Thursday, September 27, 2012
San Antonio leads Texas cities in per capita debt, according to a new report from the State Comptroller's office. The report, called "Your Money and Your Debt", finds that San Antonio has $9.4 billion in debt, which is $7,100 for each of its 1,327,407 citizens, My San Antonio.com reports.
Bexar County voters have voted in the last few years to use a hotel occupancy tax to pay for sports facilities and public parks to be upgraded, as well as the county issuing $500 million in bonds for flood control projects. The county and the city both have the highest bond rating with all three bond agencies.
While the Comptroller said the report should show how cities need to be more conservative about asking their citizens to fund new projects through their taxes, crtics pointed out that cities are shouldering more financial burden as the state decreases funding and increases mandates. The cost for public schools, hospitals and roads fall to local municipalities as the Legislature continues to make budget cuts.
Texas has $40.5 billion of outstanding state debt and $192.7 billion of outstanding local debt, including $63.6 billion held by school districts. The report says that Texas has the lowest amount of state debt of the 10 states with the highest population, but is number two for local debt burdens.