Annual Report of Local Debt Information (Pursuant to Local Government Code, Section ) Fiscal Year Ended September 30, 2017

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1 Annual Report of Local Debt Information (Pursuant to Local Government Code, Section ) Fiscal Year Ended September 30, 2017 This report was posted on the City s website on.

2 Overview of Certain Financial/Bond Ratings Credit Ratings: The City of Santa Fe, Texas (the City ) maintains independent ratings from certain nationally recognized credit rating agencies, such as S&P Global Ratings that evaluates the City s financial strength and its ability to pay its existing bonds. The current credit rating for the City is displayed below: Bond Credit Rating General Obligation Debt S&P AA- S&P Global Ratings: Assigns a AA- credit rating to the City, defined as Having very strong capacity to meet its financial commitments. It differs from the highest-rated obligors only to a small degree. For comparison purposes, S&P Global Ratings assigns a credit rating of AA to the United States of America. 1

3 Overview of Historical Bond Elections The following summarizes the City s General Obligation bond programs approved by voters : City s Historical Bond Elections Approved By Voters Election Date Purpose Population Election Amount Dollar Amount Remaining To Be Issued May 11, 2013 Justice Center 12,684 $3,550,000 $0 Total Dollar Amount Of Authorized But Unissued Bonds - As of September 30, 2017: $0 Source: Texas Bond Review Board, U.S. Census Bureau, City s Audited Financial Statements and City records. 2

4 Historical Population 18,000 16,000 14,000 12,000 Over the last 5 years, the number of residents within the City has increased by 495 or an increase of 3.95%. 12,520 12,684 12,520 12,700 12,860 13,015 Population 10,000 8,000 6,000 4,000 2, / / / / / /17 Source: City Audited Financial Statements and City records. 3

5 Historical Tax Rates $0.50 $0.45 Since 2011/12, the City s total tax rate has increase by 1.84 cents. Property Tax Rate Per $100 Valuation $0.40 $0.35 $0.30 $0.25 $0.20 $0.15 $0.10 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $0.05 $ / / / / / /17 Maintenance & Operations Tax Rate Interest & Sinking Fund Tax Rate Source: City s Audited Financial Statements and City records. 4

6 City s Historical Property Taxes For Various Appraised Home Values $1,200 $1,000 $934 $944 $1,111 $1,077 $1,035 $989 Annual Property Taxes $800 $600 $400 $623 $629 $740 $718 $690 $660 $200 $311 $315 $370 $359 $345 $330 $0 2011/ / / / / /17 $100,000 Appraised Home Value $200,000 Appraised Home Value $300,000 Appraised Home Value 5

7 Composition of Total Assessed Valuation Year 2016/17 The City s Total Assessed Valuation for Year 2016/17 was $844,595,113 Multi-Family Residential 0.8% Single-Family Residential 81.3% Vacant Lots, Acreage, Farm & Ranch Improvements 7.6% Oil, Gas & Minerals 0.2% Business, Commercial, Industrial, Utilities, Other 10.1% Source: Texas Comptroller. 6

8 Historical Taxable Assessed Valuation and Taxable Value Per Capita Taxable Assessed Valuation* $800 Mil $700 Mil $600 Mil $500 Mil $400 Mil $300 Mil $200 Mil $569,808,122 TheCity staxablevaluepercapita has increased from $45,512 to $56,816 over the last 5 years. $45,512 $577,483,193 $45,528 $580,971,655 $46,403 $609,788,383 $48,015 $675,514,442 $52,528 $739,461,348 $56,816 $70,000 $60,000 $50,000 $40,000 $30,000 Taxable Value Per Capita $100 Mil $20,000 $0 2011/ / / / / /17 $10,000 Taxable Assessed Valuation* Taxable Value Per Capita Source: Texas Comptroller and City s Audited Financial Statements. 7

9 Tax-Supported Debt Service By Series $350,000 $300,000 As of September 30, 2017 Principal $3,015,000 + Interest 1,169,075 = Total $4,184,075 Annual Bond Payments $250,000 $200,000 $150,000 $100,000 $50,000 $0 2017/ / / / / / / / / / / / / / / /33 General Obligation Bonds, Series 2013 Note: Debt service payments reflect payments from October 1 through September 30. Source: City s Audited Financial Statements and City records As of September 30,

10 Tax-Supported Debt Service By Principal and Interest $350,000 $300,000 For each $1.00 of tax-supported bonds issued, the City pays $0.39 in interest. Annual Bond Payments $250,000 $200,000 $150,000 $100,000 $50,000 $0 2017/ / / / / / / / / / / / / / / /33 Principal Interest Note: Debt service payments reflect payments from October 1 through September 30. Source: City s Audited Financial Statements and City records As of September 30,

11 Summary of Tax-Supported Debt Outstanding By Series As of Fiscal Year Ended September 30, 2017 No. Issue Description Purpose 1 General Obligation Bonds, Capital Series 2013 Improvements Original Principal Amount Outstanding Principal Total Outstanding Debt Service Outstanding Principal Per Capita Outstanding Debt Service Per Capita Final Maturity Date Partially Secured by Ad Valorem Taxes Total Proceeds Received Spent Proceeds Uns pent Proceeds $3,535, $3,015, $4,184, $ $ /01/2033 Yes $3,707, $3,707, $0.00 Source: City s Audited Financial Statements and City records. Per capita figures are based upon an estimated population of 13,

12 Inflation-Adjusted Tax-Supported Debt Per Capita $450 $400 Reflects an estimate of City s principal amount of tax-supported debt outstanding per capita, with years 2011/ /16 adjusted by rate of inflation portrayed by the Consumer Price Index. $350 Bond Principal Per Capita $300 $250 $200 $150 $293 $283 $268 $251 $232 $100 $50 $0 $0 2011/ / / / / /17 Inflation-Adjusted Tax-Supported Debt Per Capita Source: City s Audited Financial Statements, 2010 U.S. Census (Interpolated), Bureau of Labor Statistics and City records. 11

13 Contact Information and Links to Additional Resources Main Office Contact Information: Physical and Mailing Address: State Highway 6 P.O. Box 950 Santa Fe, Texas Phone: (409) For additional information regarding this report, please contact: Mr. Joe Dickson City Manager Phone: (409) joe@ci.santa-fe.tx.us Links to Additional Resources: