They don’t care what the state says

November 17, 2019

If you have any doubt about whether the folks at the city have found a way around the 3.5% maximum property tax increase that the state imposed last year take a look at this slide from a recent city council presentation:

The way they will get more money is to issue debt.

We deserve better

Brutus

 


Going backward

November 15, 2019

Speaking of city taxes, take a look at this slide from one of the presentations to city council:

Are they proud of the fact that Dallas has been able to stay basically flat with their tax rate and Austin has been decreasing their tax rate while we have suffered a 33% increase in taxes?

Why would they present a slide with two cities that make our city government look bad?

We deserve better

Brutus


City debt

November 13, 2019

As part of the requirements the city must meet before city council can approve the $100 million of certificates of obligation the city must notify us of what their current debt situation is.

From their notice:

the current combined principal and interest required to pay all of the City’s outstanding public securities secured by and payable from ad valorem raxes on time and in full is $1,818,279,445.84 (iii) the estimated combined principal and interest required to pay the certificates of obligation to be authorized on time and in full is $173,780,312.50;

The $100 million will turn out to be $173 million by the time interest is paid.

Before issuing the new certificates of obligation, and before issuing the $413 million that the recent election gave them, and before issuing the $180 million for the multipurpose performing arts and entertainment facility they will have to pay out $1.818 billion dollars.

That does not include the approximately $400 million that the police and firefighter pension plans are underfunded by.

Let’s add this up:

Existing debt                              1,818,000,000   (that’s 1.8 billion)

         New certificates of obligation       173,780,000

Police and fire pension                  400,000,000

Recent bond election                    413,000,000 (that’s without interest)

Total                                 $2,804,780,000 (that’s 2.8 billion dollars)

Our city population is about 685,000 people.

Each of us owes about $4,094 at this point.

We deserve better

Brutus

 


Certainly not honest with us

November 12, 2019

One week after the voters approved $413 million in bonds for the city they are back at the trough getting ready to issue $100 million in certificates of obligation without our approval.

Could this be a coincidence?

Or did city staff know that they would ask for the $100 million while the voters were considering what to do about the $413 million?

Would you have voted yes in the bond election if you knew that they planned to pile on more debt without our approval?

If you don’t have an opinion read this slide:

They planned to do this when they passed the budget.

Shame on them.

They clearly planned to put one over on the citizens and they did.

Is there anyone at the city that we can trust at this point?

We deserve better

Brutus


This is really stretching it

November 8, 2019

Earlier this week the voters authorized $413 million of bonds for the city.

Evidently that was not enough.

The Tuesday, November 12, 2019 city council agenda has this item on it:

Discussion and action on a Resolution approving and authorizing publication of notice of intention to issue certificates of obligation in an amount not to exceed $100 million.

We deserve better

Brutus


Bond issue results

November 7, 2019

The voters have spoken.

Both bond issues passed.

Approximately 9% of the registered voters came out to vote.

The bonds passed with roughly 59% voting in favor.

That means that about 5% of the voters committed us to $838 million in debt.

In this case we don’t deserve better.

Brutus


Please vote today

November 5, 2019

If you have not already voted please do so today.

This is the last day you can vote on the proposed bond issue.

My property taxes increased $800 dollars this year.

A large part of the quality of life bonds have yet to be sold.  When they are sold our taxes will go up further.

Those of us that live in the EPISD district are now paying more than $3.07 per hundred dollars of valuation in property taxes.

That’s three percent of your property’s value every year.

That puts us at the highest property tax rate among the 50 largest cities in the United States.

What the city is asking for is a blank check.

If they need new buildings the should figure out how much they will cost and then ask us for the money.

We deserve better

Brutus


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