IRRESPONSIBLE SPENDING
"You don't go into a budget meeting looking for more ways to spend money. You go in looking for ways to spend money more effectively."
Brian Kennedy
IN 2022 TAXPAYERS WERE ON THE HOOK
2022 FINANCIAL STATE OF EL PASO
$ 719,670,000 million in available assets to pay our bills
-$ 1,697,188,000 billion worth of debt + interest
$ 977,518,000 shortfall
As of January 2022, El Paso had almost a billion dollar shortfall.We didn't have enough money to pay all our bills.
*Truth in Accounting determined from El Paso's 2020 Audited Annual Comprehensive Financial Report and Retirement Plan Reports, that “El Paso's elected officials repeatedly made financial decisions that left the city with a debt burden of $977.5 million”
THE GOOD NEWS
We reduced our shortfall!
2023 FINANCIAL STATE OF EL PASO
$ 1,630,517,000 billion in available assets to pay our bills
-$ 1,787,249,000 billion worth of debt+interest
$ 156,732,000 shortfall
*We reduced our shortfall but, full disclosure, some of that was due to COVID relief funds, a 2022 increase in taxes and out-of-date pension fund reporting.
...MORE GOOD NEWS
We continue to work to increase our General Fund reserves.
Forward looking action by Council minimized the impact on future tax rates by not issuing unused voter approved debt.
The City has been vigilantly proactive by applying surplus funds to pay down debt and and other obligations.
In April 2023, the City of El Paso received a bond rating upgrade of AA to AA+ from Kroll Bond Rating Agency.
That's why it's important to have someone at the table that's committed to growth, understands compromise, looks for creative solutions and NEVER FORGETS they are there to represent your interests.
