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Dear Editor:
Carmel’s debt situation should be a flashing yellow early-warning alert for other Hamilton County cities.
In their 2022 annual financial reports to the State of Indiana, Carmel city and redevelopment officials reported $232 million in debt repayment (principal and interest) for the year.
In 2022, the entire city budget for police, fire, parks, utilities, etc., came to $129 million – about half that of debt service.
In addition, much of the repayment came from property taxes diverted to pay for redevelopment subsidies, depleting the revenue stream that otherwise would go to schools, library, township, county, and city coffers.
Debt is much in the news and will no doubt remain there until politicians wake up.
Elections are coming, you know.
Bill Shaffer
Carmel
What are your solutions? Should we get rid of the police department, fire department, close the parks, and discontinue our utility services? I have heard people complain about our debt since I moved here in 2010, and I am still waiting for the sky to fall.