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Dear Editor:
Carmel residents greeted the New Year learning the city had paid $69.2 million on its debt, lowering the total outstanding debt to $1.3 billion from $1.4 billion, according to data filed with the Indiana Department of Local Government Finance (IDLGF).
Good news as a one-time shot. Taking the longer view, using ILDGF data since 2011, tax revenues have increased 83 percent and debt has increased 53 percent.
In November, the mayor told would-be lenders that the city debt principal was $881.3 million with $158 million more as Carmel’s “overlapping debt” on borrowing by the county, the schools and the library.
Oh, and there’s another $258 million on the wish lists for city, township, schools and library projects.
Happy New Year.
Bill Shaffer
Carmel