County Commissioners “Save” You $6 Million

On July 3rd, KVIA joyfully announced that the county had “found a way to get some money back – without taxes.”  The County Commissioners have been refinancing debt and was able to save YOU $6 million, “an additional $6 million that can now be put towards major county projects.”  According to Escobar:  “We are going to be able to address some pretty chronic infrastructure issues that we’ve had and make some improvements and it will not impact the tax rate,” Escobar said

In May of this year, the County Commissioners started talking about issuing $7 million in certificates, specifically to cover infrastructure.  The County Commissioners were proud of themselves because issuing this debt won’t raise the tax rate because it is “equivalent to what the county refinanced and paid off earlier this year.”  However, as we pointed out, this was the County taking money that they had managed to pay down and reissuing it so that they could spend it again.

So, does this new $6 million mean that they won’t have to issue the certificates of obligation?  Is this the $6 million the same as those certificates that they were talking about in May?  Or, are they issuing the certificates of obligation AND refinancing the debt?  All the while lauding that they didn’t raise your property taxes…yet.

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One thought on “County Commissioners “Save” You $6 Million

  1. Can you say, “Shell Game?” Meanwhile, is there anyone out there who can understand the most recent County budget information? I found these numbers in a recent search for a comparison blog post I’m working on:
    El Paso County Expenditures, 2016: 32,920,682 (think Debit, or simply, expense)
    El Paso County Revenue, 2016: 263,062,111 (estimate; think income, or simply, credit)
    Source:
    (http://www.epcounty.com/budget/documents/El_Paso_County_FY_2016_Adopted_Budget_BOOK_1.pdf)

    If the County has taken in – or, will take in – so much more money than it spends, how come we pay such huge taxes? Where is that money?

    Like

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