Texas Bond Review Board Strategic Plan: Fiscal Years 2013-2017 Page: 20
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This ratio demonstrates the relationship between the state's debt outstanding payable from tax
revenue and the state's population and is calculated by dividing the net tax-supported state debt
outstanding by the total estimated number of residents of the state. Net tax-supported debt does not
include any debt that is self-supporting, debt that is serviced by another unit of government,
appropriate sinking funds or short-term operating debt.
Available sources for comparable measures include an annual Medians - Selected Indicators of Municipal
Performance publication by Moody's Investors Service. The State Indicators and Rankings section
includes debt-per-capita ratios for all fifty states as well as median and mean calculations for this
category. Similar comparisons are available from other municipal debt rating agencies such as
Standard and Poor's and Fitch Ratings.
This benchmark corresponds to the General Government statewide priority goal which is "Ensure
the state's bonds attain the highest possible bond rating; and conservatively manage the state's
debt." The statewide benchmarks in this category that apply are:
* Texas general obligation bond ratings
* Issuance cost per $1,000 in general obligation debt
Agency initiatives to accomplish this goal include the review of state bond issues, statewide capital
expenditure planning and debt issuing guidelines.
Goal one is to "Ensure that Texas state debt is issued in a cost-effective manner supported by sound
debt-management policies that protect the state's credit ratings."
Benchmark - Goal 2:
Debt-ratio medians for tax-supported debt for Texas school districts, counties, cities,
water districts and other special districts compared to national medians for these
same governments based on Moody's medians
Texas local governments are among the primary issuers of tax-supported debt in Texas. Moody's
Investors Service annually publishes medians for tax debt per capita and debt-to-taxable values for
these same governments (if rated by Moody's) in its annual Medians - Selected Indicators of Municipal
Performance. The debt indicators and performance ratios contained in this publication have been
chosen from among those most commonly used by analysts in the municipal bond industry.
The statewide goal that corresponds to goal two is the General Government goal "to support
effective, efficient and accountable state government operations." The applicable statewide
benchmark for this category is:
* Texas general obligation bond ratings
* Issuance costs per $1,000 in general obligation debt
Goal two is to "Ensure that public officials have access to current information regarding local
government debt issuance, finance and debt management."20
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Texas Bond Review Board. Texas Bond Review Board Strategic Plan: Fiscal Years 2013-2017, book, July 2, 2012; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth531984/m1/23/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.