Debt Obligation
The Debt Obligations page contains information required by the Texas Comptroller of Public Accounts to qualify for the Comptroller's Transparency Stars program. The City of Corinth has provided additional financial information that is not required by the Comptroller's program. This information will provide a broader understanding of the City's finances.
Debt Obligation Transparency
It is our commitment that the City’s debt obligation information is readily accessible and available for our citizens. The City will issue debt only for the purpose of acquiring or constructing capital assets for the general benefit of its citizens and to allow it to fulfill its various missions as a city. Debt may be used for the purposes of purchasing land or rights-of-way and/or improvements to land, for construction projects to provide for the general good, for capital equipment or other long-term assets. Debt instruments include general obligation bonds, general obligation refunding bonds, Certificates of Obligation bonds, tax anticipation notes, and capital leases.
Principal and interest payments on the City’s bonded debt are secured by ad valorem property taxes levied on all taxable property within City limits. Water and Sewer revenue bonds are secured by water and sewer enterprise fund revenues. Payments are recorded in the Debt Service Fund and Water & Sewer fund respectively. Other obligations, including leases, may be repaid from property tax levies or general operating revenues.
Current Debt Obligation Summary as of 9/30/2023
The following summary data is from the Government-Wide Statement of Net Position in the City’s Comprehensive Annual Financial Report for the fiscal year beginning October 1, 2023 and ending September 30, 2024. View the Issue-by-Issue link below for a summary of historical bond information that includes the date of election, purpose, issued amount, etc., as well as capital lease information.
| Outstanding Debt |
Per Capita* | |
| Total Tax Supported Debt Obligations | $52,608,776 | $2,267.62 |
| Total Revenue-Supported Debt Obligations | $13,856,224 | $597.25 |
|
Total Outstanding Debt Obligations |
$66,465,000 | $2,864.87 |
| Other Obligations, Including Leases | $1,366,466 | $58.13 |
*Based on a population of 23,200 as of September 30, 2023
Bond Rating
The City of Corinth currently has the following bond ratings: Moodys "Aa2"; Standard & Poor's "AA+"
Property Tax Rate
Property taxes are billed in October and become delinquent after January 31st the following year. Assessed values represent the appraised value less applicable exemptions authorized by the City Council. Visit the Property Tax webpage for the current tax rate and to learn more. View Property Tax Rate Page.
Upcoming Bond Elections
There are no planned bond elections at this time.
House Bill 1378 Disclosure
In 2015, the 84th Legislature passed HB 1378 (codified under Texas Local Government Code § 140.008) in order to increase local government debt transparency across the state. Beginning January 2016, political subdivisions, including counties, cities, school districts, junior college districts, special districts, and other subdivisions of state government must annually compile certain debt obligation data from the preceding fiscal year and either: Report the information to the Comptroller of Public Accounts for posting on the Comptroller's Internet website; or Post the information on the political subdivision's own Internet website and make it available for inspection by any person.
Debt Excerpts from Approved Budgets
Debt information is provided as part of the City's budget in accordance with the City Charter. The following links contain debt information excerpts from the past 7 years of City budgets.
2023 Budget Excerpt
2022 Budget Excerpt
2021 Budget Excerpt
2020 Budget Excerpt
2019 Budget Excerpt
2018 Budget Excerpt
2017 Budget Excerpt
2016 Budget Excerpt
