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Dear Editor:
Carmel’s progressive, central-planning elites just added a new chapter to municipal fiscal fiasco.
In their just-released 2021 annual financial reports, the city and the un-elected Carmel Redevelopment Authority reported 52 bonds outstanding with $884 million in principal owed.
Debt service in 2022 was listed at $68 million.
However, the same bunch told the Indiana Department of Local Government Finance there are 76 bonds outstanding, including 24 not listed in the annual financial reports.
The missing 24 would have added $146 million to the principal owed, taking the unpaid tab to more than $1 billion.
Debt service on the total would have been $71 million had the 24 mystery bonds been included.
Meanwhile the growing threat of stagflation puts the entire Carmel redevelopment scam in jeopardy.
Bill Shaffer
Carmel