The Texas Public Policy Foundation’s Center for Local Governance Director James Quintero issued the following statement on the Texas Bond Review Board’s new data on public debt owed by Texas’ cities, counties, school districts, and special districts. According to the agency’s estimates, the total debt owed by all local governmental entities rose to $342.1 billion in FY 2016, an increase from $338.4 billion owed in the previous fiscal year. Total local debt owed per capita is slightly above $12,450.
“Local governments in Texas are drowning in debt,” said Quintero. “According to newly released figures, Texas’ total local debt stands at more than $342 billion, or roughly $12,450 owed for every man, woman, and child in the state. Two-thirds of amount owed is because of city and school district spending.
“Elevated local debt levels pose one of the greatest challenges to Texas’ economic future. That’s why it is so critical that the next Texas Legislature build upon the good government reforms enacted last session to help get a handle on this fast-growing problem.”
For more information or to request an interview with Mr. Quintero please contact Caroline Espinosa at firstname.lastname@example.org or 512-472-2700.
James Quintero is Director of the Center for Local Governance and Think Local Liberty project at the Texas Public Policy Foundation.
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The Texas Public Policy Foundation is a non-profit, free-market research institute based in Austin, Texas.