Create clear and concise transparency requirements for disclosure of debt

Create clear and concise transparency requirements for the disclosure of debt information to voters in state and local bond elections.

In 2012, the Office of the Comptroller released a series of reports focusing on local debt, school district spending and transparency, and public pension obligations. These reports form the basis of this recommendation. To ensure that voters are adequately informed about any new debt that they are being asked to approve, state and local bond election ballots should be required to include the following information:

● the amount of debt currently outstanding (currently $1,580 per capita, at the state level),
● current debt service payments (currently $18 per capita, per year, at the state level),
● current per capita debt obligations,
● the amount of new debt being proposed,
● estimated debt service for the new debt, and
● estimated per capita burden being proposed.

These transparency requirements should apply to all political subdivisions, including cities, counties, school districts, and special taxing districts. Below is an example of what a revised ballot might look like:

Source: Comptroller of Public Accounts