Hours of Operation
M-F 8:00AM to 5:00PM
The Finance Department provides a variety of services to the City operation including the following:
- monthly financial reports for the City Manager, City Council, and City departments,
- accounts payable and receivables,
- 1099s, monthly bank reconciliations, and investment reports,
- payroll and W2s,
- management of debt service and fixed assets, and
- preparation of the annual budget, audit, and Certified Annual Financial Report.
The City of Schertz has made available the following information to provide clear and meaningful financial representation not only by posting financial documents, but also through summaries, visualizations, downloadable data and other relevant information. Our goal is to be transparent with the citizens and community. This will foster alignment with the community, council, and city staff to better direct us more effectively and efficiently toward the same goals. To do so the City has begun following state recommended guidelines and will be awarded “Transparency Stars” for each section posted correctly. The state has awarded Schertz the Traditional Finances Star and currently the City has applied to receive the Debt Obligations Star. Other upcoming sections include Contracts and Procurement, Economic Development, and Public Pensions.
The following information on the City’s financials is available to allow taxpayers to understand public services and spending decisions to a greater extent than ever before. Below you’ll find information showing the City’s financial well being through easy to understand summaries and charts as well as official documents related to the tax rates, annual budgets, audited financial reports, detailed lists of vendor payments, and other information. If you would like more detailed or specific information please fill out an open records request using the link below or contact the related department directly.
The following information on debt issued by the City of Schertz is to provide a transparent view of all outstanding obligations. Below we will provide a debt summary trend and visualizations, official documentation on the City’s debt and related elections, and detailed reports of the different bond issuances in an effort to convey meaningful information in a manner that is clear and to the point.
The City of Schertz is a member of Texas Municipal Retirement System (TMRS) a statewide, multiple employer agent plan. In an agent plan, each participating government’s pension is centrally administered and governed by state statutes but the assets and related pension liabilities for each government are accounted for separately and any unfunded liabilities are solely the obligation of that government. Schertz has chosen from a menu of plan options as authorized by the TMRS statute. Schertz plan provides the following benefit level:
Employee contribution rate: 7% of pay
Matching ratio (City to employee): 2 to 1
Years required for vesting: 5
Service retirement eligibility: 60/5, 0/20 (Age/ Service)
Updated Service Credits: 100% Repeating Transfers
Cost of Living Adjustments: 70% of CPI Repeating
Supplemental Death Benefits to Active Employees: Yes
Supplemental Death Benefits to Retirees: Yes
Upon retirement, the employee account balance including interest is combined with the employer match to price a lifetime annuity based on the employee’s age at retirement.
Actuarial Information as of December 31, 2015
Actuarial accrued liability (AAL) $55,119,232
Actuarial value of assets (AVA) $39,338,018
Unfunded actuarial accrued liability (UAAL) $15,781,214
Funded Ratio (AVA / AAL) 71.4%
Equivalent Single Amortization Period 28.1 years
Assumed rate of return 6.75%
Valuation Payroll $16,309,269
UAAL as a percent of covered payroll 100.9%
Active Members: 312
Inactive Members: 138
Retirees and beneficiaries: 79
The following documents can be found under the Financial Reports tab at http://www.tmrs.com/publications.php
– Actuarial valuations for the past 5 years.
– Annual Reports for the past 5 years.
TMRS Guiding Principles
The overall objective of TMRS’ Investment program is to ensure that members, retirees, and beneficiaries are provided the benefits they have been promised by their employers at a reasonable and predictable cost to the employers. Assets will be invested with a total return posture, given appropriate consideration for portfolio volatility (risk) and liquidity. Total return includes dividends, interest, and realized and unrealized capital appreciation.
TMRS General Objectives
Investments are made with the degree of judgment and care, under the circumstances, that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, considering the probable income from the securities and probable safety of their capital and in consideration of the purposes, terms, distribution requirements, and other circumstances of the trust. Investment and management decisions respecting individual assets will be evaluated not in isolation but in the context of the investment portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the trust.
|Asset Class||Policy Benchmarks||Asset Class Goal||Policy Index|
|US Equities||Russell 3000||Benchmark||17.5%|
|Int’l. Equities||MSCI ACW-ex US IMI||Benchmark||17.5%|
|Core Fixed Income||Barclays US Aggregate Bond Index||Benchmark||10%|
|Non-Core Fixed Income||50% Barclays US Corporate High Yield Index
25% J.P. Morgan GBI Emerging Markets Global Diversified ($)
25% J.P. Morgan CEMBI Broad Diversified Index ($)
|Real Return||Barclays World Government Inflation Linked Bond Index||CPI +4%||10%|
|Absolute Return||HFRI Fund of Funds: Diversified Index||Cash (3-month Libor )+ 5%||10%|
|Private Equity||Russell 3000 + 3%||Benchmark||5%|
|Cash Equivalents||30 Day T-Bill||Benchmark||0%|
|TMRS Policy Index||100%|
One-year rate: 5.99
Three-year rate: 8.57
Ten-year rate: 6.45
Assumed Rate: 6.75%
|Fiscal Year||Actuarially Determined Contribution Rate||Actual Total Contribution Rate|
2015 TMRS Actuarial Valuation Report
City of Schertz Rate Letters
Annual Raw Budget Data:
Comprehensive Annual Financial Reports
The Finance Department maintains a listing of persons to whom the City owes unclaimed property. View the listing and claim form below.
Texas Transparency Organization