The subsequent summary data was taken from the City’s Comprehensive Annual Financial Report Statement of Activities for the fiscal year ended September 30th, 2018. The City operates on an accrual basis of accounting. Revenues are recognized when earned and expenses are recognized at the time the liability is incurred.
The city had 573 full-time equivalent positions as of fiscal year ended.
|City of Pharr Fiscal Year 2017-2018|
|Annual Total**||Per Capita***|
|Revenues||$ 84,920,302||$ 1,068|
|Expenditures||$ 77,483,395||$ 975|
|Property Tax Revenue||$ 19,688,629||$ 248|
|Sales Tax Revenue||$ 19,375,501||$ 244|
** Annual Total Revenues and Expenditures are based on governmental and business-type activities.
***Based on 2017 estimated population of 79,487 per United States Census Bureau.
Debt Obligations Summary
The City of Pharr is committed in providing reliable, timely and transparent information about outstanding debt to the citizens. This summary provides a total overview of our outstanding debt obligations as of Fiscal Year 2017-2018. Outstanding debt is the principal amount and its corresponding interest that remains unpaid. A list is provided with each outstanding debt obligation issued to date. It will state the purpose for each debt obligation with each corresponding amount issued, amount outstanding, maturity date, and rating, if applicable.
|Fiscal Year 2017-2018|
|Total Outstanding Debt Obligations:||$ 87,939,642|
|Total Tax-Supported Debt Obligations:||$ 26,165,000||$ 329.17|
|Total Revenue-Supported Debt Obligations:||$ 61,774,642|
|Total Capital Leases Obligations:||$ 11,227,015|
*Source: U.S. CENSUS BUREAU
State law does not provide a debt limit for the issuance of debt, however, by custom; a practical economic debt limit of 5% of the assessed valuation is used. General obligation bonds are backed by the full faith and credit of the City of Pharr and are used to finance permanent public improvements. In September 2018, the city’s ratings were reaffirmed for the purpose of issuance of Certificate of Obligations per the following:
S & P : AA-