Study Reveals Most Local Governments Deep in Debt: Not Weld County

October 28th, 2010 by jlongo Categories: Fiscal Policy No Responses
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FOR IMMEDIATE RELEASE

October 5, 2010

Contact: Amy Oliver Cooke, founder Mothers Against Debt, 970-371-3413, or amy@i2i.org)


Study reveals most local Colorado governments deep in debt:

Gives Weld County “Good Steward” award for being only debt free county

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Golden, Colorado – A new study from the Independence Institute reveals some unsettling news about local debt in Colorado. The paper, titled “Levels of Long-Term Debt within Colorado’s Local Governments,” shows that many of Colorado’s cities, counties and school districts are deep in the red.

Based on information available through the Department of Local Affairs (DOLA), author Esther Gabrielle found that Colorado long-term debt for cities, counties and school districts is nearly $31.5 billion, or $6,264 per capita.

Also revealed in the study:

  • Over the last two decades, local debt has grown nearly six times faster than the population.
  • Over the nearly the last two decades, county debt expenditures have grown 1,029 percent.
  • Over the last two decades, school district debt has grown 244 percent.

    • “Clearly local debt has grown at an alarming rate in Colorado over the last twenty years,” said Amy Oliver Cooke of Mothers Against Debt. “While the Independence Institute does not take a stance on Amendment 61, this paper shows that proponents are justified in their concerns with local debt in Colorado.”

    Not all governments have accrued long-term debt. According to information from DOLA, Weld is the only Colorado county with no long-term debt.

    In recognition of Weld County’s commitment to fiscal responsibility and respect for taxpayer dollars, the Independence Institute and Mothers Against Debt will honor Weld County with the “Good Steward Award” on Wednesday, October 6, 2010, at 12:15 at the Weld County Centennial Center, 1st Floor Hearing Room, 915 10th Street in Greeley. Media members are welcome.

    “Weld County proves that capital construction projects can be completed and roads can be paved without putting future generations into debt,” Cooke stated. “The elected officials, department heads and their staff deserve to be recognized, and Weld County should serve as a model for the rest of Colorado.”

    The paper is available at www.IndependenceInstitute.org.

    The Independence Institute is a non-partisan, non-profit public policy research organization based in Golden, Colo.

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    13952 Denver West Parkway, Suite 400 . Golden, CO 80401 . www.independenceinstitute.org