The city’s financial reports for the first six months of fiscal year 2015 reveal a lot about what they are doing.
They budgeted forty million dollars for the year to make principal payments against our debt. At the six month mark they had made no payments, zero.
They also budgeted 51 million dollars to make interest payments.
Yes they budgeted more money to make interest payments than they did to pay down principal.
There is good news in that of the $51 million they only spent $23 million. We don’t know why but if this shows up as real savings it will be good news.
We deserve better