Friday, July 15, 2011

Debt Held By Marion County Taxing Units

I have long been wondering how much debt is held by all of the various taxing units within Marion County.  I now have the information, as provided to me by the Indiana Department of Local Government Finance.  These data were reported to the DLGF and reflect bonds and loans indebting the taxpayers of the various units on December 31, 2010.  There was no mention for Decatur, Center, or Washington Townships and I have, or am attempting to submit, an open records request to each of them. [edited to add: Decatur Township has the debt indicated in the table below; edited to add: Washington Township has no debt] Neither Warren nor Wayne Townships were listed in the DLGF information, but I was able to obtain those numbers today.  I failed to notice that Southport was not included until I began writing this up, and so have not yet made a request for their debt information. [edited to add: I also missed the City of Lawrence and will contact them]

The total debt (minus Southport, Center Township and Lawrence) at the end of 2010 was $6,777,164,786.  That amounts to $7500 per man, woman, and child in our County.

Below is a breakdown of the data by taxing unit.  I combined the City and County with debt for the Capital Improvement Board (CIB) and Health & Hospitals as there were bonds that were attributed to each whose purpose was for another and it would leave a wrong impression to separate them out.  For instance, there were bonds whose purpose was listed as Wishard, but some being the responsibility of the County and other of H&H.  Also, water company bonds are included in that combined category (I found bonds totalling about $818 million that referenced 'water utility' or 'water system'; I'm not sure which bonds and debt will be taken over by Citizens Energy as part of the sale of the water and sewer utilities).

Taxing Unit
Debt Dec 31, 2010
City, County, CIB, H&H$3,363,009,346
IMCPL (Library)   100,345,000
IndyGo     29,890,000
MSD Decatur Township    159,641,968
Franklin Tnsp Comm School Corp     247,941,361
MSD Lawrence Township     211,025,794
MSD Perry Township    145,727,199
MSD Pike Township      
MSD Washington Township      78,714,000
MSD Wayne Township     283,699,131
Beech Grove City School Corp      
IPS    721,382,739
Speedway City School Corp  no debt listed
Center Townshipnot reporting
Decatur Township2,093,938
Franklin Township        
Lawrence Township       
Perry Township no debt listed
Pike Township no debt listed
Warren Townshipno debt
Washington Townshipno debt
Wayne Township152,282
Speedway City Civil Town      
Homecroft Civil Town no debt listed
Rocky Ripple Civil Townno debt listed
Southportnot reporting
Spring Hill Civil Town no debt listed
Tri-County Conservancy Dist (serves Heartland Crossing      11,495,000


Jon said...

Nice work HEI, one comment how does the debt load of the city total compare to the allowable debt limit (percentage) of assessed valuation in the Indiana Constitution?

Had Enough Indy? said...

Now Jon, that's funny !

Really, folks are going to think we are in cahoots.

The constitutional limit goes taxing unit by taxing unit. Some are over, some are under.

You'll have to wait for a unit by unit analysis. The City-County gets really complex, so give me a bit to pull all of it together.

But, most folks can guess the outcome for many of the taxing units.

And, again, thanks for the laugh. Constitutional debt limit? Huh!

Jon said...
This comment has been removed by the author.
Jon said...

Wasn't there a court decision that allowed the individual taxing units the ability to be considered a seperate entity rather than part of the city, county etc.? With that one piece of flawed logic the amount of debt load has grown exponentially.
Much like our federal goverment our expenses far exceed our revenues, one day all of these shell games will collapse. When that happens none of us will be laughing.

July 16, 2011 5:49 PM

Anonymous said...

Just like the federal government, the state and local governments are running a debt-based Ponzi scheme. Guess who loses in this Ponzi scheme - one hint - it's not the elected officials.

Anonymous said...

The $818 million in debt seems a bit light (over $900 million or over seems more likely) for the water company debt. The rate payer (not Citizen Gas) will be liable for the billion dollar and above debt, that will eventually run up the bills for both water and gas. Just another hidden tax thanks to the inept management of the Water Comapny by the city.

Anonymous said...

What's $100 million among friends! Did I say friends, more like thiefs!