City of Ruston’s Debt Load Quadrupled From 2014 to 2017

The City of Ruston’s monetary debt payment requirements have increased 4 1/2 times the amount from just three years ago, audit documents show. And yet more money has been borrowed since the date of the last audit.

As of the end of the 2016-2017 fiscal year, over $112 million of principal and interest is owed through 2036, the 9/30/17 audit shows.

See here pages 53 and 54 of the document.

Most of the debt was incurred in two bond issues in 2016 and 2017. About $74 million was borrowed.

At the end of the 2013-2014 fiscal year, total principal and interest owed was a bit over $25 million.

Most of that borrowing was for water and sewer projects.

See here pages 53 and 54 of the 9/30/14 audit.

At the 9/10/18 meeting of the Board of Aldermen, approval was granted to borrow another $6 million for repairs and maintenance on the city’s northside sewer treatment plant.

And, if the council approves, another $10 million or so will be borrowed for the proposed Senior/VA center and gymnasium complex in South Ruston.

13 Responses to “City of Ruston’s Debt Load Quadrupled From 2014 to 2017”

  1. Anonymous Says:

    City of Ruston debt is a run-away-train. That’s what this administration will be remembered for. Not a grand sports complex – but high debt. I’m asking tax payers, do you want to sit back and let it happen or do you want to be a part of the fix? Put the breaks on now?

    • Anonymous Says:

      There’s a meeting tomorrow at the old fire station to y’all about the new taxes. Everyone needs to show up.

  2. Anonymous Says:

    Appreciate your site Walter and all that you do to provide real info that otherwise many would never know. It’s not fake news as leadership would have us believe. Glad that you faithfully attend each council meeting and aren’t afraid to ask questions.

  3. Anonymous Says:

    Amen to that Mr. Walter.

  4. Anonymous Says:

    There’s got to be something wrong with this picture! What will it be at the end of these next four years with this administration? OMG!

  5. Anonymous Says:

    Instead of being able to enjoy the improvements around town, everyone will be sick to their stomachs because of the high costs involved. Everything will go up: taxes, electric utilities, water, a good meal, hotel room fees, movie tickets to name just a few. That’s a grim thought.

    • Anonymous Says:

      It’s all sickening. Ready to move away from this forsaken dictator run town. Used to be a retirement community. Now all Walker wants is party town and sports. We DONT care. He’s leaving the city in such debt and trying to raise taxes constantly.

  6. Anonymous Says:

    But he loves to party.

  7. Anonymous Says:

    Yes he does. Most citizens don’t see that side.

  8. Anonymous Says:

    And about to recycle if interested.

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