County earns high marks for 2008 Financial Report

Willacy County Auditor Ida C. Martinez got good marks for her 2008 Annual Financial Report, maybe a B+, or possibly an A-. The financial report was dissected for county commissioners at a special meeting Monday afternoon.

Quintan Anderson of Long Chilton, LLP said the county's assets exceded its liabilities on Sept. 30, 2008 by $7.2 million. And for the same period the county's net assets increased by $2 million.

The county's total assets for the year were $15.4 million an increase of $4 million over 2007. Meanwhile, liabilities were $8.2 million an increase of $1.3 million over 2007.

When liabilities are subtracted from assets the county's total net assets are $7.1 million an increase of $2.6 million over 2007.

The biggest share of this increase is attributable to revenues from the prison contracts above budget by $133,000 and a reimbursement of attorney fees for capital murder trials of $105,000, and expenditure decreases of $600,000.

The biggest part of county revenue comes from $17.6 million in charges for services (prison income) and $4.1 million from taxes. Total revenue for 2008 was $24 million while total expenditures were $22.1 million.

Anderson said that the county's revenues were $470 thousand above budget while expenditures were $700 thousand below budget.

Willacy County's economy remains disadvantage compared to the national economy with our unemployment rate currently at 10.8 percent, above the state and national average.

The 2008-2009 tax rate is $.6228 per $100 a decrease from last year's rate of $.6888. Tax revenues are expected to grow 7.6 percent this year, or $336,000 over last year at a lower tax rate.

Anderson said the county has no substantial long term debt.

Largest tax payers in the county are: Exxon, $511,713;

Citation 2002 Investments Ltd. $427,398; Suemaur Expl & Prod LLC $426,246; XTO Energy Inc.$348,022; Pinnell Trust $143,215; Cody Energy LLC $123,817; Sebastian Cotton $95,209; AEP Texas Central Co. $92,107; Apache Corp. $90,238 and Wal-Mart Stores Texas L.P. $85,607. Together these 10 taxpayers account for 14.62% of the county's total tax revenue.