|
Long -term debt. At year -end, the City had $176.0 million in General Obligation Bonds, Combination
<br />Tax and Revenue Certificates of Obligations and Revenue Bonds outstanding as compared to $136.01
<br />million at the end of the prior fiscal year, an increase of 29.4 %. For more detailed information on long-
<br />term debt, please refer to the accompanying notes on pages 42 — 45.
<br />TABLE 5
<br />CITY OF SAN MARCOS' OUTSTANDING DEBT AT YEAR -END
<br />Governmental Activities Business -type Activities Totals
<br />2007 2006 2007 2006 2007 2006
<br />General obligation bonds $ 12,925,000 $ 28,115,000 $ - $ - $ 12,925,000 $ 28,115,000
<br />Certificates of obligation 58,485,000 12,300,000 - - 58,485,000 12,300,000
<br />Revenue bonds - - 104,580,000 95,595,000 104,580,000 95,595,000
<br />$ 71,410,000 $ 40,415,000 $ 104,580,000 $ 95,595,000 $ 175,990,000 $ 136,010,000
<br />During this fiscal year, General Obligation Bonds and Combination Tax and Revenue Bonds totaling
<br />$47,335,000 were issued to fund both general obligation and revenue projects.
<br />The City has maintained its A+ rating from Standard and Poor' s Corporation, and its Al rating from
<br />Moody's Investor Services on its tax supported debt. The City has also maintained its A rating from
<br />Standard and Poor's Corporation, and its A2 rating from Moody's Investor Services on its water and
<br />wastewater revenue bonds. The City is permitted by Article XI, Section 5, of the State of Texas
<br />Constitution to levy taxes up to $2.50 per $100 assessed valuation for general governmental services
<br />including the payment of principal and interest on general obligation long -term debt. The current ratio
<br />of net tax - supported debt to assessed value of all taxable property is 3.2 %.
<br />The City sponsors an employee benefit plan that provides partially self - insured medical and self - insured
<br />dental coverage to employees and voluntary coverage to their participating dependents. The plan is
<br />designed to provide a specified level of coverage, with excess insurance coverage provided by specific
<br />and aggregate reinsurance. The City's maximum medical claim exposure is limited to $85,000 in claims
<br />per covered person and a dental benefit of $1,250 per covered person per year. Aggregate coverage
<br />based on a monthly enrollment limits the medical claims exposure. Claim liability was $795,920 at
<br />September 30, 2007, compared to $898,440 at September 30, 2006.
<br />11
<br />
|