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<br />FINANCIAL HIGHLIGHTS <br /> <br />The City continued to improve its financial position during <br />fiscal year 1980 and concluded with net cash available (cash and <br />temporary investmen ts less current payables) in the General Fund of <br />$722,000, an increase of $190,000 over the previous year. Approxi- <br />mately, $200,000 of this net cash available has been committed to the <br />1980-81 General Fund budget. In addition, the City has endeavored to <br />maintain a working capi tal balance equal to two months of operating <br />expenditures or approximately $500,000. <br /> <br />Through aggressive and responsible financial management, <br />there has been no increase in tax rates since 1975. The net tax for <br />1980 increased by only 3.9% over 1979. This was accomplished while <br />maintaining the same tax rate and assessment ratio since 1975. This <br />was made possible by an increase of $18,256,746 in taxable property <br />values over that period. <br /> <br />DEBT ADMINISTRATION <br /> <br />As of September 30, 1980, the City's estimated legal debt <br />limit was $17 million; however, the City had only $1.1 million of net <br />general long-term debt outstand ing, leaving a legal debt marg in of <br />$15.9 million. <br /> <br />The ratio of net bonded debt of $1,133,000 to assessed <br />property values total ing $ 113,557 ,000 was 1 %, while net bonded debt <br />per capita totaled only $51.01. The City's bonded debt per capita is <br />extremely low, as evidenced by a comparison to cities of similar <br />population. <br /> <br />General Bonded Debt per Capita <br /> <br />1980 <br />1979 <br />1978 <br /> <br />SAN <br />MARCOS <br />$51.01 <br />52.71 <br />60.20 <br /> <br />COMPARABLE CITIES (BASED ON POPULATION) <br />GREENVILLE DUNCANVILLE MARSHALL KINGSVILLE <br />$182.97 $119.78 $133.02 $86.09 est. <br />200.58 194.47 134.69 73.02 <br /> <br />The City's ratio of annual debt service expenditures for <br />general obligation bonded debt to total general governmental expendi- <br />tures decreased again for the year ended September 30, 1980. At <br />September 30, 1980, annual debt service represented only 6.2% of the <br />total general governmental expenditures compared to 6.8% for <br />September 30, 1979. <br /> <br />- 3 - <br /> <br />Harold V. Simpson & Company, Certified Public Accountants, Austin, Texas <br />