Let’s get out of debt

In response to “Constructive’s” comment the other day, one of the things the city could do is to stop issuing debt, even if that means that we need to go without for a while.

The city’s 2020 budget will see us spending $52,850,000 in principal payments on debt and $61,066,101 for interest.

That comes to $113,916,101.

They plan to collect $325,181,058 in property taxes.

Yes 35% of what they collect from property taxes will have to be spent on things that we already have.

That’s before they sell the bonds for the multi-purpose performing arts center and the public safety bonds.

We deserve better

Brutus

 

15 Responses to Let’s get out of debt

  1. Anonymous says:

    Before the PEOPLE, WORKING people, Taxpayers, the town of El Taxo will ever see ANY relief, rescue from BILLIONS$$$ in debt, they can never pay, the town of El Taxo will have to be under a Court ORDERED Bankruptcy proceeding. Liquidating, selling-off all the UNECESSARY crap the POLITICIANS have FORCED on the PEOPLE. FORCED them to buy, to pay for, to finance for the POLITICIANS and the people who OWN them, the idle rich, “Donors”, etc.

    Liked by 1 person

    • John Dungan says:

      The problem is that we know damn well no one will ever pony up even a fraction of what it cost us to buy all those shiny toys and dewdads.

      Like

    • City Cynic says:

      Not alway so much forced as tricked…none of these bond issues were ever voted on by even half the eligible voters…more like 8-10% of the eligible voters turn out, so the winning vote is about 5% of the electorate. But everyone has to pay those taxes. And of course the certificates of obligation and other expenses not submitted to any voter approval come from a city council also elected by a tiny fraction of the electorate, with large campaign donations from those who really have the power here.

      Like

      • The Truth Hurts says:

        We’ve not been “tricked” if irresponsible people refuse to vote or do their homework. Large campaign donations have nothing to do with voter turnout. Any money spent on campaign advertising makes more people aware of an election. The truth is that people just do not give a damn. You can bet that the people benefiting from the spending are voting and are turning out their friends.

        Like

      • So if the electorate dosen’t tirn out so we get a decent representation of the majority of voters, whose fault is that?

        Like

  2. Anonymous says:

    I would file this under “Duh”.

    I posted here a year or longer ago about the amount of debt and debt service the city is saddling taxpayers with, and they keep spending. Soon, within 10 years, debt service will likely approach 60-70% of the total budget.

    This is why they are seeking other ways to increase revenue to the city, they have created a situation that gets worse year-over-year with respect to debt. Charging the water company to use the streets isn’t going to help, but those are the types of revenue they can go after without voter approval.

    El Paso = Detroit

    Bankruptcy is guaranteed for the City of El Paso, and the money they have borrowed did not even go to actually make life better for most taxpayers in El Paso.

    Like

    • JerryK says:

      Whatever else it might be, El Paso is not Detroit or any of the disintegrating northern industrial cities. First, El Paso is growing not depopulating. It has a younger demographic than many similar size cities. It has affordable housing, even if it’s the end result of sprawl. Most important, El Paso’s future is hooked to the US in relation to Mexico and the implicit trade opportunity that brings.

      We can joke all we want about Mexico, but it ain’t going away and the USMCA or NAFTA 2.0 guarantees that fact, short of a revolution.

      Don’t ask me about our fiscal irresponsibility because it is largely the agenda of the local donor elite and their minions on CC. Where do you think those ideas come from? Certainly not CC members.

      Like

      • Trouble on the Horizon says:

        Maybe not Detroit, but take a look at Stockton, California. Its path to bankruptcy sounds strangely familiar.

        Like

      • elrichiboy says:

        JerryK, El Paso isn’t growing. At least, not much. According to U.S. Census Bureau estimates, from 2012 to 2018, El Paso grew by only 1.1 percent. From 2017 to 2018, El Paso’s population shrank. The growth El Paso experienced is less than what is attributable to natural growth, i.e., births minus deaths. People of taxpaying age are fleeing El Paso. That means that fewer people will pay more taxes. Here, read this from my second favorite blog: http://elchuqueno.com/what-el-pasos-stagnant-population-growth-means-to-you/

        Like

        • Brutus says:

          🙂

          Like

        • anonymous says:

          exactly

          Like

        • City Cynic says:

          We cannot rely on endless growth to pay the bills…even bringing water from Hudspeth or drinking that refreshing “Toilet to Tap” water is going to provide enough water, for one thing. How can we have a good quality of life in a city that is already sprawled out so much that comprehensive public transport, among other amenities, just isn’t possible? Interesting that building that ballpark and cramming events into DwnTwn hasn’t stopped people from leaving, despite City “Leaders” claiming that these projects would attract tourists and make life better for residents…

          Like

  3. epkamikazi says:

    On the Far East Side..

    El Paso Management Policies… Irony is when you put signal lights up at the traffic circle at the intersection of Rich Beem and Edgemere that you built because it was cheaper than signal lights!

    Best part? When the city applied for the Federal Grant’s they identified the intersection being on the west side!

    We deserve a lot better!

    Like

  4. Anonymous says:

    How can they keep selling the bonds? It seems like it would be a bad investment.

    Like

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