RZ Annual Report 2014

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