Finance

Transparency Star Tradiotional Finances
Finance
1400 Schertz Pkwy, Administration Building
Schertz, TX 78154
Phone: 210.619.1140

 

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.

 

Financial Transparency

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.

 

Traditional Finances:

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.

 

Financial Summary and Charts

Fee Schedules
Vendor Payment Register Information
Financial Reports
Schertz Tax Rates
Open Records Request

City Council Contact Information

 

Debt Obligations:

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.

 

Debt Models

Debt Summary

Tax Rate

 

City Pension

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

Click here for downloadable data

 
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 ($)

Benchmark 20%
Real Estate NCREIF-ODCE Benchmark 10%
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%

Source: TMRS
 
One-year rate: 5.99

Three-year rate: 8.57

Ten-year rate: 6.45

Assumed Rate: 6.75%
 
Contributions

Fiscal Year Actuarially Determined Contribution Rate Actual Total Contribution Rate
2012 15.52% 15.52%
2013 15.64% 15.64%
2014 15.76% 15.76%
2015 16.39% 16.39%
2016 16.06% 16.06%

 


Click Here for downloadable data
 
Schertz Five Year History of Net Position

 
TMRS

2015 TMRS Comprehensive Annual Financial Report

2015 TMRS Schedule of Changes in Fiduciary Net Position

2015 TMRS Actuarial Valuation Report
 
City of Schertz Rate Letters

2017 Rate Letter 2015 Rate Letter 2013 Rate Letter

2016 Rate Letter 2014 Rate Letter
 
Texas Comptroller of Public Accounts

Public Pension Search Tool

Other Links

Texas Comptroller of Public Accounts Debt At A Glance Tool

Bond Review Board Local Goverment Debt Data

City Council Contact Information

 

Budget

Adopted Budget 2016-17

Adopted Budget 2015-16
View prior adopted budgets.

Annual Raw Budget Data:

FY 2015-16 Raw Budget Data.

 

 

Comprehensive Annual Financial Reports

Current Comprehensive Annual Financial Report
Comprehensive Annual Financial Reports (Previous Years)

 

Unclaimed Property

The Finance Department maintains a listing of persons to whom the City owes unclaimed property. View the listing and claim form below.

Unclaimed Property List
Claim Form

 

Texas Transparency Organization

www.texastransparency.org