School Bond Election – Deep In The Heart of Taxes

6 July 2015 AD
19 Tammuz 5775

The stars at night – are big and bright
Deep in the heart of Taxes.
The prairie sky – is wide and high
Deep in the heart of Taxas.
The sage in bloom – is like perfume
Deep in the heart of Taxes.
Reminds me of – the one I love
Deep in the heart of Taxes.
The cowboys cry – ki-yip-pie-yi
Deep in the heart of Taxes.
The rabbits rush – around the brush
Deep in the heart of Taxes.
The coyotes wail – along the trail
Deep in the heart of Taxes.
The doggies bawl – and bawl and bawl
Deep in the heart of Taxes.

Down here in the Lone Star State, we like to think we are unlike our 49 sistern and brethern, with respect to our relative economic situations. Are government entities truly keeping us from drowning in “red ink”? Let’s consider a news story in Forbes from almost one year ago.

texas local debt forbes sept 2014

 

“Cities, counties, school districts, and special districts in Texas are drowning in debt. The latest information from the Texas Bond Review Board suggests that total local debt, including principal plus interest, in the Lone Star State grew by $5 billion in fiscal year 2013 to roughly $328 billion. In only the last five years, local debt has increased by a staggering $30 billion.

“Texas’ local debt per person—ranked as the 2nd highest among the top 10 most populous states in a September 2012 Texas Comptroller report—is more than $12,400 per Texan. Yet even with such large obligations, past trends suggest this local debt will likely get much, much bigger on its own….” Read more from Forbes via this link

Ominous words: “local debt growth is outpacing population and inflation by a factor of almost 2.5-to-1”

How do you feel about adding huge debt to taxpayers of the smallest of 254 Texas counties? RISD trustees propose a quarter-billion dollar bond election to fund a variety of matters. The gross bond election is valued at $256,816,104.

This same news report says, “Vandyke reported the district has grown from 13,732 to 15,141 since 2010, with anticipation to continue growing, the graduation rate has increased from 93 percent to 98 percent and the tax rate is the lowest it has been in over 20 years — from $1.47 in the 2009-2010 year to $1.44 in the 2014-2015 year.” One assumes our tax rate is either remaining steady or decreasing. Isn’t that what the article suggests?

Your Opinion Is The Opinion That Counts

We fast approach a day of reckoning on all government and private indebtedness. Plenty of investment counselors and economists predict an ugly crash of various economic “bubbles”: student debt, national debt, bond debt, housing debt, etc.

There are ample signs of a crash of the US dollar, already in the process of being abandoned as global reserve currency by several nations.

Knowledge is power. Do you know enough to allow the addition of a quarter-billion dollars in debt to our Rockwall ISD?

John White
Deep in the heart of Taxes

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