Victoria has debt for infrastructure improvements

Melissa Crowe By Melissa Crowe

Sept. 26, 2012 at 4:26 a.m.
Updated Sept. 27, 2012 at 4:27 a.m.

Victoria County is in good shape with its debt load, a local official said Wednesday.

The county started 2012 with $11.6 million in debt, but after a payment, reduced the debt load to just more than $10.3 million, said Victoria County Auditor Judy McAdams.

"I don't know what (debt) other counties have, but I think it's pretty low for our size county according to our financial advisors," McAdams said.

The last time Victoria County issued debt was in 2010 to cover a new radio system for law enforcement offices totaling about $8.5 million, McAdams said.

"We don't issue debt very often ... We have no plans to issue debt this year," McAdams said.

However, the commissioners court could look at issuing some next summer to cover projects, potentially including a courthouse expansion and parking additions.

Victoria Communications Director O.C. Garza said cities do not have a gas-tax fund like the state uses to maintain road infrastructure.

"It seems to me that if you're looking - I don't know how cities would be expected to cover major infrastructure repair without issuing debt," he said.

Finance Director Gilbert Reyna and Assistant Director Andrew Jacob did not return phone calls Wednesday seeking comment.

According to the city's 2011 financial report posted on its website, the total general obligation certificates and bonds was $97.9 million.

General obligation bonds totaled about $30.5 million in 2011 and certificates of obligation totaled about $61.4 million that year.

The 2012 report has not yet been published online.

According to the 2011 report, Victoria generally issues general obligation certificates and bonds to fund infrastructure improvement projects

It appeared the Loop 463 costs made up a large portion of the total debt.

The city did not issue debt for the 2013 budget.

The 2010 financial report showed total general obligation certificates and bonds of about $91.9 million.

The 2009 report showed total general obligation certificates and bonds at about $68.8 million.

Related story: Comptroller: Local debt doubled in past decade, click HERE



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