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Dear Editor:
Carmel residents got a Thanksgiving turkey of a financial blast from the city Wednesday.
It revised its annual financial reports to the State Board of Accounts to reflect a $17.1 million in the red in 2019 after restating 2018 numbers.
Paired with the $46.5 million CRC deficit, the Carmel political machine had $63.6 million in deficit for 2019.
In an April article in the Indianapolis Monthly, the mayor was quoted as saying:
“Some of my opponents try to scare people with a very shallow analysis of the debt. They don’t make the distinction between deficit and debt. Every year, we spend less than we bring in. Last year, we had unencumbered money of over $50 million. So, it’s not deficit spending.”
Well, there you have it. A combined $63.6 million deficit and a $1.6 billion debt.
How shallow can it be?
Bill Shaffer
Carmel