I lifted this image from the FY2023 City of El Paso Budget Book:
You’ll notice that this year we payed more in debt service than we paid in principal. We will next year, too.
After that, the principal exceeds the debt service.
Unless we issue more debt. I think we’ve got more debt already in the pipes. Debt that City Council, or the voters, have approved that hasn’t been issued yet. I don’t know how that figures into the calculations.
In 2014, our per capita debt funded by property taxes was $1310. In 2023, it’s $2024.
That should make you feel better.