Cities, counties, school districts, and special districts in Texas are awash in red ink and the problem is getting worse, according to recently obtained information from the Texas bond Review Board.
In fiscal year 2013, total local government debt, including principal and interest payments, increased to $328.1 billion, growing by more than $5 billion over the previous fiscal year and by almost $30 billion over a five-year period. This new FY 2013 figure means that each of Texas’ 26.4 million residents owes a total of $12,400 per person on behalf of their local governments.
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Source: Texas Bond Review Board
For those interested in a complete breakdown of Texas’ local government debt burden for FY 2013, see below.
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Source: Texas Bond Review Board
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