Friday, May 27, 2022
Bill King Blog
No Result
View All Result
  • Home
  • About Bill
  • Policy Discussion
  • Categories
  • Tune in
  • Home
  • About Bill
  • Policy Discussion
  • Categories
  • Tune in
No Result
View All Result
Bill King Blog
No Result
View All Result
Home Economics

The City Does NOT Have a Balanced Budget

by Bill King
September 4, 2019
in Economics
1
Quote of the Week – Will Rogers on the Democratic Party
Share this article
  

Our City officials repeatedly make the false claim City’s budget is balanced. But according to the independent auditor last year the City ran a deficit in its general fund of $435 million. Here is the portion of the audit that shows that deficit.

The City’s definition of a balanced budget is that it can find the money from any source to pay the bills without taking into account increases to debt, failing to fully fund expenses, transfers from ancillary funds, burning up reserves and depreciation of the City’s assets. In other words, by ignoring all of the generally accepted accounting principles which those in the private sector must follow.
For example, in the current budget, the City plans to use just under $100 million of its reserve funds to “balance” the budget. Can you imagine having to withdraw money from your personal savings account to pay your bills and then claiming you had a balanced budget?
And it is not just me that believes the City does not have a balanced budget. City Controller, Chris Brown, recently wrote an essay in the Houston Chronicle. He said that the City’s “imbalanced budgets have relied on non-recurring funding sources like drawing down on savings, deferring maintenance, selling assets, and a variety of other one-time funding sources to close their structural deficits. This is not financially sustainable.” [Click here to read Brown’s op/ed]
In the last twenty years the City has lost over 90% of its net worth. And that decline is accelerating.

It is past time that we had a candid discussion about our City’s finances. We will never fix our streets, solve our flooding problems, add the police officers we need or address any of the other issues our City is facing until we fix this financial mess.
ShareTweet

Bill King

Related Posts

CBO Now Says Build Back Better Could Increase National Debt by $3 Trillion
Economics

CBO Now Says Build Back Better Could Increase National Debt by $3 Trillion

December 14, 2021
Texas Population Growth Far Outstrips Other States
Demographics

Texas Population Growth Far Outstrips Other States

January 9, 2021
One of the first things taught in introductory statistics textbooks is that correlation is not causation. It is also one of the first things forgotten.
COVID-19

One of the first things taught in introductory statistics textbooks is that correlation is not causation. It is also one of the first things forgotten.

August 21, 2020
The False Dilemma of Capitalism vs. Socialism
Economics

The False Dilemma of Capitalism vs. Socialism

August 7, 2020
Global Population Growth Slowing Even More Than Previously Believed
Demographics

Global Population Growth Slowing Even More Than Previously Believed

July 17, 2020
Sales-Tax-May-2020
City Of Houston Finances

City Sales Taxes Holding Up Better Than Many Feared So Far

June 16, 2020
Load More
Next Post
Quote of the Week – Will Rogers on the Democratic Party

The Day 126 Kelsey-Seybold Clinic Doctors and Executives Contributed Nearly $90,000 to Turner's Campaign

Comments 1

  1. Pingback: Weekend brunch for 8 September 2019 - blogHOUSTON

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

By Categories

  • Book Review
  • City Of Houston Finances
  • Climate Change
  • COVID-19
  • Crime
  • Demographics
  • Economics
  • Election Reform
  • Environment
  • Ethics
  • Faith
  • Federal Government Finances
  • Flooding
  • Harris County
  • Harvey Recovery
  • homeblog
  • Human Trafficking
  • Hurricane Preparation
  • Ike Dike
  • Immigration
  • Kingwood
  • Management Districts
  • Media
  • Mobility
  • Montrose Management District
  • National Economy
  • National Economy
  • National Politics
  • Pensions
  • Police Polices & Procedures
  • Police Policies & Procedures
  • Political Parties
  • Property Taxes
  • Public Health
  • Quote of the Week
  • Race
  • Rebuild Houston
  • Rebuild Houston – Drainage Fee
  • SAM Party
  • Social Security
  • State of Texas
  • State of Texas Finances
  • TIRZ
  • Uncategorized
  • Uptown
  • Utility Grid
Bill King Blog

Posts range from local to national issues and focus on fact-based analysis, avoiding hyperbole and partisanship. The site is intended to be an open, respectful discussion of the critical issues of our day. Contact Bill directly and let him know what matters to you - weking@weking.net

Recent News

  • “The lady doth protest too much, methinks”
  • Poll:  58% of Voters Would Consider Moderate Independent in 2024 And Utah Democrats Make a Surprise Move

Our Social Media

No Result
View All Result
  • Home
  • About Bill
  • Policy Discussion
  • Categories
  • Tune in