Your check for $1,526 please

The city has a report on it’s web site titled “Amended Continuing Disclosure Report For The Fiscal Year Ended August 31, 2014”.  It applies to general obligation debt.

It shows that the city had $1,046,440,00 in property tax supported debt and the end of it’s 2014 year.  That’s one billion, forty six million, four hundred and forth thousand dollars.

The report shows that each and every man woman and child in El Paso has a $1,526 share of that debt.

There’s more

Not included in the report were bonds that are paid out of “special” revenue accounts.  They included:

$467,100,000 Water and Sewer System Revenue Bonds

$20,075,000 Airport Revenue Bonds

$60,860,000 Municipal Drainage Utility System

$60,860,000 for the ball park

You will notice that the ball park and the storm water system have the same amount of debt.  Actually they don’t.  The correct number for the ball park was $60,785,000 according to another of their reports.  I guess that we shouldn’t expect accuracy in reporting, especially from the city.

Keep in mind that they have yet to issue $423,875,000 in quality of life bonds much less figured out what it is going to cost to fix our deteriorating streets.

We deserve better

Brutus

 

3 Responses to Your check for $1,526 please

  1. Haiduc says:

    We live in El Paso, Taxes

    Like

  2. ManintheMoon says:

    Looks like at least some have been digging a little deeper to the city of El Paso’s real debt and that the city clearly has passed the one to ten ratio of income to debt. Yep they have pretty much bankrupted the people of the city of El Paso but they just haven’t told you guys. Remember it isn’t real until they tell you guys.

    Like

  3. U says:

    You are leaving out the 347 million dollar deficit for which the city does not have the assets to cover according to the 2014 CAFAR. Oh and don’t forget the interest costs on that billion dollar plus debt. Just double it and you will have the principal and interest cost totals.

    Like

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