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Dear Editor:
When the Reporter noted on March 6 that “the City of Carmel had more than $70 million in its fund balances,” it omitted two numbers.
On Dec. 31, Carmel told the Indiana Department of Local Government Finance (IDLGF) its total outstanding debt obligation was $1.3 billion.
The $70 million is 5.5 percent of that.
And, the city also told the IDLGF its debt principal as of Dec. 31 was $796.4 million.
The $70 million is just under 9 percent of that.
Oh, while I’m at it: The city and its redevelopment outfit spent $42.5 million more than it took in in 2020.
Bill Shaffer
Carmel