{{ AFP National Site


Local government debt continues to surprise Texas taxpayers

July 11, 2013

WOAI aired a great news article on local debt in Texas – specifically in San Antonio, but they also ranted on the Houston debt – and local debt across the Lone Star State. You need to hear this: (WOAI – Skyrocketing Local Debt 5-29-13[6])

$195 billion in local debt doesn’t include interest rates – when interest is included (and you do pay interest), it is a whopping $324 billion. And it does not include local government public pension unfunded liabilities. The Comptroller’s report on those liabilities can be found here: http://www.texastransparency.org/yourmoney/pdf/TexasItsYourMoney-Pensions.pdf

Cities, counties, school districts, hospital districts, and more local taxing entities have debt – debt that we taxpayers owe. Only a fraction of Texas’ local government debt is fee-supported. Most of it is paid in your property taxes. Folks, we are leaving our children a legacy alright – a legacy of debt. To find out more about local debt, go to: http://texastransparency.org/yourmoney/pdf/TexasItsYourMoney-LocalDebt.pdf

And remember that the figures in the Comptroller’s report do not include interest payments. When we add interest, that $195 billion grows to $324 billion. And some local governments owe more in interest than they owe in principal due to some sketchy financing schemes. For instance, Leander ISD owes $941 million in principal and $1.7 billion in interest for a total debt load of just under $2.7 billion.

For your local debt (and a listing of principal plus interest), go to the Texas Bond Review Board (http://www.brb.state.tx.us/WOAI – Skyrocketing Local Debt 5-29-13[6] ) and click on Local Government Debt.

Like this post? Chip in $5 to AFP.

Join Our Fight

The road to economic freedom starts here.
Join a network of AFP activists in important issue battles across the country, get the inside scoop with breaking news updates and policy alerts, and be the first to hear about special events near your home.  Help us fight for a better tomorrow.  Together, we can work for lower taxes, less government spending, and greater economic freedom for everyone.

Your Information

[contact-form-7 id="544" title="Subscribe"] ×