Reinvestment Zone No. 1 Annual Report
For the year ended September 30, 2014
Table of Contents
Balance Sheet as of September 30, 2014 and 2013............................................................. 3 Schedule of Revenues, Expenditures, and Changes In Fund Balance for the Year Ended September 30, 2014 and 2013 .............. 4 Schedule of Appraised Taxable Value, Tax Levy, and Tax Collections – By Entity .............................................................................................. 6 Schedule of Fixed Assets ................................................................................................................ 7 Schedule of Outstanding Bonds (Principal & Interest) ........................................................ 8 Schedule of Tax Increment Base and Current Captured Appraised Value ................... 9
Supplemental Schedules: Financing Plan as of 09/30/14 .................................................................................................... 12 Summary Financing Plan with Detailed Project Plan as of 09/30/14............................. 17 Map of Reinvestment Zone No. 1 Boundaries ....................................................................... 19
Annual Report for the year ended September 30, 2014
2
CITY OF TEMPLE, TEXAS REINVESTMENT ZONE NO. 1 BALANCE SHEET September 30, 2014 and 2013 2014
2013
$ 7,581,276
$ 5,146,895
Ad valorem taxes
168,084
42,468
Accounts receivable
750,665
8,882
-
50,000
8,500,025
5,248,245
ASSETS Current assets: Investments Receivables (net of allowance for estimated uncollectible):
Due from other governments-Airport grant Total current assets Restricted assets: Reserve for debt service
-
1,955,799
23,482,962
25,584,155
23,482,962
27,539,954
$ 31,982,987
$ 32,788,199
$
$
Bond proceeds Total restricted assets Total assets LIABILITIES Current liabilities: Vouchers and contracts payable Retainage payable Total current liabilities
299,831
87,817
-
36,532
299,831
124,349
136,315
119,756
-
39,222
Liabilities from restricted assets: Vouchers and contracts payable Retainage payable Total liabilities from restricted assets
136,315
158,978
436,146
283,327
Unavailable revenue - ad valorem taxes - delinquent
168,084
42,468
Total inflows of resources
168,084
42,468
Debt service
-
1,955,799
Construction
23,346,647
25,425,177
Total liabilities DEFERRED INFLOWS OF RESOURCES
FUND BALANCES Fund Balance: Restricted for:
Committed to: Reinvestment Zone No. 1 Projects Total fund balance Total liabilities, deferred inflows and fund balances
Annual Report for the year ended September 30, 2014
8,032,110
5,081,428
31,378,757 $ 31,982,987
32,462,404 $ 32,788,199
3
CITY OF TEMPLE, TEXAS REINVESTMENT ZONE NO. 1 SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - ACTUAL AND BUDGET For the year ended September 30, 2014 (With comparative amounts for the year ended September 30, 2013) 2014
Actual
2013
Budget
Analytical
Variance
Increase
Favorable
(Decrease)
(Unfavorable)
Actual
Prior yr.
REVENUES: Taxes
-
$ 4,770,918
Interest
51,328
50,000
1,328
17,802
Leases
14,364
-
14,364
14,963
-
589,369
748,817
Miscellaneous reimbursements Proceeds on sale of land License and permits Grants [State] Total revenues
$ 5,529,970
$
5,529,970
$
$
759,052 33,526 (599)
(589,369)
-
-
-
748,817
-
748,817
51,720
36,000
15,720
55,615
(3,895)
-
-
-
50,000
(50,000)
6,396,199
6,205,339
190,860
4,909,298
1,486,901
EXPENDITURES: Administrative Professional Other contracted services Temple Medical Education District (TMED) Downtown non-capital improvements NW Loop 363 Improvements (TxDot)-ROW Contractual obligation - TEDC
85,454
213,838
128,384
140,918
(55,464)
168,600
175,000
6,400
161,224
7,376
-
1,550
1,550
-
18,761
18,761
-
194,912
(176,151)
-
-
-
-
129,350
(129,350)
199,650
199,650
-
181,500
18,150
Intergovernmental: Reimbursement to TISD Total administrative expenditures
24,000
25,000
1,000
23,000
496,465
633,799
137,334
830,904
(334,439)
1,000
(79,728)
Capital Improvements General Administrative Expenditures General Rail Spur Improvements
22,055
211,799
189,744
101,783
General Roadway Improvements
-
233,077
233,077
-
-
Temple Industrial Park Research Parkway
537,971
8,665,000
8,127,029
-
537,971
Pepper Ck Main Stem Reg Detention Pond
-
850,000
850,000
-
-
Northern "Y" Phase I
-
200,000
200,000
-
-
Railroad Park Phase II-Expanded Scope
-
185,000
185,000
-
-
Corporate Campus Park Bioscience Trail Connection to Airport
22,470
750,000
727,530
-
22,470
McLane Pkwy/Research Pkwy Connection
357,660
704,680
347,020
5,320
352,340
Research Pkwy (McLane to Central Point Pkwy)
160,253
1,500,000
1,339,747
-
160,253
Bioscience Park -
724,400
724,400
16,960
(16,960)
Pepper Ck Trail Connection to S&W
Bioscience Service Road & Utility Impr
25,768
29,258
3,490
537,115
(511,347)
Bioscience Trail Landscaping, Irrigation & Lights
47,178
1,750,000
1,702,822
-
47,178
Synergy Park Southeast Industrial Park Entry Enhancements Lorraine Drive/Pand Drive Ashphalt
8,500
22,475
13,975
46,850
-
500,000
500,000
-
(38,350) -
338,578
371,400
32,822
-
338,578 (Continued)
Annual Report for the year ended September 30, 2014
4
CITY OF TEMPLE, TEXAS REINVESTMENT ZONE NO. 1
(Continued)
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - ACTUAL AND BUDGET For the year ended September 30, 2014 (With comparative amounts for the year ended September 30, 2013) 2014
Actual
2013
Budget
Analytical
Variance
Increase
Favorable
(Decrease)
(Unfavorable)
Actual
Prior yr.
TMED TMED 1st Street @TC {STEP grant match} TMED - 1st Street @ Loop 363 TMED - Friar's Creek Trail 5th to S&W Avenue R Intersections Ave U - S&W Blvd to 1st Street & 13th/17th conn South 1st Street Impr from TC Apts to Ave O
$
55,168
$
17,100
59,046 71,420
$
3,878
$
379,404
$
(324,236)
54,320
205,356
(188,256) (969,437)
41,625
195,881
154,256
1,011,062
111,864
1,962,640
1,850,776
43,001
68,863
5,900
19,122
13,222
22,161
(16,261)
-
-
-
200,560
(200,560)
106,671
6,326,548
6,219,877
123,452
(16,781)
1,155
520,000
518,845
-
Ave U TMED Ave to 1st Street
-
1,275,000
1,275,000
-
-
TMED Master Plan
-
125,000
125,000
-
-
Loop 363 Frontage Road {UPRR to 5th} Monumentation
TMED Master Plan & Thoroughfare Plan Friar's Creek Trail to Avenue R Trail
1,155
-
55,000
55,000
-
12,000
486,650
474,650
13,350
(1,350) (114,325)
-
Airport Improvements Airport Corporate Hangar Development
25,387
25,387
-
139,712
Airport Improvements
83,758
1,320,000
1,236,242
-
83,758
Downtown Improvements Downtown Improvements
-
-
-
48,135
(48,135)
89,045
89,045
-
282,225
(193,180)
257,765
1,167,172
909,407
1,860
-
538,600
538,600
-
-
94,336
125,000
30,664
-
94,336
2,422,207
31,058,600
28,636,393
3,178,306
Bond principal
2,555,000
2,555,000
-
2,570,000
(15,000)
Bond interest
2,004,974
2,004,974
-
1,181,010
823,964
Lot Identification & Signage Rail Safety Zones Santa Fe Plaza Downtown Master Plan Total capital improvements
255,905
(756,099)
Debt Service
Bond issuance costs
-
-
-
99,850
1,200
1,200
-
781
419
Total debt service
4,561,174
4,561,174
-
3,851,641
709,533
Total expenditures
7,479,846
36,253,573
28,773,727
7,860,851
(381,005)
(1,083,647)
(30,048,234)
28,964,587
(2,951,553)
Fiscal agent fees
(99,850)
Excess (deficiency) of revenues over expenditures
1,867,906
Other financing sources (uses): Original issue premium
-
-
-
652,695
Bond discount
-
-
-
(599,663)
Bond proceeds
-
-
-
25,260,000
(25,260,000)
-
-
-
25,313,032
(25,313,032)
28,964,587
22,361,479
(23,445,126)
Total other financing sources
(652,695) 599,663
Excess (deficiency) of revenues and other financing sources over expenditures Fund balance, beginning of period Fund balance, end of period
(1,083,647)
(30,048,234)
32,462,404 $ 31,378,757
Annual Report for the year ended September 30, 2014
$
32,462,404
-
10,100,925
2,414,170
$ 28,964,587
$ 32,462,404
22,361,479 $
(1,083,647)
5
CITY OF TEMPLE, TEXAS REINVESTMENT ZONE NO. 1 SCHEDULE OF APPRAISED TAXABLE VALUE, TAX LEVY & TAX COLLECTIONS BY TAXING ENTITY For the Tax Year 2013/Fiscal Year Ending September 30, 2014 Appraised
%
Taxable Taxing Jurisdiction Temple ISD City of Temple Bell County Temple College District Bell County Road Fund Troy ISD Elm Creek Flood Control District Belton ISD
(1)
Tax Collections
Value $ 210,711,090 169,927,193 171,189,014 169,927,193 211,010,718 4,222,414 54,076,739 33,627
$
(1)
$3,364,624 972,399 703,389 337,758 61,863 73,036 16,324 578 5,529,970
of Total Collected 60.84% 17.58% 12.72% 6.11% 1.12% 1.32% 0.30% 0.01% 100.00%
Tax collections include the amount collected from the current year levy and any amount collected from prior years.
Increment Taxes - By Taxing Entity $5,529,970
Troy ISD, 1.32% Bell County Road Fund, 1.12% Temple College District, 6.11%
Elm Creek Flood Control District, 0.30% Belton ISD, 0.01%
Bell County, 12.72%
City of Temple, 17.58% Temple ISD, 60.84%
Annual Report for the year ended September 30, 2014
6
CITY OF TEMPLE, TEXAS REINVESTMENT ZONE NO. 1 SCHEDULE OF FIXED ASSETS For the year ending September 30, 2014 and 2013
Land Buildings Machinery & Equipment Infrastructure Construction in Progress Total Fixed Assets Less: Accumulated Depreciation Net Fixed Assets
2014
2013
$ 6,416,484 1,103,036 42,559 53,485,501 5,649,243 66,696,823 (17,113,276) $ 49,583,547
$ 6,416,484 1,103,036 42,559 50,128,683 6,572,061 64,262,823 (14,833,363) $ 49,429,460
Annual Report for the year ended September 30, 2014
7
Annual Report for the year ended September 30, 2014
8
%
6.88%
6.99%
8.64%
8.63%
8.64%
8.78%
8.78%
8.75%
3.04%
3.03%
3.05%
3.07%
3.08%
3.09%
3.09%
3.10%
3.10%
3.12%
3.13%
Year
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
Principal Outstanding
Total:
Annual
Fiscal
100.00%
96.87%
93.75%
90.64%
87.54%
84.46%
81.37%
78.29%
75.22%
72.17%
69.13%
66.09%
57.34%
48.56%
39.78%
31.15%
22.52%
13.87%
6.88%
%
Cummulative
Percent of Debt Retired
$
$
$
7,925,000 $
9,925,149 $
-
-
-
-
-
-
-
-
-
-
-
1,242,422
1,241,670
1,237,744
1,241,173
1,241,957
1,240,096
1,240,855
General
General
General
Combo Tax &
6,870,000 $
7,492,444 $
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,485,000
1,488,750
1,510,150
1,508,775
1,499,769 $
Series 2009
9,745,000 $
12,054,800 $
-
-
-
-
-
-
-
-
-
-
-
2,494,950
2,497,550
2,497,800
915,950
908,350
912,200
913,550
914,450 $
Series 2011A
470,000 $
570,100 $
-
-
-
-
-
-
-
-
-
-
-
78,750
77,250
80,050
77,650
79,600
76,400
82,700
17,700 $
Series 2012
25,260,000 $
36,756,449 $
2,092,913
2,084,912
2,073,512
2,069,112
2,061,712
2,061,712
2,059,112
2,051,612
2,038,412
2,026,694
2,030,094
2,031,494
2,046,494
2,047,944
2,048,344
2,047,694
2,034,894
924,894
924,894 $
Series 2013
Obligation Bonds Obligation Bonds Obligation Bonds Revenue Bonds
1,239,232 $
Series 2008
Bonds, Taxable
TIRZ Revenue
SCHEDULE OF OUTSTANDING BONDS (PRINCIPAL & INTEREST) - AS OF SEPTEMBER 30, 2014
REINVESTMENT ZONE NO. 1
CITY OF TEMPLE, TEXAS
50,270,000
66,798,942
2,092,913
2,084,912
2,073,512
2,069,112
2,061,712
2,061,712
2,059,112
2,051,612
2,038,412
2,026,694
2,030,094
5,847,616
5,862,964
5,863,538
5,768,117
5,766,351
5,773,740
4,670,774
4,596,045
Total
Annual Report for the year ended September 30, 2014
9
Elm Creek Flood Control District 18,028
28,984,337 33,627
54,076,739
4,222,414 51,655
83,061,076
12,368,537
308,776,270
260,364,449
261,626,270
260,364,449 267,979,786
267,979,786
267,979,786
- $
7,328,296
7,328,296
7,328,296
-
275,308,082
275,308,082
275,308,082
TOTAL
Captured Appraised Value
18,028
28,984,337
8,146,123
97,765,552
365,745,338
365,745,338
365,745,338
33,627
54,076,739
4,222,414
211,010,718
169,927,193
171,189,014
169,927,193
51,655
83,061,076
12,368,537
308,776,270
535,672,531
536,934,352
535,672,531
Captured Appraised Value - The captured appraised value of real property taxable by a taxing unit for a year is the total taxable value of all real property taxable by the unit and located in a reinvestment zone for that year less the tax increment base of the unit.
Tax Increment Base - Total taxable value of all real property taxable by the unit and located in a reinvestment zone for the year in which the zone was designated.
Expanded Zone - TMED area as expanded in 2010. City of Temple - 11/04/10; Temple College - 01/24/11; Bell County - 12/03/12.
Original Zone - Includes Zone Boundaries as originally created in 1982 and expanded in 1999.
TOTAL
$ 97,186,149 $ 210,711,090 $ 307,897,239 $
Tax Increment Base
TOTAL
Note: Captured Appraised Value for each taxing entity will vary based on exemptions allowed, participation in tax abatements and varying geographical boundaries.
DEFINITIONS:
(1)
Belton ISD
8,146,123
162,598,897
97,765,552 97,765,552
Temple College District
Bell County Road Fund
211,010,718
163,860,718
97,765,552
Bell County
162,598,897
97,765,552
Troy ISD
TOTAL
$ 97,186,149 $ 210,711,090 $ 307,897,239 $
Captured Appraised Value
Tax Increment Base
Captured Appraised Value (1)
City of Temple
Temple ISD
Taxing Jurisdiction
Tax Increment Base
EXPANDED ZONE
ORIGINAL ZONE
REINVESTMENT ZONE NO. 1 - VALUES FOR BASE AND INCREMENT (CAPTURED APPRAISED VALUE) For the Tax Year 2013/FY 2014 As of 10/1/2013
CITY OF TEMPLE, TEXAS
578
17,683
70,620
63,092
345,972
721,048
996,453
3,434,591
Levy
Annual Report for the year ended September 30, 2014
10
Supplemental Schedules
Annual Report for the year ended September 30, 2014
11