//$12 Million Monthly /$152 Million Yearly VB Debt Service Payments

$12 Million Monthly /$152 Million Yearly VB Debt Service Payments

Whoa $1.44 Billion Taxpayers Dollars just to pay Debt service.

Do you want $12.6 million monthly paid by VBGOV for Debt service? That’s $152 million that was paid for Debt Service in 2018. VBGOV is addicted to Debt. What do the $55 million replacement City Hall and $68 million Sportsplex and $150 million Dome Site/ Entertainment development have in common?

They all require Virginia Beach DEBT. 

 

Debt has to be paid back and there’s interest that has to be paid so we are paying more and more Debt Service.
In 10 years on the VBGOV graph, $1.44 BILLION has been paid in Debt Service.

Whoa $1.44 Billion Taxpayers Dollars just to pay Debt service.

Debt Service payments are going up so there’s little money in the City budget for fixing Pay Compression or Stormwater issues. Virginia Beach is fiscally constrained with $2.2 Billion budget since  $152 million is going to paying Debt service.

The City Council just voted to increase Debt $35 million for Stormwater. We are almost at the 10 percent Debt limit and the City plans to issue more Debt. Citizens should get to vote on Debt because the City Charter says voters should have the question asked for amounts of 10 million or more. But VBGOV pushes Debt thru the VB Development Authority.

Look at the numbers: Taxpayers have paid 1.44 Billion in Debt Service in ten years.

152,309,739     2018

146,255,734

144,990,055     2016

153,040,323

143,191,467     2014

144,691,728

142,920,751     2012

139,884,313

138,279,071

135,546,681     2009

adds up to

$1,441,240,849

thats $1.44 Billion.

And the City Council through the City Manager continues to put forth a budget with more spending wants/ 2 percent Tax increases. When will VBGOV live within the high taxes they already collect?

Tell them at Citycouncil@vbgov.com your feelings about debt and Tax increases.  Or individual emails to:

 

By |2019-02-13T09:18:40-04:00February 12th, 2019|

About the Author:

RM Marsh
RM Marsh is a Certified Fraud Examiner and has more than 35 years experience in financial services/banking.