Debt is Growing at Double Digit Rate

Even before the City presents a $96M Road Bond package to the voters for approval, the City is issuing $25.4M in General Obligation, Certificates of Obligation and Revenue backed debt in 2014-2015. The current debt, not including interest or debt issuing costs is shown in the following table along with the compound annual growth rate.

The growth rate has been double digit since 2005 and peaked in 2007 at 19.06%.  Over the last 10 years the growth rate is 10.48%.

With the City population growing at a 3.14% rate over the last 9 years and inflation growing at 1.72% over the same time frame for a total growth rate of 4.86%, the annual compound double digit increase in debt is unsustainable.  The City is on a path similar to the U.S. Government and the Government of Greece.  The City may not be in trouble yet, but, it will be if the debt load on the taxpayers continues to increase at double digit rates.

Tell your city council person to slow down the debt!