City’s tax supported debt decreasing

Glenn Hegar, Texas Comptroller of Public Accounts released information from Texas Transparency that showed that the City of Howe’s debt ratio has improved steadily since 2009 when the city passed a bond of $1,550,000. The numbers reflect authorized but unissued tax-supported debt as of August 31, 2014. The current tax supported debt listed showed Howe to be at $1,320,000.

With a 2,614 population reported in 2014, that gives Howe a $505 tax supported debt outstanding per capita.

Other cities similar in Howe’s size differ greatly but show Howe to be in a pretty healthy state. The City of Merkel has a population of 2,601, yet have a tax supported debt outstanding of $6,919,000 which equates to a $2,660 debt per capita. The City of Seymour, population 2,634, has no outstanding debt.

How does Howe compare to other local cities? Van Alstyne shows a debt of $3,705,000 or $1,150 debt per capita. Anna, who has had over 100 percent population change recently, has a debt of $16,409,000 with a ratio of $1,552.

Howe’s $0.69 proposed tax rate to be approved this month includes $0.179513 on each $100 valuation of property for the purpose of principal and interest on bonds and certificates of obligation.