Weslaco City Commission Regular Meeting
Page 114 September 17, 2013
Municipal Progress Report 2010-2013 In the last three years, Weslaco cut waste… lowered taxes … balanced its budget – with surpluses… increased its bond rating… and $9.0 million in new infrastructure projects with no new taxes. Issue Bond Ratings: This is the City’s “credit rating” used to borrow money General Fund Balance: City uses this fund to run its general operations. Like a personal checking account, it should have a cushion of 25% Property Taxes
2010 3 Downgrades from 2007 to 2010 by S&P & Moodys
2013 Upgrade by S&P from BBB+ to A; Outlook changed from negative to stable then positive
After 10 yr of steady decline… it was at 0% ($36,000 in red)
$4.2 million surplus by 2014… reaching 25% one yr ahead of schedule.
$0.6967/$100.00
Public Utility Dept.
Water Treatment Plant fined by State for being too small (8.0MGD) Private company operated plant No utility department
Taxes cut to $0.6867 & total of 5 cent cut over 10 yrs. This makes Weslaco more competitive for investment New Plant with double capacity (18.0MGD) to open 2015 Canceling private operations contract will save $300,000/yr
Infrastructure: Roads, drainage, buildings, equipment
No capital expenditures budgeted
City Employees
Over-staffed with approx. 360 employees
Transparency: Informing the Public
Limited website, no social media
Nearly $9.0 million available for Westgate, Mile 9, 18th St, Parks, sidewalks. New buildings underway for Valley Nature Center and Boys & Girls Club Right-sized at approx. 250 employees In-house team includes engineer, planners, lawyers & other professional Website expanded and updated regularly now on facebook, twitter, etc. Commission videos on YouTube Texas Comptroller Leadership Award received