The City of La Porte is participating in the State of Texas Transparency Star program, recognizing local governments for going above and beyond in transparency efforts. There are 5 areas of achievement possible. To date the Finance Department has been awarded a Transparency Star in Traditional Finances, Contracts and Procurement, and Debt Obligations.
The per capita figures are based on the City's 2016 estimated population of 35,148.
The Finance Department is responsible for preparing financial reports that promote transparency and accountability. The following financial documents are available for your review:
The following summary data is from the government-wide Statement of Activities in the City's Comprehensive Annual Financial Report. The government-wide Statement of Activities reports the results of the of the City's operations on an accrual basis of accounting. Revenues are recognized when earned and expenses are recognized at the time the liability is incurred.
A budget serves as the financial plan for the City. It shows proposed spending and revenue in broad categories by department or by account type.
The current year budget is provided in Excel format so that it can be downloaded. This is a summarized version of the complete official budget that is presented elsewhere on the website in a PDF format.
A payment register is a listing of all payments incurred during a month by the City. The payment register includes payment date, payment amount, payee and type of expenditure, and business unit.
This report provides a quantitative look at the operating success, financial health, and compliance of the government report units. It includes a balance sheet, a statement of changes in financial position, a statement of revenues and expense, and a comparison of budgeted to actual expenses and revenues.
The report is intended to summarize and simplify the statistical, economical and financial information contained in the city's Comprehensive Annual Financial Report (CAFR).
The City of La Porte has been required to product a Single Audit for a number of years based on grant expenditures.
The La Porte Water Authority is a blended component unit of the City of La Porte and also produces a separate annual financial report
Link to the Texas Comptroller's website about transparency in government, including local debt.
Contracts and Procurement
This summary provides information for bidding, spending and contracting activities for FY16.
Contracts by Sector
A chart showing the dollar amount of contracts by business sector.
Budgeted versus actual procurement expenditures for the past five years.
The City of La Porte issues a variety of long-term debt instruments in order to acquire and/or construct major capital facilities and equipment for governmental and business-type activities. These instruments include general obligation bonds, certificates of obligation and revenue bonds. Future ad valorem tax revenues, water and sewer system revenues or liens on property and equipment secure these debt obligations.
General Obligation Bonds and Certificates of Obligation
General Obligation Bonds are direct obligations issued on a pledge of the general taxing power for the payment of the debt obligations of the City. General Obligations bonds and Certificates of Obligation require the city to compute, at the time other taxes are levied, the rate of tax required to provide (in each years bonds are outstanding), a fund to pay interest and principal maturity. The city is in compliance with this requirement.
The City of La Porte maintains an “Aa2”, “AA”, and “AA” by Moody’s, Standard and Poor’s, and Fitch, respectively, for general obligation debt.
Water and Sewer Revenue Bonds constitute special obligations of the City solely secured by a lien on and pledge of the net revenues of water and sewer system. On May 31, 2010, the La Porte Water Authority issued $4.085 million Contract Revenue Refunding Bonds, Series 2010, to defease $2.95 million of unlimited tax bonds. The Revenue Bonds are collateralized by the net revenue of the La Porte Area Water Authority and are payable through September 30, 2017. The ordinances provide that the revenue of the system is to be used first to pay operating and maintenance expenses of the system and second to establish and maintain the Revenue Bond funds. Remaining revenues may then be used for any payments expected to require 64 percent of net revenues. Principal and interest paid for the current year and net system revenues were $692,851 and $267,051. The ordinances also contain provisions, which, among other items, restrict the issuance of additional Revenue Bonds unless the special funds noted above contain the require amounts and certain financial ratios are met. The City is in compliance with all significant financial requirements of as September 30, 2016.
The revenue bonds have been rated “NR”, “AA”, “NR” by Moody’s, Standard and Poor’s, and Fitch, respectively.
Outstanding Debt Obligation Issue-by-Issue
Time Trend Showing Inflation Adjusted Tax Supported Debt
Debt Obligations Tax Supported Per Capita
Total Outstanding Debt Obligations
Time Trend of Tax Supported and Revenue Supported Debt (Excel)
Time Trend of Tax Supported and Revenue Supported Debt (PDF)
Time Trend of Tax and Revenue Supported Debt Bond Election History
Detail of Annual Debt Service
Detail of Annual Debt Service (Excel)
Texas Comptroller of Public Accounts Debt at a Glance Tool
Bond Review Board
HB 1378: Debt Obligation Reporting under Local Government Code Section 140.008
The 84th Legislature passed HB 1378 to increase the transparency of local government debt. Under Local Government Code § 140.008, political subdivisions, including counties, cities, school districts, junior college districts, special purpose districts, and other subdivisions of state government must annually compile their debt obligation data from the preceding fiscal year.
Bond Authorization Balance Information as of 9/30/16
Authorized debt, issued and unissued amounts.
Debt Financial Information as of 9/30/16
Outstanding direct debt obligations, tax and revenue supported. Includes purpose, credit rating, outstanding principal amount, debt service, and spent and unspent proceeds issue-by-issue.
Direct and Contractually Obligated Debt
As of September 30, 2016 the Direct and Contractually Obligated Debt for the City
Note: per Capita figures are based on the City's 2016 estimated population of 35,148