Summary: Horseshoe Bay, Texas; General Obligation

S&P Global Ratings assigned its 'AA+' long-term rating to the City of Horseshoe Bay, Texas' approximately $9 million series 2024 combination tax and revenue certificates of obligation (COs). S&P Global Ratings also affirmed its 'AA+' long-term rating on the city's general obligation (GO) bonds and COs outstanding. The outlook is stable. The GO bonds and COs are payable from an ad valorem tax levied on all taxable property in the city, within the limits prescribed by law. The COs are additionally secured by a limited pledge not to exceed $1,000 of surplus water and wastewater system revenue. Given the de minimis revenue pledge, we rate the certificates based on Horseshoe Bay's ad valorem pledge. The maximum allowable ad valorem tax

...Most recent Historical information 2022 2021 2020 Economy Projected per capita EBI % of U.S. 169.5 Market value per capita ($) 849,045 Population 4,185 4,123 3,956 County unemployment rate(%) 3.6 Market value ($000) 3,553,254 2,591,318 Ten largest taxpayers % of taxable value 4.0 Budgetary performance Operating fund result % of expenditures 19.1 8.4 -2.4 Total governmental fund result % of expenditures 19.6 6.1 -2.5 budgetary flexibility Available reserves % of operating expenditures 59.6 43.9 36.4 Total available reserves ($000) 6,193 4,124 3,239 Liquidity Total government cash % of governmental fund expenditures 98.4 85.8 48.2 Total government cash % of governmental fund debt service 762.3 696.0 376.5 management Financial Management Assessment Good Debt and long-term liabilities Debt service % of governmental fund expenditures 12.9 12.3 12.8 Net direct debt % of governmental fund revenue 258.0 Overall net debt % of market value 2.0 Direct debt 10-year amortization (%) 53.4 Required pension...

Summary