Paying on the never never

According to an article in the Times the other day our county hospital has only paid $5.7 million to reduce the principal on the $120 million in bonds issued in 2008.

That’s an average of $814,000 per year over the last 7 years.  At this rate it will take another 140 years to retire the bonds.

That obviously cannot be the plan.  They must be planning to increase the principal payments at some point.  The question is what that will do to our property taxes.

According to the article we have paid almost $42 million in interest and only about $6 million toward principal.

Commissioners court

We don’t get to elect the hospital board or the CEO of the hospital.

Our elected county commissioners court has responsibility for the hospital budget and bonded indebtedness.

They either have not been paying attention or they have decided to stick it to us in the future.

It looks like our only option here is at the voting booth.

We deserve better

Brutus

 

4 Responses to Paying on the never never

  1. WC Fields says:

    What has escaped is logic. It takes a real leader and manager to prepare a balanced budget while providing top notch services to the public.

    For some reason, the logic at the county and city level, the (squeezing my noise) officials believe that it takes a genius to spend beyond your means and worry about the unpayable debt later.

    Perhaps, it’s because El Paso residents have some of the worst individual crediting ratings in the U.S. That lack of concern carries over to the city and county. Unfortunately, at some point the bill is due or there’s no more credit. Then we have a city and county that rivals failed Detroit.

    Do we really want a city and county that has all these fancy buildings that are partially occupied, for that matter partially empty stadiums and centers. But, not a pot to piss in. There’s nothing worst than seeing someone with very expensive clothing and car but the house is on its last legs.

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  2. ManintheMoon says:

    Yep and they have no plans on stopping the crazy train spending. Then again you must blame the people of the county and the city in not turning out to vote and allowing a special interest,small voting block to decide their future. Nope do not feel bad for the majority in El Paso who have been to damn lazy to engage their government and do their duty as the master/citizen over their government. The majority of you are to blame so do not whine or complain when the bumbles of El Paso city and county government put you in the poor house which does seems to be what you want.
    For those that have done their citizen duties and responsibilities to their governance thank you!

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  3. Somehow, we have to stop this rampant spend, spend, spend mentality. Meanwhile our streets and roads continue to deteriorate, and continue to be ignored. As for our current Commissioners Court, they do appear to be unaware of what is going on, and Escobar’s attempts to say that the EPCH Board is not keeping her Court informed just sounds weaker and weaker.

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  4. homeowner777 says:

    Maybe the “Plan” is to file bankruptcy in a few years when all of this compounds and they too many payments?
    How in the world can the city and county keep increasing the debt and not be able to pay off what they already owe?
    ONE. . . small natural disaster. . . . would wipe out any of their cash on hand and then they’d not be able to pay ANYTHING on any loan or bonds.
    . . . Like college kids with their parent’s credit cards.
    I think “Financial Mismanagement” is what its called.

    So . . .. each City Council can just move in. . . . do their damage and then move on . . . without any punishment or jail time?

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