The Facts
* The most recent data available estimates local debt service outstanding (principal and interest) at $323.1 billion for fiscal 2012.
* From fiscal years 2003 to 2013, local debt outstanding grew by 95%. Over the same period, population and inflation increased just a combined 46%.
* In 2012, the Texas Comptroller ranked Texas’ local debt per capita as the 2nd highest burden in the nation, behind only New York.
* Texas voters are not fully informed at the ballot box of the propositions that they are being asked to approve or reject.
Recommendation
* Require local governments seeking to issue bonds to provide voters with basic financial information about the proposition being decided upon.