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CITY OF LA PORTE
<br />MANAGEMENT'S DISCUSSIONAND ANALYSIS (continued)
<br />LONG-TERM DEBT
<br />At the end of the current fiscal year, the City had total bonded debt outstanding of $39.6 million. This
<br />amounts is backed by the full faith and credit of the City.
<br />The City of La Porte maintains an "Aa2", "AA", and "AA" by Moody's, Standard and Poor's, and Fitch,
<br />respectively, for general obligation debt.
<br />Additional information on long-term debt activity can be found on pages 54 — 56 in the notes to the financial
<br />statements.
<br />SCHEDULE OF LONG-TERM LIABILITIES
<br />Governmental
<br />Business -type
<br />Total
<br />Activities
<br />Activities
<br />Activities
<br />2018
<br />2017
<br />2018
<br />2017
<br />2018
<br />2017
<br />General Obligation Bonds
<br />18,895,000 $
<br />21,090,000
<br />$ 18,895,000 $
<br />21,090,000
<br />Certificates of Obligation
<br />20,670,000
<br />21,845,000
<br />20,670,000
<br />21,845,000
<br />Premium on Issuance
<br />1,335,219
<br />1,481,277
<br />1,335,219
<br />1,481,277
<br />Developer Agreements
<br />5,722,791
<br />6,503,334
<br />5,722,791
<br />6,503,334
<br />Compensated Absences
<br />3,246,904
<br />2,924,755
<br />143,999
<br />156,940
<br />3,390,903
<br />3,081,695
<br />Net Pension Liability -TNIRS
<br />10,341,647
<br />19,342,457
<br />1,197,227
<br />2,099,132
<br />11,538,874
<br />21,441,589
<br />Net Pension Liability -TESRS
<br />156,731
<br />227,199
<br />-
<br />-
<br />156,731
<br />227,199
<br />Total OPEB Liability
<br />42,778,506
<br />13,870,274
<br />5,767,733
<br />1,859,722
<br />48,546,239
<br />15,729,996
<br />Totals
<br />$ 103,146,798 $
<br />87,284,296 $
<br />7,108,959 $
<br />4,115,794
<br />$ 110,255,757 $
<br />91,400,090
<br />ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES
<br />The unemployment rate for the City of La Porte is currently 4.6 percent which is a decrease from the rate
<br />of 5.8 percent a year ago. This is slightly higher than the state's average unemployment rate of 3.8 percent
<br />which is more than the national average of 3.7 percent.
<br />During the upcoming year, the City will have no increase in the tax rate, no utility fund rate increase, and
<br />will have merit pay and meet and confer increases for non -civil service and civil service employees in the
<br />amount of $732,612. The capital projects include $1.8 million for park and maintenance improvements,
<br />$650,000 for private fiber optic lines, $1.8 million for utility improvements, $10.3 million for utility
<br />improvements funded by bond issue, $1.2 million for street improvements, $922,000 for drainage
<br />maintenance improvements and $433,000 for East Main Street sidewalk project. Also in fiscal year 2019
<br />are included vehicle replacement for $664,590, a $1.2 million transfer from the General Fund for capital
<br />improvements and a $2.0 million transfer from the General Fund for health insurance.
<br />17
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