SAN MARCOS – San Marcos’ total debt equals $4,994 for every man, woman, and child who lives in San Marcos as of August 2018 and not one resident spoke at the first public hearing for the upcoming budget.
On Tuesday, the San Marcos City Council will hold the final reading and vote to finalize your property tax rate and their FY 2021 budget.
On September 1, the council held the first of two public hearings that would have allowed residents to say how much your new tax rate will be, spending in the coming year, and how much they are in debt.
Not one resident of San Marcos spoke for or against the proposed budget.
THE CITY OF SAN MARCOS
DEBT AT A GLANCE AS OF AUGUST 31, 2018
San Marcos was home to 63,509 Texans in 2018.
Its residents had a median income of $34,748 in 2016. The data on this page is provided as of the date indicated and may not reflect debt, population, or other data as of any subsequent date.
In addition, the debt is shown for the city only, and not for other political subdivisions that may have outstanding debt, taxing powers, and the same boundaries as the city.
Current Debt Obligations
Debt Outstanding San Marcos, Texas as of August 31, 2018
- Debt Outstanding is the principal owed over the remaining life of all debt issues.
How San Marcos Compares
Tax-Supported Debt Outstanding for Cities of Similar Size As San Marcos, as of August 31, 2018
Note: The table includes San Marcos and nine cities with the closest population numbers based on the 2018 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 all.
Certificates Of Obligation Issuances
Certificates of Obligation (COs) allow certain cities, counties, and hospitals or health districts to issue debt without voter approval (unless a referendum is petitioned) and are backed by tax revenue, fee revenues, or a combination of the two.
To learn more about the finances of public pension plans that may operate in this jurisdiction, please visit our public pension search tool.
San Marcos Tax-Supported Debt Per Capita Outstanding at Fiscal Year End: 10-Year Trend
Note: Reflects debt in 2018 dollars divided by the estimated population in the relevant year. Some debt issued before 2008 may not be reflected.
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 the Texas Comptroller’s Guide to Understanding Comprehensive Annual Reports (CAFRs).
Local Sales Tax Revenues and
How it Affects Your Property Taxes
In 1987, the voters authorized the city to collect an additional half-cent of sales tax that “is dedicated solely to the reduction of property taxes.”
According to the city, without the half-cent sales tax dedicated to property tax reduction, the city’s ad valorem tax rate would have to be 23.52 cents more, or 84.91 cents per $100 of assessed value, to support the programs and services provided to San Marcos residents.
Sales tax revenues represent 44.4% of total General Fund revenue projected for the fiscal year 2020.
Sales tax receipts are the largest single revenue source supporting general governmental services in San Marcos. Consistent retail sales have kept this revenue stream steady for the past several years.
When comparing historical sales tax collections by segment, the percentage represented by retail collections has decreased while other segments have increased, indicating a small diversification in the sales taxes produced in the City.
It is important to note that sales tax revenues are a volatile funding source and are subject to shifts in local, state, and national economies.
10-Year Appraisal Roll History For San Marcos Is Up Over 100%
(*per property & per tax year)
The FY 2020 budget forecasted to raise more total property taxes than last year’s budget by $3,609,774 OR 11.7 percent and of that amount $815,568 is tax revenue to be raised from new property added to the roll this year.
According to the current proposed FY 2021 Budget, it is forecasted “to raise more total property taxes than last year’s budget by $2,714,724 or 7.9%, and of that amount, $1,494,301 is tax revenue to be raised from new property added to the roll this year.”