Page 41 - Grapevine FY19 Operating Budget

Overall, current outstanding governmental debt is $200,797,867, (not including TIF) with a
principal balance of $151.9
million. Repayment of this Outstanding Interest Total Percentage
Debt
Due
debt is scheduled over a Debt Instrument Principal $22,053,544 $93,863,544 of Total
$71,810,000
General Obligation Bonds
46.75%
twenty (20) year period and Certificates of Obligation $47,293,143 $18,972,968 $66,266,111 33.00%
is payable from a general Tax Notes and Notes Payable $4,200,000 $290,888 $4,490,888 2.24%
property tax levy. Sales Tax Revenue Bonds $16,930,000 $5,448,947 $22,378,947 11.15%
Waterworks & Sewer Revenue $10,965,000 $2,833,378 $13,798,378 6.87%
Rating Agency Reports Total $151,198,143 $49,599,725 $200,797,868 100.00%

Moody’s Investors Service has issued a rating of Aa2 for Grapevine’s GO debt. The credit
position for Grapevine is very good, and its Aa2 rating is slightly stronger than the median rating
of Aa3 for US cities. The notable credit factors include a robust financial position, strong wealth
and income levels and an ample tax base. The credit position also reflects a manageable debt
burden and a moderate pension liability.

S&P Global Ratings has assigned its ‘AA+’ long term rating for Grapevine’s GO debt. The
rating reflects favorably on the City’s:

• Very strong economy, with access to a broad and diverse metropolitan statistical area
• Strong management, with good financial policies and practices
• Strong budgetary performance, with operating surpluses in the general fund and at the
total governmental fund level
• Very strong budgetary flexibility
• Very strong liquidity

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