The proposed 2017-2018 city budget includes an item for $59,808,247 for principal payments on debt.
That amount combined with the $60,986,279 the city is budgeting for interest expense brings this year’s cost of debt to $120,794,526.
They are budgeting $272,808,158 in revenue from property taxes.
That means that 44% of our property tax money is not going to be used to finance current operations, but instead will be used to pay for past spending.
We deserve better