Maverick County’s Total Debt is $70 Million in 2013
By: Jose G. Landa, Eagle Pass Business Journal, Inc. Copyright 2015
According to Texas Transparency (texastransparency.org), Maverick County has the highest total debt among counties its population size in the State of Texas with a total debt of $70,980,000 in 2013, including an outstanding tax supported debt of $31,240,000.
Maverick County Commissioners Court has been struggling for several years now with the financial burden placed on county government by a high total debt and high tax supported debt. The financial burden is increased by corruption, bribery, and kickback schemes practiced by certain past County Commissioners and individuals during the past several years evidenced by the over 25 federal criminal indictments and over 20 guilty pleas entered in the Federal Bureau of Investigation (FBI) corruption sting in Maverick County. Maverick County’s financial burden is also increased by the return of federal grant funds, such as the $1 million and $580.000 CDBG grants, for non-compliance with grant terms and requirements.
The Eagle Pass Business Journal researched Maverick County’s total debt and its place among the 254 Counties within the State of Texas under Texas Transparency.
According to the 2013 County Financial Reports reviewed by Texas Transparency. org, Maverick County had an outstanding tax supported debt of $31,240,000 or $559 per capita (per individual resident living in Maverick County) as of August 31, 2013. Maverick County also had an outstanding total debt of $70,980,000 at an average of $1,282 debt per capita, with a population of 55,365 persons.
Tax-supported debt is backed by a pledge of property taxes levied within the issuer’s boundaries. Some tax-supported debt may be secured by a combination of property taxes and other revenue sources. It generally must be voter-approved (with exceptions for COs, tax notes, school district maintenance tax notes, and certain county road bonds and contractual obligations for personal property).
In comparison with nine counties of similar size, Maverick County was ranked No.1 in outstanding tax supported debt (OTSD) and tax supported debt per capita (TSDPC), as well.
Within the nine Texas Counties compared with of similar size, Maverick County had an outstanding tax supported debt(OTSB) of $31,240,000 and $559 tax supported debt per capita (TSDPC) compared with No. 2 Hood County with $16,995,000 (OTSB) and $321 (TSDPC) and a population (Pop.) of 52,905,; No. 3 Rusk County (OTSD) $11,665,000, (TSDPC) $218 with a population of 53,622; No. 4 Kerr County (OTSD) $9,650,000, (TSDPC) $193 with a population of 49,953; No. 5 Anderson County (OTSD) $9,620,000, (TSDPC) $166 with a population of 57,938; No. 6 Van Zandt County (OTSD) $9,347,000, (TSDPC) $178 with a population of 52,481; No. 7 Wise County (OTSD) $3,180,000, (TSDPC) $52 with a population of 60,939; No. 8 Starr County (OTSD) $2,930,000, ((TSDPC) $47 with a population of 61,963; No. 9 Hardin County (OTSD) $2,555,000, (TSDPC) $46 with a population of 55,417; and No. 10 Cherokee County with a (OTSD) $ , (TSDPC) $ with a population of 50,878.
Maverick County’s total outstanding debt according to information from Texas Transparency.Org in 2013 was $70,980,000 for a population of 55,365 persons.
There were only 26 other counties in the State of Texas who had a larger outstanding debt than Maverick County in 2013.
The 25 counties with a larger outstanding debt than Maverick County in 2013 were Harris County with an outstanding debt of $4,597,355,190 with a population of 4,253,700 people, Williamson County, $789,719,942, population (Pop,) 456,232, Travis County ,$640,994,987 (Pop.) $1,095,584, Montgomery County $491,995,941, (Pop.) 485,047 Willacy County $103,920,000, (POP.) 22,058,Titus County, $148,685,000 (Pop.)32,663, Tarrant County ,$317,725,000 (Pop.) 1,880,153, Reeves County, $84,110,000 (Pop.)13,798, Polk County $71,728,000, (Pop.) 45,656, Parker County, $76,939,975, (Pop.) 119,712, Nueces County,$108,780,000, (Pop.) 347,691, McLennan County, $71,340,000, (Pop.) 238,707, Hidalgo County, $174,275,000, (Pop.) 806,552, Hays County $283,230,000 (Pop)168,990, Galveston County, $319,793,434 (Pop.)300,484 , Fort Bend County, $508,000,000, (Pop.) 627,293, El Paso County, $235,836,000, (Pop.) 827,398, Denton County,$553,915,000, (Pop.) 707,304, Dallas County, $121,605,000, (Pop.) 2,453,843, Collin County, $393,210,000, (Pop.) 834,642, Cameron County,$125,565,000, (Pop.) 415,557, Brazoria County, $92,050,000 , (Pop.)324,769, Brazos County, $94,130,000, (Pop.) 200,665, Bell County,$118,200,000, (Pop.) 323,037, Andrews County ,$72,280,000 (Pop.) 16,117, and Bexar County with an outstanding debt of $1,293,810,000, (Pop.)1,785,704.
Of the 26 counties with a greater outstanding debt than Maverick County, only five counties had a smaller population than Maverick County.
Maverick County does have a greater outstanding total debt larger than 227 other counties in the State of Texas in 2013.
Outstanding debt is the principal owed over the remaining life of all debt issues.
Maverick County’s net debt per capita in 2013 was at $1,282 dollars, attributed to each citizen under Maverick County’s jurisdiction.
Net debt per capita is a measurement of the value of a government’s debt expressed in terms of the amount attributable to each citizen under the government’s jurisdiction.
The outstanding debt data has been obtained from the Bond Review Board, which compiles data reported by state agencies and local governments that neither the Board nor the Comptroller has independently verified. State agencies are not required to report all installment purchases but certain lease-purchase obligations are included. In addition, some state debt issued before 2006 may not be reflected.
The following analysis considers principal only; therefore, stated amounts do not include outstanding interest.
Maverick County’s financial situation is delicate and precarious as evident by the total debt figure of $70,980,000 and outstanding tax supported debt of $31,240,000 in 2013.
With Maverick County Commissioners Court going out to obtain a $2 Million loan this month to pay for the County’s expenses for the remaining Fiscal Year 2014 (9/30/15), these debt figures are certain to increase.
