Sunday, September 30, 2012

DLGF Report Finds Indianapolis and Carmel Awash in Debt

A report recently issued by the Department of Local Government Finance shows the massive debt Indianapolis and Carmel is carrying.

The report, which reviewed the debt situation of several thousand local government entities including cities, counties, towns, townships, school districts, libraries, etc., found that the Marion County (Indianapolis) Airport is ranked No. 1 in debt with $2.135 billion.  The City of Indianapolis placed second in overall debt at nearly $1.9 billion dollars. Third was Marion County Health and Hospital at $1.34 billion, while fourth was the Indianapolis Public Schools at $903 million.

The DLGF report ranks the City of Carmel fifth in local government units with $895 million of debt.  Carmel placed first in debt among cities in Indiana.  (Indianapolis being a consolidated city was not included in the "civil city" ranking.)

The Capital Improvement Board ranked eighth overall in debt at over $576 million.

Probably 1/2 of the local government units examined by DLGF were shown as not having any debt whatsoever.  The DLGF report contains this disturbing finding:

"Payments on local government indebtedness consume a significant portion of property taxes.  For property taxes payable in 2012, 26% of the certified levies were attributable to debt service funds. Statewide, debt service levies represent $1.6 billion of the $6.3 billion in certified levies."

Thanks to John Accetturo, Former Carmel City Councilman, who alerted me to this report.

1 comment:

Pete Boggs said...

Shared misery: REGIONAL taxing er transit authority