The debt from Midland County Water District No. 1 now belongs to the City of Midland, and because of that, the five taxing entities inside the city of Midland showed total debt payments of $1.214 billion at the end of fiscal year 2022, according to the Texas Bond Review Board and Reporter-Telegram reports.
The total debt payments of those entities – the City of Midland, Midland ISD, the Midland County Hospital District, Midland College and Midland County – is actually $815.766 million, according to the bond review board. The TBRB does not show that $398.959 million in Midland County Water District No. 1 debt payments is now in the city’s name. That was confirmed by the city on Thursday.
According to a city spokesperson, the water district’s debt was “always city debt but was managed under Midland County Fresh Water Supply District.”
The addition of the water district’s debt payments increased the total debt payments of just the City of Midland to $749.25 million at the end of FY 2022, according to the bond review board.
Total debt payments take into account the principal and interest a taxing entity owes.
Taking out the water district debt, the total payments of the five taxing entities still increased to $815 million – the second highest total going back to 2012, according to the Texas Bond Review Board. The review board showed the five taxing entities combined for $575.305 million in total principal owed, $240.460 million in interest.
The reason for the increase, according to the Texas Bond Review Board numbers, was a $45 million increase in the principal owed by the Midland County Hospital District. The Texas Bond Review Board showed that the Hospital District’s principal rose to $149.935 million and the total debt payments increased from $171.832 million to $230.075 million.
“In September 2021, Midland County Hospital District refinanced $52.3 million in existing debt that was privately placed with a local bank and secured $17.3M in funding for the hospital employee pension plan,” the Hospital District reported on Thursday. “This debt issue was placed to take advantage of historically low interest rates and lock in this variable rate debt with fixed rates. In the first 10 years, Midland County Hospital District will save over $30 million in debt service cost. This was all completed without raising property tax rates and was approved by the Midland County Hospital District board of directors.”
2022 by Entity
Principal Interest Total
City $247,000,000 $103,291,233 $350,291,233*
School District $154,225,982 $54,830,694 $209,056,676
Hospital $149,935,000 $80,140,807 $230,075,807
College $16,770,000 $1,558,488 $18,328,488
County $7,375,000 $639,075 $8,014,075
Totals $575,305,982 $240,460,297 $815,766,279
Water District $215,731,160 $183,228,398 $398,959,558*
*denotes that the city’s debt payments do not include those from the water district as the Texas Bond Review Board still has not updated its records to show that.
Most recent years
2021 Totals $565,280,982 $246,414,918 $811,695,899
2020 Totals $545,195,982 $255,648,078 $800,844,059
2019 Totals $534,555,996 $274,755,976 $809,311,972
2018 Totals $508,415,996 $270,474,475 $778,890,421
2017 Totals $496,195,000 $251,682,874 $747,877,874
Total debt payments in Midland
2012: $668 million
2013: $714 million
2014: $866 million
2016: $764 million
2017: $747 million
2018: $778 million
2019: $809 million
2020: $800 million
2021: $811 million
2022: $815 million*
*denotes that the city’s debt payments do not include those from the water district as the Texas Bond Review Board still has not updated its records to show that.
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Sources: Texas Bond Review Board and Reporter-Telegram archives
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