Debt Obligation Summary
Debt Obligation Transparency
It is our commitment that the City’s debt obligation information is readily accessible and available for our citizens. The City of South Padre Island issues a variety of long-term debt instruments in order to acquire and/or construct major capital facilities and equipment for governmental activities. These instruments include general obligation bonds, general obligation refunding bonds, tax anticipation notes, revenue bonds, and capital leases.
Debt Obligation Summary
The following summary data is from the Government-Wide Statement of Net Position in the City’s Annual Comprehensive Financial Report for the fiscal year ended September 30, 2024.
As of September 30, 2024, the City’s total amount of tax supported debt is $11,635,000 and revenue supported debt is $7,715,000. Total tax supported debt obligations for the City expressed as per capita is $4,080, based on a population of 2,852.
As of September 30, 2024, the debt for the component unit (EDC) is $0 for tax supported debt and $1,475,000 for revenue supported debt.
As of September 30, 2024, the total lease liabilities is $226,101.
Please see the link below titled Issue by Issue Listing for historical bond information that include date of election, purpose, issued amount, etc., as well as capital lease information
HB 1378: Debt Obligation Reporting
The 84th Legislature passed HB 1378 to increase the transparency of local government debt. Under political subdivisions including cities, annually compiling of their debt obligation data from the preceding fiscal year is required.
Annual Local Debt Report required by HB 1378
Other Information:
Texas Comptroller of Public Accounts Debt at a Glance Tool
City Council Contact Information
Upcoming Bond Election Information: Currently, no bond elections are scheduled.
