Source: David Shvartsman / Getty
CLEVELAND – Cuyahoga County now has more than $1 billion dollars in outstanding debt according to a report released by The Center for Community Solutions.
The report shows Cuyahoga County is $300 million more in debt than Hamilton and Franklin counties, the other two largest counties in the state of Ohio.
According to the report, Cuyahoga County has the highest amount of debt per capita with more than $861 in debt for every resident in the county.
Center for Community Solutions Policy Planning Associate William Tarter Jr. told newsnet5.com the payments on this huge debt load will be growing in the coming years.
“We want people to understand the impact of those numbers,” said Tarter.
“The estimated payment this year will be over $78 million in debt service, and it will climb to 100 million by 2020.”
Cuyahoga County Finance and Budgeting Committee Chairman Dave Greenspan explained the county will not adding anymore debt in the coming years, and said the issue will be the main topic during the upcoming mid-year budget review in November.
Greenspan said taxpayers shouldn’t be concerned about the more than $1 billion in debt because 60 percent of that debt is supported by other tax sources.
READ MORE: NewsNet5.com
Article Courtesy of WEWS NewsChannel 5 Cleveland
Picture Courtesy of Getty Images
Video Courtesy of YouTube and WEWS NewsChannel 5 Cleveland
