Comprehensive Annual Financial Report - St. Tammany Parish ...

Additional information on St. Tammany Parish Government’s capital assets can be found
in Note IV.C on pages 62-64 of this report.
The Parish receives a sales tax dedicated for road improvements. This revenue makes it
possible for a variety of road improvement projects to be completed during a year. At the
end of 2010, construction in progress for road improvement projects and other
infrastructure totaled $7,284,534. Road improvement and other infrastructure projects
completed during the current year totaled $10,251,431.
Long-term debt. At the end of the current fiscal year, the Parish had total bonded debt
outstanding of $139,476,886, of which $15,805,000 is backed by ad valorem tax,
$78,405,000 is backed by sales tax revenue, $3,810,000 is back by general revenues of
the Parish, and $41,456,886 is backed by excess revenue generated from Utility
Operations. The remainder of the Parish’s debt is excess-revenue debt for which the
Parish is liable. All of the debt outstanding at the end of 2010 is related to governmental
activities except for $41,456,886 outstanding in Utility Revenue Bonds.
St. Tammany Parish Government’s Outstanding Debt
2010 2009
General Obligation Bonds $15,805,000 $16,480,000
Sales Tax Bonds 78,405,000 82,895,000
Unamortized Premium on Bonds 2,167,865 2,373,006
Certificates of Indebtedness - 15,000
Community Disaster Loan 12,231,219 12,231,219
Revenue Bonds 3,810,000 4,000,000
Utility Revenue Bonds 41,456,886 -
Compensated Absences 2,854,126 2,664,965
Impact Fee Credits 9,522,382 6,276,319
Claims payable 2,053,250 2,053,250
Payable to PEHP 682,550 640,044
Health Plan Payable-Retirees 1,612,004 1,017,968
Total $170,600,282 $130,646,771
The Parish’s total debt increased by $39,953,511, or 30.6%, during the current fiscal
year. The Parish issued utility revenue bonds in the amount of $41,370,000 to purchase
a large sewer and water utility system and $86,886 in utility revenue bonds to improve
the current sewer and water system. Additionally, impact fee credits were issued to fund
infrastructure projects.
Additional information on the Parish’s long-term debt can be found in Note IV.H on
pages 68-73 of this report.
Economic Factors and Next Year’s Budgets and Rates
• Retail sales continue to decline, but at a much slower rate.
• New single-family building permits increased slightly, although commercial
permits are still down.
• Unemployment rates rose slightly, while new business starts increased by 10.3%.
Source: St. Tammany Economic Development Foundation
All of these factors were considered in preparing the St. Tammany Parish Government’s
budget for the 2011 fiscal year. The 2011 budget amounted to a 10.3% increase from the
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