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City of La Porte, Texas
<br />Long Range Projection for the La Porte Development Corporation
<br />Section 46 1/2 Cent Sales Tax
<br />Method 1 -Issue Debt for Projects
<br /> Actual Projected Projected Projected Projected Projected Projected Projected Projected Projected
<br /> 1998-99 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08
<br />Beg Working Capital Balance 0 45,706 875,817 881,633 968,248 705,660 496,705 343,346 247,608 211,585
<br />Plus Revenues:
<br />Sales Tax
<br />484
<br />50
<br />900
<br />000
<br />922
<br />500
<br />945
<br />563
<br />969
<br />202
<br />993
<br />432
<br />1
<br />018
<br />267
<br />1
<br />043
<br />724
<br />1
<br />817
<br />069 •
<br />1
<br />0
<br /> , , , , , , ,
<br />, ,
<br />, ,
<br />, ,
<br />96,563
<br />Interest 222 21,361 21,503 23,616 17,211 12,115 8,374 6,039 5,161 5,791
<br />Total Revenue 50,706 921,361 944,003 969,178 986,413 1,005,546 1,026,642 1,049,763 1,074,978 1,102,354
<br />Less Expenses
<br />Operations 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000
<br />Projects 0 0 500,000 0 0 0 0 0 0 0
<br />$3 issue in 99-00 0 86,250 318,188 309,563 300,938 292,313 283,688 275,063 266,438 257,813
<br />$4 issue in 00-01 0 0 115,000 424,250 412,750 401,250 389,750 378,250 366,750 355,250
<br />$5 issue in 01-02 0 0 0 143,750 530,313 515,938 501,563 487,188 472 813 458,438
<br />Total Expenses 5,000 91,250 938,188 882,563 1,249,001 1,214,501 1,180,001 1,145,501 1,111,001 1,076,501
<br />Ending Balance 45,706 875,817 881,633 968,248 705,660 496,705 343,346 247,608 211,585 237,438
<br />Assumptions:
<br />Annual growth of the 1/2 cent Sales Tax will be at 2.5% per year.
<br />Interest will be earned at 5% on average balance
<br />A debt issue of $3 million will occur in March 2000 •
<br />A debt issue of $4 million will occur in March 2001
<br />A debt issue of $5 million will occur in March 2002
<br />If these assumptions hold true, it will be about 2009 before another debt issue could be supported.
<br />Debt issues are based on a 20 year term and an average interest rate of 5.75%.
<br />The $3 million issue in March 2000 is targeted for the Community Library.
<br />The $4 million issue in February 2001 will probably be for the Bay Area Boulevard extension.
<br />Projects for the $500,000 in FY 2000-2001 and the $5 million issue in February 2002 have not been identified.
<br />CJ1
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