CITY OF GEORGETOWN 2015 DEBT OVERVIEW
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1 CITY OF GEORGETOWN 2015 DEBT OVERVIEW City Council Workshop February 24, 2015
2 BUDGET WORKSHOP Debt Overview DEBT OVERVIEW COMPENSATION, BENEFITS, & SELF INSURANCE FOCUS AREA: TRANSPORTATION & CIP FOCUS AREA: ECONOMIC DEVELOPMENT & CIP FOCUS AREA: PUBLIC SAFETY FOCUS AREA: SIGNATURE DEST. & GCP FOCUS AREA: UTILITY & CIP FOCUS AREA: CROSSCUTTING THEMES FISCAL & BUDGETARY POLICY FOCUS AREA: SIGNATURE DESTINATION & RELATED GCP FIVE YEAR PLAN UPDATE BUDGET PARKING LOT ANNUAL BUDGET PRESENTATION BUDGET PUBLIC HEARINGS BUDGET ADOPTION
3 WHY ISSUE CITY DEBT? Population Growth Demands Stretches pay as you go resources Impacts continued economic viability
4 COST / BENEFIT OF DEBT FUNDING Long term debt funding considered for captial improvements when: Useful life of asset exceeds any debt repayment Future citizens are benefited Maintains stability of City s tax rate Shorter term debt provides consistency for funding and replacement
5 IMPACTS OF BOND RATINGS Rating Agencies review financial and management conditions Determine City s Credit Worthiness Impacts interest rates and cost of debt City s Current Bond Rating: Standard & Poor s reviewed annually AA+ General Obligation AA Revenue (Just upgraded in 2014) Moody s A2 General Obligation & Revenue
6 DEBT TYPE General Obligation Backed by City s ability to tax for repayment of debt Results in lower interest rates General Obligation Bonds Repaid through property taxes Approved thru referendum by voters Usually used for large or controversial items & projects Significant impact to the tax payers Usually amortized of 20 years
7 DEBT TYPE Certificates of Obligation Allowed under Texas State Law Considered Routine Public Notice required Generally considered Tax Supported Majority 20 year bonds Maturities match life of asset City issues self supporting CO debt City saves on interest cost by issuing CO debt rather than revenue bonds Repaid through fees or rates
8 DEBT TYPE Other Types: Tax Supported Debt Limited Tax Notes Previously used when market conditions are not favorable or as bridge financing Doesn t require notice of intent Planned for Rivery Summit Project Certificates of Participation Usually 3 year notes Typically used to fund equipment
9 DEBT TYPE Revenue Bonds Funds the City s utility infrastructure Issued on Electric/Water/Wastewater system Currently 20 year bonds level debt service) Repaid through system revenue Coverage required Number of times debt service can be divided into net operating revenues (before capital) 1.35 times bond covenants 1.5 times City Fiscal & Budgetary Policy
10 CITY CURRENT DEBT OUTSTANDING
11 GO/CO DEBT OUTSTANDING As of December 31, 2014: $103,056,309 Tax Supported Includes: $14,570, Authorization All Issued $23,100, Authorization $30,400,000 Authorized Not Issued Roads $28,000,000 Authorized Not Issued Parks $29,500, Authoriztion All Issued
12 GENERAL GOVERNMENT TAX SUPPORTED DEBT
13 CURRENT TAX RATE IMPACTS I & S rate = $ / per $100 Includes: Certificates of Obligation $ Non voter approved bonds routine operations General Obligation Bonds = $ Voter approved bonds Issued to Date 2004 Facilities = $0.032 / Contract with voters = $ Park/Roads = $0.042 / Contract with voters $ Public Safety Training & Operations = $0.041
14 GO/CO DEBT PAYMENTS
15 GENERAL DEBT CAPACITY Allowable Levy $1.50 per $100 valuation Current Levy $ Percentage of Allowable Used 15.11%
16 SELF SUPPORTING GO/CO Debt Outstanding As of December 31, 2014: $16,760,348 Self Supported Includes: $13,144,297 GTEC $3,012,205 Stormwater Drainage $603,847 Airport
17 GO/CO DEBT Year End Historical Fiscal Year Tax Supported Self-Supported 2004/05 $28,140,892 $20,675, /06 $37,583,855 $21,111, /07 $52,326,112 $21,068, /08 $54,293,528 $20,661, /09 $57,097,773 $25,692, /10 $68,987,618 $26,217, /11 $74,674,860 $25,135, /12 $97,392,121 $19,457, /13 $102,337,359 $17,892, /14 $103,056,309 $16,760,348 Self Supported includes GTEC
18 GO/CO DEBT Breakdown by Type
19 REVENUE BONDS Outstanding Balances As of December 31, 2013: $72,153,351 Includes: $30,278,048 Electric Fund $41,875,303 Water Services Fund (Water/Watewater)
20 REVENUE DEBT Year End Historical Fiscal Year Water Electric Services Services 2004/05 $30,195,976 $9,868, /06 $28,076,208 $17,808, /07 $27,268,155 $23,801, /08 $32,655,050 $24,624, /09 $30,359,178 $23,280, /10 $37,977,843 $24,882, /11 $35,511,352 $23,218, /12 $32,467,189 $26,582, /13 $31,941,806 $26,473, /14 $41,875,303 $30,278,048
21 REVENUE DEBT Historical
22 CITY DEBT PERFORMANCE & COMPARISON INDICATORS
23 TOTAL TAX GUARANTEED DEBT PER CAPITA (Includes Self Supporting Debt)
24 CITY ASSETS NET OF RELATED DEBT
25 DEBT TO ASSESSED VALUATION COMPARISON
26 UTILITY REVENUE BOND COVERAGE
27 OUTSTANDING UTILITY DEBT PER CUSTOMER
28 TOTAL ELECTRIC DEBT COMPARED TO ELECTRIC ASSETS
29 TOTAL WATER SERVICE DEBT COMPARED TO WATER SERVICE ASSETS
30 2015 UPCOMING DEBT ISSUES
31 2015 BUDGETED DEBT Certificates Obligation: $3.6M Tax Supported Downtown Projects Sidewalks on 11 th Street and 2 nd Street Parks Projects Williams Drive pool facilities rehab & other improvements (ADA compliance) San Jose Splash Pad Airport improvements Public safety equipment & vehicles Provides matching funds for Early Warning System
32 2015 BUDGETED DEBT Certificates Obligation: $3.7M Tax Supported Transitional Response Vehicles (2) Repaid through SRF fee recovery revenue Stormwater Drainage Continue Smith Branch buy out program Westside Service Center Conservation site Repaid through conservation fees General Obligation Bonds: $4.4M 2008 Bond Authorization Completes funding for FM1460
33 2014 BUDGETED DEBT Revenue Bonds: $8M Electric improvements Solar Farms Substation improvements Water improvements Shell Road Water line Rabbit Hill Elevated Storage Tank Wastewater improvements Westinghouse improvements Berry Creek Interceptor
34 FOR CONSIDERATION Sizing the Issue Final bond Total will be base upon: Timing of projects to be funded Projects that are delayed not included in bond issue Finalized costs are known Other funding sources identified YE 2014 unexpected General Fund Excess FB Estimated $475,000 available Audit adjustments will be finalized Western District unallocated ROI revenue Estimated at $600K less approved 1 time expenses (CM) Will be discussed with Council on February 24th
35 NEXT STEPS Council authorizes SPFI to proceed with bond documents (2/24/15) Council approves Notice of Intent to issue CO Debt (3/10/15) Not to Exceed amount finalized Offering documents finalized Rating Agency presentation (late March) April 14 Bond Sale Council adopts Bond Ordinances May 15 Bond Closing City receives bond proceeds
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