Want to Bankrupt Whatcom County?  Vote Yes on the Jail Tax. / NorthwestCitizen, David Camp

Sep 11, 2017  David Camp

Key data:

Here are the numbers to help you make your decision on the county’s proposal to borrow $110 million to build a new jail:

Amount borrowed: $ 110,000,000

Annual Interest Cost: $ 4,950,000 (Based on 4.5% coupon)

Total interest cost over 30 year bond term: $ 148,500,000

Total Whatcom County Incarceration Expense:

1998 (actual): $ 4,996,850

2017 (budget): $ 14,501,238

Avg. Annual Whatcom County Incarceration Expense Increase, 2006 to 2016: 5.6%

Avg. Annual Whatcom County Sales Tax Revenue increase, 2006 – 2016: 2.02%

Projected Annual Incarceration Expense:
(including bond interest and jail expense inflation of 5.6%)

2028: $ 30,568,242

2038: $ 49,124,000

2048: $ 81,120,169 […]

Read David’s complete article on NorthwestCitizen here.

 

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