You have your own debt and you most likely know how much that is, but, as a resident of Guilford County, you have the burden of carrying the county’s debt as well, and you likely don’t know your share.
If you follow Guilford County government news, however, you probably know that the county’s debt is about to go up and up.
The problem with borrowing $2 billion in school bonds is that the money has to be paid back with interest – on top of all the other debt the county was previously carrying.
Currently, the debt per capita, or debt per person in Guilford County, is roughly $1,300 for the county’s existing debt. That number is about to spike in a big way according to county estimates – hitting $3,500 in 2029 before starting to come back down again. According to current projections, the debt the county is taking on will be paid off completely in the year 2047, which would mean zero dollars debt per county resident that year.
Of course, all that assumes that the county doesn’t take on any more debt between now and then. Guilford County commissioners have a tricky habit, when the county needs money, of using “two-thirds bonds.” In years after the county has paid off voter approved bond debt, the county can turn around and borrow up to two-thirds of the amount paid off – without any input from voters.
The county commissioners have used two-thirds bonds quite often this century for projects and they will be tempted to do so in the future as well.
With no new bonds approved by voters or two-thirds bonds issued, in 2025, the projected debt per capita goes to just over $2,000, falls slightly in the following year and then jumps to nearly $3,000 per person in 2027. It falls in 2028 before peaking in 2029 at $3,500.
Yipee-ki-yi-AAaa! Let us all keep the same County Commissioners in their Seats through 2075!!! This is gonna be one hellova RIDE! Gooooooo Democrats!!!
Sounds like typical Democratic spending.
Isn’t this the reason our taxes when up 2 years in a row? Nickel and dime poor people to death. If you can’t manage the money then quit and let some one else govern. I am on fixed income and you guys take a big chunk of it yearly along with personal taxes.
The Public Sector is awash with money – OUR money. The Public Sector creates no wealth, but takes wealth from the Private Sector.
That’s why the Public Sector should more correctly be called the Parasitic Sector, and the Private Sector the Productive Sector (as per Hayek?).
But the obscene largesse of the Feds, and the disgusting windfall from property revaluation are just not enough for our dear County “leaders”. And so they bind our children into servitude too.
It’s disgusting.
It’s time our “public servants” were put in their place.
Ballooning debt in the county is not surprising, when you have a 7 million Dollar cost overruns on the sheriffs department for god knows what reason andhe County commissioners don’t bat an eye., Skip just States we have the money. Not exactly the most frugal Group of commissioners.
Our govt borrows our money to give it away.
Sorta like a corporation (such as AT&T, or Verizon) who borrows money in order to pay a dividend to help keep the price of the stock up. Look at the “T” financial statement. They are insolvent. “VZ” raised their rates in order to pay their dividend.
Thank you for listing the per capita debts. I doubt if most people realize how much they owe per capita, and how it increases. Your article makes it crystal clear. I hope you will continue to make it news in the future.
The county should convert to a sales tax, which would be a fairer way of raising revenues. Right now the burden is on the property owner. Sales tax with more evenly distribute the tax burden.
Don’t forget that the county commissioners over spent the federal Covid money on t hi ings it wasn’t meant for and now has to pay about $19 million back to the feds.