At recent budget meetings, Finance Director Cliff Craig shared all aspects of the city’s current financial state. What was most intriguing to us were two charts that were never shared with the public under former City Manager Gary McLean. The two charts show the cities’ current debt service, how much was voter approved and how much was council approved.
The voter approved debt pays for the Library and Bradley park. For the next two years we will pay $1.4 million of debt service. After 2011, Bradley Lake will be paid off and we’ll pay $800,000 for the library until 2019.
Click the chart to enlarge it.
Looking at that chart you’ll see we will be paying $5 million in debt services until 2017, then it will drop and we’ll pay on it until 2028.
City Hall will be paid for until 2026! All of the money borrowed was approved before 2008 except for the money to complete the Shaw Road Extension. Think back to who your council members were pre-2008 and which ones are still left.
Adding it all up, it’s $83 million of money owed. Now, we have to remember that this is what we still have to pay. We have no idea how much has already been paid toward these debts.
So for the next two years we will pay $6.4 million in debt service, $5 million of that council approved, not citizen approved.