Hillsborough credit watch
Of course Hillsborough County should be on a credit watch list, and not only because of dependence on Federal money.
Hillsborough has run up nearly $1 BILLION on the County’s credit card.
Oh, they say, these are really only bonds on existing revenue streams so don’t count.
That is like saying that our personal credit card debt doesn’t really count for our credit score, because that debt is going to be paid off with future income. BS!
Debts burden the borrower with interest payments on present income which cannot be used for present expenses. “Sorry honey, but we can’t go to Disney World this year because our credit card payments (including interest) are too big.”
“Sorry, parents who need affordable after school care; Hillsborough’s $40 million yearly interest payment on bonds to build things like the stadium doesn’t leave us any money to help you (but keep paying your taxes to us).”
Instead of borrowing more money by selling yet more bonds, Hillsborough County Commissioners need to drink their own Kool-Aid. What ever happened to pay-as-you-go as sound financial policy?
<IMHO> Fred Jacobsen