FINANCIAL STATE OF EL PASO – TAXPAYERS ON THE HOOK
$ 719,670,000 million in available assets to pay
-$ 1,697,188,000 billion worth of bills
$ 977,518,000 shortfall
We don't have enough money to pay our bills. As of January 2022, El Paso had almost a billion dollar shortfall.
The single largest source of revenue for the general fund is property taxes. The general fund gets about 40% of its money from property taxes.
According to El Paso's 2020 Audited Annual Comprehensive Financial Report and Retirement Plan Reports, Truth in Accounting determined that “El Paso's elected officials have repeatedly made financial decisions that left the city with a debt burden of $977.5 million”