/or electric utilities, regional airports, or other capital assets not common to cities generally, Tax-Supported Outstanding Debt may include debt for infrastructure that in other cities is carried by private enterprises, a public facility corporation or not at al
MOST RECENT BOND ELECTION
PROPOSED BOND ISSUANCES
|
Election |
Proposition |
Purpose |
Amount |
|
CITY OF SAN MARCOS None. |
|||
**Note: Reflects only referenda currently known and verified by the Comptroller’s office at this time.
The City of San Marcos had no recent bond elections. Visit our bond election roundup to see all local bond election results from May 2013 or later.
Source: City of San Marcos
Note: Does not reflect authorized but unissued debt, if any, approved at earlier elections.
PROPOSED BOND ISSUANCES
San Marcos does not have any proposed bonds coming up at this time.
DEBT TRENDS
TAX-SUPPORTED DEBT PER CAPITA
CHANGED BY +227.9%
FROM 2004 TO 2013.
AUTHORIZED BUT UNISSUED TAX-SUPPORTED DEBT
After voters approve tax-supported debt for a local entity in an election, the entity applies to the Attorney General (OAG) to approve issuance before debt is issued. Typically, the entity does not apply for the OAG to approve the total debt package at once, but rather over time so that it can manage the projects and reduce interest expense. Authorized but unissued tax-supported debt totals are the remaining voter approved tax-supported debt that the entity has not issued yet and may be issued in the future.
AN INTRODUCTION TO UNDERSTANDING COMPREHENSIVE ANNUAL FINANCIAL REPORTS
When you’re ready to learn about a public entity’s fiscal health, you’ll find a great deal of information in comprehensive annual financial reports (CAFRs) and other yearly reports. Often posted online alongside other financial information, CAFRs report an entity’s accounting statements, debts and other key information for the past year.
But sometimes that information can be tricky to find – and tough to understand. Because of that, our office compiled some tips for locating an entity’s CAFRs and for understanding them. You’ll learn how all CAFRs have certain similarities and when and why different entities’ CAFRs will differ in key ways. Plus, we detail strategies for pinpointing the debt, expenditure and revenue information you need to hold a government entity accountable.
Note that the data in the following publications is presented as of the dates indicated in the publications and may not reflect debt, population or other data as of any subsequent date. For further or more current information, see the applicable entity’s web site or its most recent filings at Electronic Municipal Market Access (EMMA®). The Comptroller does not control or guarantee the accuracy, completeness, or currency of any such site. When you access any such site, you will be leaving the Comptroller’s website.
Read our Guide to Understanding
Comprehensive Annual Reports (CAFRs)
