AUSTIN, TX – The Texas Bond Review Board (BRB) released preliminary estimates of local government debt owed for fiscal year 2015. According to the BRB, local governments have amassed debts totaling more than $338 billion, up more than $5 billion since the previous fiscal year.
“Texas’ local governments are awash in a sea of red ink,” said James Quintero, director of the Center for Local Governance. “According to the latest data, local governments in the Lone Star State owe a combined $338.4 billion, which amounts to roughly $12,250 owed per Texan.
“Soaring local government debt remains one of Texas’ greatest public policy challenges. It’s critical that the next legislature take action to rein in the growth of out-of-control spending and debt at the local level.”
For more information or to request an interview with Mr. Quintero, please contact Caroline Espinosa at [email protected] or 512-472-2700.
James Quintero is Director of the Center for Local Governance at the Texas Public Policy Foundation.
The Texas Public Policy Foundation is a non-profit, free-market research institute based in Austin, Texas.