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<br /> e e
<br /> FINANCIAL STATEMENT
<br /> e City of La Porte, Texas
<br /> (As of Spetember 3D, 1980)
<br /> Adjusted to Include $800,000 Certificates of Obligation, Series 1980
<br /> On April 28, 1980, the Cities of La Porte and Lomax consolidated and subsequently the City of La Porte 88-
<br /> summed all of the assets and liabilities of the City of Lomax. The following reflects the valuation of both
<br /> cities prior to consolidation and the City of La Porte after consolidation.
<br /> 1980 Estimated 1980 Assessed
<br /> Actual Value Valuation (80\ of Actual).
<br /> City of La Porte $419,233,310 $335,386,650
<br /> City of Lomax 39,174,897 31,339,918
<br /> Total Consolidated - City of La Porte $458,408,207 $366,726,568
<br /> General Obligation Debt:
<br /> Presently Outstanding Bonds .,.....,.....,................ $6,355,000
<br /> Assumed City of Lomax Bonds .....................,....... 615,000
<br /> These Certificates of Obligation, Series 1980 ,.'.,.,........ 800,000
<br /> Gross Debt .,.............................................. $7,770,000
<br /> Less: Interest . Sinking Fund .........".."............. 271,486
<br /> General Obligation Net Debt ..............................."............................. $7,498,514
<br /> Ratio of General Obligation Net Debt to:
<br /> 1980 Estimated Total Consolidated Actual Value ............. 1. 64\
<br /> 1980 Total Consolidated Assessed Valuation ................. 2.05\
<br /> 1980 Estimated Population (Consolidated) .... 14,500 Per Capita Net Debt ..................... $517 .
<br /> Per Capita Assessed Valuation .............. $25,291 Area of City - 16.8 Sq. Miles.... 10,752 Acres
<br /> ~oth cities claim an assessment ratio of 80% of actual value. The most recent study done by the Tax Re-
<br /> e search Association, Houston, Texas, dated January 1979, which was based on 1978 assessments and 1977
<br /> real estate sales, indicates assessment ratios of 50.33\ for the City of La Porte and 63.54\ for the City of
<br /> Lomax.
<br /> Not included in the above Debt Statement are $200,000 Waterworks and Sewer System Revenue Bonds and
<br /> $20,000 Airport Revenue Bonds.
<br /> TAX COLLECTION PERIOD
<br /> Tax bills are sent .out October 1, each year, and taxes are delinquent
<br /> after January 31. No split payments are allowed and no discounts are
<br /> given on punctual tax payments. Penalty and interest on delinquent
<br /> payments are rigidly enforced.
<br /> TAX COLLECTION DATA
<br /> City of La Porte After consolidation with the City of Lomax:
<br /> Tax Assessed Effective \ Tax CoDectiona Year
<br /> Year Valuation Tax Rate Cu....~~ Total Endinsr
<br /> 1973 $109,591,496 $0.922 97.97 100.07 9/30/74
<br /> 1974 119,951,598 .923 96.74 91.96 9/30/75
<br /> 1975 125,484,665 .923 96,81 99.05 9/30/76
<br /> 1976 138,814,6~? ,923 97.61 99.69 9/30/71
<br /> 1977 154,486,203 1.05 97.04 99.17 9/30/78
<br /> 1978 199,287,731 .931 95.20 97.62 9/30/79
<br /> 1979 222,276,990 .926 95.90 98.69 9/30/80
<br /> 1980 366,726,568 .91 In process of coDection
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