|
CITY OF LA PORTE
<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 $35.8 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 />GovernmentalBusiness-typeTotal
<br />ActivitiesActivitiesActivities
<br />201920182019201820192018
<br />General Obligation Bonds$16,425,000$ 18,895,000$ -$ 16,425,000-$ $ 18,895,000
<br />Certificates of Obligation19,405,00020,670,000 - - 19,405,00020,670,000
<br />Premium on Issuance1,068,3781,335,219 - - 1,068,3781,335,219
<br />Developer Agreements2,624,6615,722,791 - - 2,624,6615,722,791
<br />Compensated Absences3,214,5173,246,904129,050143,9993,343,567 3,390,903
<br />Net Pension Liability - TMRS21,333,83410,341,6472,303,6741,197,22723,637,508 11,538,874
<br />Net Pension Liability - TESRS136,398156,731 - - 136,398156,731
<br />Total OPEB Liability44,610,69042,778,5066,020,6945,767,73350,631,384 48,546,239
<br />Totals$108,818,478$ 103,146,798$8,453,418$ 7,108,959$ 117,271,896$ 110,255,757
<br />ECONOMIC FACTORS AND NEXT YEAR’S BUDGETS AND RATES
<br />During the upcoming year, the will have no increase in property tax rate and no utility fund rate increase.
<br />The fiscal year 2019-2020 budget includes the following highlights:
<br />Merit increases for non-civil service employees - $532,412
<br />Market adjustment for non-civil service, non-emergency employees - $967,588
<br />Meeting and conference increases for civil service employees - $281,702
<br />No change in employee contribution for health insurance
<br />Capital projects of approximately $14.4 million (including $3.2 million from Street Maintenance
<br />Sales Tax Funding)
<br />Vehicle replacement of $1,368,824
<br />Transfer of $5.5 million from the General Fund for CIP
<br />Transfer of $2.0 million from General Fund for the Insurance Fund
<br />17
<br />DRAFT 02.25.2020
<br />
<br />
|