RULE 15c2-12 FILING COVER SHEET

Transcription

1 RULE 15c2-12 FILING COVER SHEET This cover sheet is sent with all submissions to the Municipal Securities Rulemaking Board (the Nationally Recognized Municipal Securities Information Repository) and any applicable State Information Depository pursuant to Securities and Exchange Commission (SEC) Rule 15c2-12 or any analogous state statute. Issuer Name: City of Kirby, Texas Issue(s): $ 715,000 General Obligation Refunding Bonds, Series 2009 $ 2,970,000 Combination Tax and Revenue Certificates of Obligation, Series 2009 Filing Format X electronic paper; If available on the Internet, give URL: CUSIP Numbers to which the information filed relates (optional): X Nine-digit number(s) (see following page(s)): Six-digit number if information filed relates to all securities of the issuer * * * Financial & Operating Data Disclosure Information X Annual Financial Report or CAFR X Financial Information & Operating Data Other (describe) X Fiscal Period Covered: FYE 2015 Monthly Quarterly X Annual Other: * * * I hereby represent that I am authorized by the issuer or its agent to distribute this information publicly: Signature: /s/ Monique Vernon Name: Employer: City of Kirby, Texas Voice Telephone Number: Address: Monique Vernon (210) mvernon@cityofkirby.org Title:City Manager

2 DESCRIPTION OF ISSUES COVERED BY THIS REPORT Combination Tax and Revenue Certificates of Obligation, Series 2009 Date Principal CUSIP 03/01/17 $ 320, EQ3 03/01/18 335, ER1 03/01/19 345, ES9 $ 1,000,000 General Obligation Refunding Bonds, Series 2009 Date Principal CUSIP 03/01/17 $ 85, FA7 $ 85,000

3 CONTINUING DISCLOSURE REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2015 CITY OF KIRBY, TEXAS GENERAL OBLIGATION DEBT

4 FINANCIAL STATEMENTS The audited financial statements for the City for the fiscal year ended September 30, 2015 are being separately filed directly with the Nationally Recognized Municipal Securities Information Repository and any applicable State Information Depository, and are hereby incorporated by reference into this Annual Continuing Disclosure Report. SIGNATURE OF ISSUER The information set forth herein has been obtained from the City and other sources believed to be reliable, but such information is not guaranteed as to accuracy or completeness and is not to be construed as a promise or guarantee. This Annual Continuing Disclosure Report may contain, in part, estimates and matters of opinion which are not intended as statements of fact, and no representation is made as to the correctness of such estimates and opinions, or that they will be realized. The information and expressions of opinion contained herein are subject to change without notice, and the delivery of this Annual Continuing Disclosure Report will not, under any circumstances, create any implication that there has been no change in the affairs of the City or other matters described. CITY OF KIRBY, TEXAS /s/ Monique Vernon Monique Vernon City Manager Approved for Submission: 03/29/2016 Date

5 CERTIFICATE OF SUBMISSION OF ANNUAL REPORT Subject to the continuing disclosure requirements of SEC Rule 15c2-12, this Annual Continuing Disclosure Report for the City of Kirby, Texas with respect to the issues listed on the report cover was submitted directly to the National Recognized Municipal Securities Information Repository ( NRMSIR ) listed below as well as to any applicable State Information Depository( SID ). NRMSIR Municipal Securities Rulemaking Board ("MSRB") via the Electronic Municipal Market Access ("EMMA") system FSC Continuing Disclosure Services, A Division of Hilltop Securities Inc. Signed by: /s/ Gabriella Briceno

6 CITY OF KIRBY, TEXAS 2016 GENERAL OBLIGATION DEBT REPORT TABLE 1 - VALUATION, EXEMPTIONS AND AD VALOREM TAX DEBT 2015/2016 Market Valuation Established by Bexar County Appraisal District (excluding totally exempt property) $ 232,311,593 Less Exemptions/Reductions at 100% Market Value: Homestead Cap Adjustment $ 2,562,504 Disabled Veterans 7,326,436 Over 65 10,105,550 Productivity Loss 271,980 20,266, /2016 Net Taxable Assessed Valuation $ 212,045,123 General Obligation Debt Payable from Ad Valorem Taxes as of January 31, 2016 $ 1,470,000 Less: Self-Supporting Debt Waterworks and Sewer System General Obligation Bond Debt (1) $ 102,400 Net General Obligation Debt Payable from Ad Valorem Taxes $ 1,367,600 General Obligation Interest and Sinking Fund as of January 31, 2016 $ 1,470,000 Ratio Net General Obligation Tax Debt to Taxable Assessed Valuation 0.64% 2016 Estimated Population - 8,442 Per Capita Taxable Assessed Valuation - $25,118 Per Capita General Obligation Debt Payable from Ad Valorem Taxes - $174 Per Capita Net General Obligation Debt Payable from Ad Valorem Taxes - $162 (1) Refers to general obligation debt in the amounts shown for which repayment is fully provided from revenues of the Waterworks and System. The amount of Self-Supporting Debt is based on the percentage of revenue support as shown in Table 10. It is the City s current policy to provide these payments from system revenues; this policy is subject to change in the future. 1

7 TABLE 2 TAXABLE ASSESSED VALUATION BY CATEGORY Taxable Appraised Value for Fiscal Year Ended September 30, % of % of % of Category Amount Total Amount Total Amount Total Real, Residential, Single-Family $ 188,953, % $ 173,951, % $ 166,011, % Real, Residential, Multi-Family 6,899, % 5,401, % 5,099, % Real, Vacant Lots/Tracts 1,909, % 1,590, % 2,126, % Real, Acreage (Land Only) 274, % 169, % 503, % Real, Farm and Ranch Improvements 437, % 415, % % Real, Commercial Oil, Gas and and Other Industrial Mineral Reserves 20,721, % 0.00% 20,204, % 0.00% 19,378, % 0.00% Real and Tangible Personal, Utilities 1,556, % 1,473, % 1,456, % Tangible Personal, Business 6,929, % 6,362, % 5,597, % Tangible Personal, Industrial 510, % 747, % 730, % Tangible Real Property, Personal, Inventory Mobile Homes 3,661, % 0.00% 3,447, % 0.00% 3,489, % 0.00% Special Inventory 457, % 452, % 420, % Total Appraised Value Before Exemptions $ 232,311, % $ 214,216, % $ 204,814, % Less: Total Exemptions/Reductions 20,266,470 18,178,928 15,932,137 Adjustments - - (999,000) Taxable Assessed Value $ 212,045,123 $ 196,037,130 $ 187,883,815 Taxable Appraised Value for Fiscal Year Ended September 30, % of % of Category Amount Total Amount Total Real, Residential, Single-Family $ 171,721, % $ 177,219, % Real, Residential, Multi-Family 4,492, % 4,392, % Real, Vacant Lots/Tracts 2,099, % 2,066, % Real, Acreage (Land Only) 440, % 429, % Real, Farm and Ranch Improvements 24, % 24, % Real, Commercial & Industrial 17,120, % 17,215, % Real and Tangible Personal, Utilities 1,667, % 1,759, % Tangible Personal, Business 5,747, % 5,836, % Tangible Personal, Industrial 857, % 615, % Tangible Personal, Mobile Homes 3,695, % 2,857, % Special Inventory 407, % 418, % Total Appraised Value Before Exemptions $ 208,274, % $ 212,835, % Less: Total Exemptions/Reductions 15,772,865 15,847,248 Adjustments (707,258) (453,487) Taxable Assessed Value $ 191,794,074 $ 196,535,239 NOTE: Valuation shown are certified taxable assessed values reported by the Bexar County Appraisal District to the State Comptroller of Public Accounts. Certified values are subject to change throughout the year as contested values are resolved and the Appraisal District updates records. 2

8 TABLE 3 - VALUATION AND TAX DEBT HISTORY Net G.O. Ratio of Net Net Fiscal Taxable Tax Debt G.O. Tax Debt G.O. Tax Year Taxable Assessed Outstanding to Taxable Debt Ended Estimated Assessed Valuation at End Assessed Per 9/30 Population (1) Valuation (2) Per Capita of Year (3) Valuation Capita ,650 $ 196,535,239 $ 22,721 $ 2,323, % $ , ,794,074 22,216 2,014, % , ,883,815 22,851 1,694, % , ,037,130 23,650 1,367, % , ,045,123 25,118 1,037,000 (4) 0.49% (4) 123 (4) (1) Source: City of Kirby, Texas (2) As reported by the Bexar County Appraisal District on the City s Certified Roll; subject to change during the ensuing year. (3) Does not include self-supporting debt. (4) Projected. TABLE 4 - TAX RATE, LEVY AND COLLECTION HISTORY Fiscal Interest Year and Ended Tax General Sinking % Current % Total 9/30 Rate Fund Fund Tax Levy Collections Collections 2012 $ $ $ $ 1,398, % 98.98% ,364, % 97.51% ,370, % % ,429, % 99.84% ,546, % (1) 76.38% (1) (1) Collections through January 31, TABLE 5 - TEN LARGEST TAXPAYERS 2015/16 % of Total Taxable Assessed Taxable Assessed Name of Taxpayer Nature of Property Valuation Valuation CA Texas LLC Personal and Real Property $ 5,000, % AJC Rental Corporation Commercial 3,735, % Yes Companies LLC Real Estate 2,963, % Schertz Bank & Trust Bank 1,250, % Siddons Holdings LLC Personal and Real Property 1,145, % Time Warner Cable SA LP Utility 1,102, % Ari Inc Commercial 987, % Kalinowski Marie Ann Personal and Real Property 908, % Boriack James H & Celia G Personal and Real Property 875, % Owen Richard S Personal and Real Property 854, % $ 18,822, % 3

9 TABLE 6 - TAX ADEQUACY 2016 Principal and Interest Requirements (1) $ 380,137 $ Tax Rate at 98% Collection Produces $ 380,137 Average Annual Principal and Interest Requirements, (1) $ 367,005 $ Tax Rate at 98% Collection Produces $ 367,190 Maxium Annual Principal and Interest Requirements, 2017 (1) $ 382,197 $ Tax Rate at 98% Collection Produces $ 382,197 (1) Excludes self-supporting debt. TABLE 8 - DEBT SERVICE REQUIREMENTS Fiscal Year Less: Total % of Ending Outstanding Debt Service Self-Supporting Tax-Supported Principal 9/30 Principal Interest Total Debt Service Debt Service Retired 2016 $ 385,000 $ 45,625 $ 430,625 $ 50,488 $ 380, ,000 32, ,481 55, , ,000 19, , , ,000 6, , , % $ 1,470,000 $ 103,794 $ 1,573,794 $ 105,772 $ 1,468,022 TABLE 9 INTEREST AND SINKING FUND BUDGET PROJECTION Tax Supported Debt Service Requirements, Fiscal Year Ending 9/30/2016 (1) $ 380,137 Interest and Sinking Fund, 9/30/2015 $ 5,181 Funds Received from General Operations 330,112 Interest and Sinking Fund Tax 98% Collection 104, ,982 Estimated Balance, 9/30/2016 $ 59,845 (1) Excludes self-supporting debt. TABLE 10 COMPUTATION OF SELF-SUPPORTING DEBT Net Waterworks and Sewer System Revenue Available as of 9/30/2015 $ 906,513 Less: Requirements for Waterworks and Sewer System Revenue Bonds - Balance Available for Other Purposes $ 906,513 Requirements for Waterworks and Sewer System General Obligation Debt $ 50,488 Percentage of Waterworks and Sewer System General Obligation Debt Self-Supporting 100% TABLE 11 AUTHORIZED BUT UNISSUED GENERAL OBLIGATION BONDS The City does not have any authorized but unissued voted general obligation bonds. 4

10 TABLE 12 OTHER OBLIGATIONS As of September 30, 2015, the City did not have any lease/purchase or other similar obligation outstanding. TABLE 13 CHANGE IN NET ASSETS Fiscal Year Ended September 30, REVENUES: Program Revenues: Taxes $ 2,166,059 $ 2,069,456 $ 2,277,778 $ 2,082,216 $ 1,980,349 Charges for Services 1,185,240 1,193,476 1,310,159 1,137, ,961 Operating Grants and Contributions 98,901 58, ,184 15,241 51,126 Capital Grants and Contributions 123, , ,325 4, ,665 Interest and Investment Earnings 6,212 4,491 5,237 6,874 10,127 Gain on Sale of Property and Equipment 3,685 7,540 5,665 26,515 27,494 Miscellaneous 3,447 18,180 32,228 10,896 11,032 Total Revenues $ 3,586,957 $ 3,573,225 $ 3,920,576 $ 3,284,402 $ 3,154,754 EXPENSES: City Council $ 16,584 $ 14,998 $ 15,371 $ 17,540 $ 19,242 City Administration 307, , , , ,470 Police Protection 1,168,328 1,130, , , ,573 Municipal Court 77,507 85,913 68,588 44,921 48,573 Fire/EMS Protection 1,024,146 1,021, , , ,844 Animal Services 185, , ,469 86,858 - Parks and Pools 156, , , , ,837 Streets and Shops 198, , , , ,304 Crime Control 12, General City Administration 580, , , , ,083 Interest on Long-Term Debt 54,755 66, ,771 99, ,130 Total Expenditures $ 3,782,681 $ 3,874,994 $ 3,778,444 $ 3,439,771 $ 3,268,056 Transfers (Out) $ 528,612 $ 530,987 $ 533,294 $ 535,428 $ 537,441 Change in Net Position 332, , , , ,139 Beginning Net Position 6,717,406 6,488,188 5,812,762 5,432,703 5,008,564 Prior Period Entries (822,823) Ending Net Position $ 6,227,471 $ 6,717,406 $ 6,488,188 $ 5,812,762 $ 5,432,703 5

11 TABLE 13A - GENERAL FUND REVENUES AND EXPENDITURE HISTORY Fiscal Years Ended September 30, REVENUES Taxes $ 1,678,747 $ 1,591,005 $ 1,557,933 $ 1,560,895 $ 1,547,315 Franchise Fees 392, , , , ,773 Licenses and Fees 120, , , , ,290 Intergovernmental 9,927 9, ,509 20,092 51,126 Fines and Penalties 215, , , , ,555 Charges for Services 848, , , , ,744 Grants 212, , M iscellaneous 15,892 22,654 32,225 10, ,255 Interest - - 5,186 6,773 8,980 Total Revenues $ 3,493,776 $ 3,482,815 $ 3,751,094 $ 3,086,124 $ 2,968,038 EXPENDITURES Current Expenditures: City Council $ 16,584 $ 14,999 $ 15,371 $ 17,540 $ 19,242 City Administration 293, , , , ,719 Police Protection 940, , , , ,443 M unicpal Court 76,474 83,052 86,282 46,266 48,582 Fire/EM S Protection 864, , , , ,198 Animal Services 179, , ,343 85,434 - Parks and Pool 157, , , , ,114 Streets and Shops 203, , , , ,796 General City Administration 349, , , , ,447 Capital Projects/Outlay 818, , , , ,578 Debt Service: Principal Retirement 44, Interst and Fsical Charges 12, Total Expenditures $ 3,956,712 $ 3,736,263 $ 3,477,372 $ 2,998,277 $ 3,246,119 EXCESS (DEFICIENCY) OF REVENUE OVER EXPENDITURES $ (462,936) $ (253,448) $ 273,722 $ 87,847 $ (278,081) OTHER FINANCING SOURCES (USES) Capital Contributions $ - $ - $ - $ - $ 209,665 Proceeds from Issuance of Capital Lease 483, Proceeds from Sale of Assets 3,685 7, ,000 78,748 - Operating Transfers In 480, ,000 (125,000) 480, ,000 Operating Transfers Out (281,500) (270,000) 5,665 (294,975) (310,000) Total Other Fibnancing Sources (Uses) $ 685,953 $ 217,540 $ 360,665 $ 263,773 $ 379,665 EXCESS (DEFICIENCY) OF REVENUE AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES AND OTHER USES $ 223,017 $ (35,908) $ 634,387 $ 351,620 $ 101,584 FUND BALANCES AT BEGINNING OF YEAR $ 2,572,503 $ 2,608,411 $ 1,974,024 $ 1,622,404 $ 1,520,820 FUND BALANCES AT END OF YEAR $ 2,795,520 $ 2,572,503 $ 2,608,411 $ 1,974,024 $ 1,622,404 6

12 TABLE 14 MUNICIPAL SALES TAX HISTORY Fiscal Equivalent Year % of of Ended Total Ad Valorem Ad Valorem Per 9/30 Collected (1) Tax Levy Tax Rate Capita (2) 2011 $ 227, % $ $ , % , % , % , % (1) Includes one-fourth (1/4%) sales and use tax for street maintenance and repair. (2) Based on population estimates of the City staff. TABLE 15 - CURRENT INVESTMENTS As of December 31, 2015, the City s investable funds were invested in the following categories: % of Book Description Portfolio Value Schertz Bank Demand Deposits 42.46% $ 2,807,767 Schertz Bank CD's 20.41% 1,350,000 TexPool 37.13% 2,455, % $ 6,612,910 7