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CITY OF LA PORTE, TEXAS <br />MANAGEMENT’S DISCUSSION AND ANALYSIS (continued) <br />Long-term Debt. <br /> At the end of the current fiscal year, the City had total bonded debt outstanding of <br />$39.5$36.5 <br /> million. Of this amount, million is backed by the full faith and credit of the City, and the <br />remainder represents revenue bonds secured solely by specified revenue sources. <br />The City of La Porte maintains and “Aa2”, “AA”, and “AA“ by Moody’s, Standard and Poor’s and Fitch <br />respectively for general obligation debt. The revenue bonds have been rated “NR”, “AA”, “NR” by <br />Moody’s, Standard and Poor’s and Fitch respectively. <br />Additional information on long-term debt activity can be found in note 6 to the financial statements. <br />Economic Factors and Next Year’s Budgets and Rates <br />The unemployment rate for the City of La Porte is currently 6.4 percent which is an increase from the <br />rate of 6.3 percent a year ago. This is higher than the state’s average unemployment rate of 6.3 percent <br />which is less than the national average of 7.2 percent. During the upcoming year, the City will closely <br />monitor the volatility in the housing market. Although our area has not been adversely affected by <br />home foreclosures, we will observe future economic changes. Total assessed value for all residential <br />and commercial property in the City of La Porte exceeded $2.3 billion for fiscal year 2013. The trend <br />for total assessed values has fluctuated slightly over the past five years resulting in a total increase of 6 <br />percent. <br />Assessed property values trends (in billions): <br />υЋ͵Ѝ <br />υЋ͵Ѝ <br />υЋ͵Ќ <br />υЋ͵Ќ <br />υЋ͵Ћ <br />υЋ͵Ћ <br />υЋ͵Њ <br />ЋЉЉВЋЉЊЉЋЉЊЊЋЉЊЋЋЉЊЌ <br />10 <br /> <br />