2020-2021 FY Adopted Budget

Dayton, City of
Texas Municipal Reports
©
(General Obligation Debt) Last Revised: 5/11/2020
TMR # 1367
Liberty County Page 1 of 9
FINANCIAL STATEMENT
FINANCIAL STATEMENT (As of September 30, 2018)
Net Taxable Assessed Valuation ("A.V."), 2019
$878,731,164(a)
Tax Rate Limitation: Article XI, Section 5 of Texas Constitution, applicable to
cities of more than 5,000 population: $2.50 per $100 assessed valuation. City
operates under a Home Rule Charter which adopts the constitutional provisions.
TAX ABATEMENT The tax abatement for the 2019 assessed valuation was $15,315,080.
New Debt $20,820,000
Outstanding Debt 29,490,000
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Total General Obligation Debt $50,310,000
Less: Self-Supporting (b)
Internet Broadband 13,450,000
Water & Sewer 12,654,372
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GO Debt payable from Ad Valorem Taxes $24,205,628
Less: I&S Fund 2,265,712
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Net Debt $21,939,916
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(a) Includes $2,458,640 under review.
(b) The April 20, 2020 Official Statement reports the following General
Obligation Debt being paid from revenues other than ad valorem taxes; thus
considered self-supporting.
Net Debt Per Net Taxable Assessed Valuation - 2.50%
Net Debt Per Sq mile - $1,994,537.82
Net Debt Per Capita - $2,675.60
Net Taxable Assessed Valuation Per Capita - $107,162.34
Bureau of Census Pop: 2000 - 5,709
Bureau of Census Pop: 2010 - 7,242
2019 Estimated Population - 8,200
Area: 11.00 Sq mile
PAYMENT RECORD
Never defaulted.
TAX DATA
Tax Tax Adjusted % Collected Total % Collected
Year A.V.(b) Rate Levy within FY as of 09/30/2018(c)
2013 $654,746,879 $0.7229 $4,904,072 93.63 98.89
2014 713,035,457 0.6900 4,899,505 97.55 98.87
2015 754,019,764 0.6800 5,088,985 97.64 98.80
2016 658,636,289 0.6800 4,426,082 97.03 98.05
2017 745,596,599 0.6700 4,778,887 97.02 97.02
2018 796,480,291 0.6821 5,432,792 99.73(d) 99.73(d)
2019 878,731,164(a) 0.6645 5,839,169
(a) Includes $2,458,640 for 2019 under review.
(b) Fluctuation in taxable assessed value due to decline in oil and gas prices
and City's concentration of oil and gas industry businesses located in the
railyard.
(c) Delinquent tax collections are allocated to the respective years in which
the taxes are levied.
(d) Collections as of February 29, 2020.
Tax Rate Distribution 2019 2018 2017 2016
Operations $0.4204 $0.4249 $0.4295 $0.4094
I&S 0.2441 0.2572 0.2405 0.2706
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Totals $0.6645 $0.6821 $0.6700 $0.6800
CHAPTER 380 ECONOMIC DEVELOPMENT AGREEMENTS Chapter 380 of the Texas Local
Government Code, Miscellaneous Provisions Relating to Municipal Planning and
Development, provides the authority to the governing body of a municipality may
establish and provide for the administration of one or more programs, including
programs for making loans and grants of public money and providing personnel and
services of the municipality, to promote state or local economic development and
to stimulate business and commercial activity in the municipality.
In November 2014, the City approved a Chapter 380 Economic Development Agreement
with Jess-John Inc. The developer plans to construct residential housing which
will require the development of infrastructure for City services for the tract
of land within the City. The City has agreed to pay the developer up to one half
of the cost of improvements, not to exceed $674,530. This agreement shall be in
force and effect from the date of execution, November 17, 2014, for a term
expiring the earlier of 15 years thereafter, or on the date that all payments
required have been made.
SALES TAX
Municipal Sales Tax: The City has adopted the provisions of Municipal Sales and
Use Tax Act V.T.C.A, Tax Code, Chapter 321, which grants the City power to
impose and levy a 1% Local Sales and Use Tax within the City; the proceeds are
credited to the General Fund and are not pledged to the payment of the bonds in
this report. Voters approved an additional sales and use tax of 1/2 of 1%
effective October 1, 1996 for Dayton Community Development Corporation (Type B).
Net allocations on calendar year basis are as follows:
Calendar Total % of Ad Val Equiv of Ad
Year Rate Collected Tax Levy Val Tax Rate
2015 1.500% $2,581,858 50.73% $0.34
2016 1.500 2,121,259 47.92 0.33
2017 1.500 2,209,674 43.66 0.29
2018 1.500 2,518,246 46.35 0.32
DETAILS OF OUTSTANDING DEBT
Details of Limited Tax Debt (Outstanding 9/30/2018)
GO Bds Ser 2008
Tax Treatment: Tax Exempt
Original Issue Amount $13,255,000.00
Dated Date: 06/01/2008
Sale Date: 06/16/2008
Delivery Date: 07/15/2008
Sale Type: Negotiated
Record Date: MSRB
Bond Form: BE
Denomination $5,000
Interest pays Semi-Annually: 08/01, 02/01
1st Coupon Date: 02/01/2009
Paying Agent: Wells Fargo Bank, N.A., Austin, TX
Bond Counsel: Fulbright & Jaworski L.L.P.
Financial Advisor: Southwest Securities, San Antonio, TX
Lead Manager: Coastal Securities, Inc.
Co-Manager: First Southwest Company
Co-Manager: SAMCO Capital Markets, Inc.
Insurance: Assured Guaranty Corp
Use of Proceeds: Community Center, Library, Streets & Drainage, Utility.
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