Local governments in Texas are awash in a sea of red ink. The Bond Review Board (BRB) estimates that local debt outstanding, or the amount of unpaid principal, reached $218.5 billion in FY 2016, an increase of $34.7 billion since 2010. Local debt per capita is estimated at approximately $8,000 owed for every Texan.
Accounting for interest, the swell of local debt is even larger. The BRB pegged local debt service outstanding, or the amount needed to fully repay the principal and interest owed, at $342.1 billion in FY 2016, an increase of $33.1 billion since 2010. Local debt service outstanding per capita is estimated at approximately $12,500 owed for every Texan.