City staff made a presentation the other day where they explained that the money the city spends to service it’s debt amounts to one third of the property taxes it collects.
Actually, the situation is worse–much worse.
This page from the city’s 2014 comprehensive annual financial report shows that the city collected $73.8 million in property taxes in fiscal year 2014. The numbers are in the “Actual Amounts” column.
It also shows that we paid out $84.6 million in interest and principal payments.
We deserve better