Every tax is a pay cut.  Every tax cut is a pay raise.
Citizens for Limited Taxation

Debt is one way of meeting present needs by mortgaging future revenues.
The ability to pile on debt with few consequences leads to complacency.
  Long Term Debt Authorized and Issued
(inside debt limit)
Long Term Debt Authorized and Issued
(outside debt limit)
Long Term Authorized
but not Issued
Short Term Debt Unfunded Liabilities
Year
Ending
Beginning
Balance
New Issue Retired Ending
Balance
Beginning
Balance
New Issue Retired Ending
Balance
Beginning
Balance
Recissions/
Additions/
Retired
Balance
Unissued
Beginning
Balance
Issued Retired Ending
Balance
Retirement Health
Insurance/
(OPEB)
07/01/2015 98,857,399 9,762,932 10,245,938 98,374,394 68,417,148 19,346,765 6,909,836 80,854,077 139,589,119 24,607,770 164,196,889 48,826,001 38,248,174 46,417,293 40,356,882 110,444,086 288,645,575
07/01/2014 95,702,898 12,636,243 9,481,742 98,857,399 64,224,042 11,031,882 6,838,776 68,417,148 127,390,278   139,589,119 44,737,282 42,033,842 37,945,123 48,826,001 95,314,038 202,000,000
07/01/2013 94,303,479 12,953,862 11,554,443 95,702,898 41,922,340 30,000,862 7,699,160 64,224,042 108,655,673   127,390,278 50,721,098 41,594,386 47,578,202 44,737,282 95,314,038 202,000,000
07/01/2012 80,361,159 30,784,458 16,842,138 94,303,479 47,037,643   5,115,303 41,922,340 116,073,065   108,655,673 61,070,644 50,721,098 61,070,644 50,721,098 95,314,038 202,000,000
07/01/2011 45,826,213 40,344,559 5,809,614 80,361,159 36,310,414 14,816,675 4,089,446 47,037,643 116,073,065   110,066,128 91,152,653 35,917,901 65,999,910 61,070,644 95,314,038 202,000,000
07/01/2010 46,096,722 5,829,000 6,099,558 45,826,213 32,572,760 7,212,000 3,474,346 36,310,414 152,148,023   116,073,065 24,821,076 94,082,653 27,751,076 91,152,663 66,000,000 280,000,000
07/01/2009 40,361,428 12,095,591 6,360,246 46,096,722 35,086,141 18,164,900 20,678,281 32,572,760 74,447,568   152,148,023         66,000,000 216,000,000
07/01/2008 26,053,991 18,465,872 4,158,435 40,361,427 37,667,752 550,835 3,132,446 35,086,141 55,758,356   74,447,568            
07/01/2007 30,400,946 275,572 4,622,527 26,053,991 40,782,864 0 3,115,112 37,667,752 23,687,600   55,758,356            
07/01/2006 29,694,352 5,087,360 4,380,767 30,400,945 38,757,469 4,752,766 2,727,371 40,782,864 100,455,569 76,767,969 23,687,600            
07/01/2005 25,516,225 8,870,550 4,692,425 29,694,350 37,881,120 3,278,835 2,402,486 38,757,469 83,157,822 65,909,826 17,553,196            
07/01/2004 27,040,474 8,417,750 9,941,999 25,516,225 36,107,406 3,844,850 2,071,136 37,881,120 73,824,301 58,936,224 14,888,077            
07/01/2003 29,228,526 1,913,529 4,101,581 27,040,474 37,731,128 497,500 2,121,222 36,107,406 67,056,696 3,588,124 63,468,872            
07/01/2002                                  
07/01/2001   6,306,000 5,576,636 30,485,076   7,027,180 8,028,657 37,994,407 96,091,150   62,796,500            
07/01/2000                                  

Legal Debt Margin/Accounting Principles
The Town is subject to Chapter 44, Section 10 ofthe General Laws of the Commonwealth of Massachusetts which limits the amount of bonded debt the Town may have outstanding to 5 percent of the valuation of taxable property as last equalized by the Commonwealth's Department of Revenue (see valuations at: Tax Rates ).

One significant departure from Generally Accepted Accounting Principles that the town has is as follows:

Long term debt has some level of interest associated with it. Long term liabilities are not interest bearing, but are at the whims of the stock market and may be inflation protected.

General fixed asset acquisitions (non-enterprise) are not capitalized in a general fixed asset group of accounts.

This becomes significant when you take into account all the unused real estate the town owns .

Commentary
To better understand the $431 million, scale it down to numbers you can understand. The annual town revenues, 2010: $235 million. Basically, if you were making $75,000 a year, you would be $150,000 in debt.

This debt/liability indicates that we have already spent two years worth of future revenues. Do we continue to spend like drunken sailors or do we just plain stop borrowing?

Framingham's per capita debt stands at $6,630 for every man, woman and child (assuming a town population of ~68,000).

Having all these debts and liabilities may be construed as a non-trivial indicator that we are not living within our means despite the alleged claims of our financial wizards in Framingham's Ministry of Finance.

I have to suspect that if a national healthcare plans passes, the the taxpayers liabilities will increase. In general, government interference only makes things more expensive.

Enzo Rotatori tried his best to scale down Framingham's growing public sector unions and their ballooning size in this article.

In Framingham, it's a million here, a million there and soon we're talking serious money ($431 million debt).

In Massachusetts, it's a billion here, a billion there and soon we're talking serious money ( $66 billion debt ).

In the U.S., it's a trillion here, a trillion there, and soon we're talikng serious money ($53 trillion including SS and Medicare/Medicaid).

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