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Dear Editor:
Carmel’s liberal progressive planners provided a preview of coming disaster in their 2020 annual financial reports.
This should be a warning to all Hamilton County politicians.
Forty percent of Carmel’s public expenditures last year involved debt repayment. Normal principal and interest payments due totaled $66.4 million, but the city paid off two underperforming bonds for $190.3 million. The combined $256.7 million is 39.1 percent of total disbursements totaling $656.2 million.
When a city of 101,068 pays a quarter-billion dollars in debt service in one year . . .
When a city of 101,068 has $1.3 billion in stated debt . . .
When untold millions of that debt need to be refinanced . . .
Other cities and towns should rethink their borrowing plans as the Carmel Debt Spiral picks up steam.
Bill Shaffer
Carmel
Wall St. preyed on another gullible city council/mayor in the same ways that led to 2008 GFC. Just borrow billions on the credit of homeowners to grease the hedge funds..*cough* I mean real estate “developers”. Pray to God that interest rates never rise and the dollar doesn’t crash and Carmel will be the middle class theme park of the future !
The coming investigations and indictments for financial fraud, money laundering and bribery will epic and well deserved.