New report reveals City of Lubbock more than $1 billion in debt - KCBD NewsChannel 11 Lubbock

New report reveals City of Lubbock more than $1 billion in debt

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LUBBOCK, TX (KCBD) -

A new report shows the City of Lubbock running more than one billion dollars in the red.

The state comptroller released the figures as part of their "Tell the Truth Texas" campaign.

Organizers say it's an effort to help people better understand financial realities at the state and local level.

According to the comptroller's report, the City of Lubbock has a total debt of more than one billion, 55 million dollars.

That means each citizen in Lubbock is on the hook for more than 4,400 dollars.

While Lubbock is ranked as the 11th largest city in Texas, we're seventh in the state for the most debt, and when you look at the cost per person, we're ranked fifth.

So we asked Lubbock City Councilman Todd Klein why.

"We've got a fairly large debt," Klein said. "A good portion of that, close to about 30%, is water related. We're a semi-desert area, and if we weren't doing some of the indebtedness that we've done, we'd have some real water issues that other cities are faced with and fortunately we're not."

Klein says it's time for city leaders to stop adding to the debt and focus on paying it down.

You can read the full report here: http://bit.ly/17CN5pP

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