CITY OF Friendswood FINANCIAL HEALTH AT A GLANCE.

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Presentation transcript:

CITY OF Friendswood FINANCIAL HEALTH AT A GLANCE

CITY OF Friendswood Bonds (credit) S&P Rating: AA- Last G.O. Bonds Election: 2013 ($24M) Issued: 2015 - $9.6M, 2016 - $8.8M, 2017 - $5.6M Total Current G.O. Debt: $41.1M FY19 G.O. Debt Service Payments: $3.2M

CITY OF Friendswood FY19 Adopted Budget Revenue: $58.6M & Expenditures: $58.3M 2018 Net Taxable Property Value: $3.4B Tax Rate: $0.5324/$100 valuation M&O Rate - $0.4372 & Debt Service - $0.0952

CITY OF Friendswood Restricted Revenue $19.6M Property Taxes for Debt Service Payments Sales Taxes for Streets Improvement & FDEDC Court Security/Technology Fees Bond Construction Funds Park Land Dedication & Trust Funds Vehicle Replacement Internal Lease Fees Utility Service & Impact Fees for Debt Service Payments

Effective Tax Rate (ETR) CITY OF Friendswood Effective Tax Rate (ETR) Tax rate which generates the same amount of revenue on properties taxed in the current and prior years Property Value ETR 2018 ETR = $0.5324/$100 valuation

CITY OF Friendswood Property Tax Exemptions 20% Homestead Over 65 Exemption - $25K Disabled Person - $25K Disabled Veterans & Surviving Spouses Friendswood 2018 Property Tax Exemptions - $743M

CITY OF Friendswood Legal Debt Margin Tax Rate = $1.50/$100 valuation Annual Debt Service Obligation = $44.7M Translation: City’s tax base could support G.O. bond issuances resulting in a tax rate up to $1.50 and $44.7M in additional annual principal & interest payments.

CITY OF Friendswood Pay-As-We-Go Theory Using cash to fund operating and capital expenditures Pros: Limited/No additional debt Less future tax burden Cons: No generational equity Front-end tax and/or revenue generation Reduced services Project funding limitations

Summary of Capacity Tax Rate Impact Analyses CITY OF Friendswood

CITY OF Friendswood Tax Bill Impact