The Facts
* From FY 2004 to FY 2013, total state debt outstanding increased by 118% to $43.5 billion.
* Total debt-per-capita in Texas increased over the last decade by 52% from $1,085 to $1,646 per person.
* The Texas Comptroller notes that if interest each year through 2019 and beyond is included, total debt service is $75.5 billion.
Recommendations
* Legislators should limit debt increases and provide more debt transparency to educate Texans on the true cost of bond proposals.
* Legislators should make it mandatory to include on ballots not only the total principal cost of debt but also the total cost with interest payments.
* House Bill 14 in the 83rd Legislative Session provides a good framework to provide greater financial disclosure of public finances.