Harris County Commissioners haven’t quite cashed in on a bet made with taxpayer dollars.
Since 2006, Harris County taxpayers have lost $50 million on a complicated deal that used money from the toll roads on a fund. If interest rates went up, the county would make more money, but with interest rates at historic lows, it’s unknown if the county will ever make money on the plan.
[audio http://ronenews92fm.files.wordpress.com/2014/01/toll-road-warning-3.mp3%5D
County Treasurer Orlando Sanchez is pushing for legislation to prevent it from happening again. He’s also hoping commissioners will work to end the deal.
“And that’s great if you’re a Wall Street day trader or better, but we’re not sophisticated investors at the county, and we’re stewards of the taxpayers money, and we shouldn’t be betting with the taxpayers money,” Sanchez said.
Houston Taxpayers Lose $50M on Toll Road Deal [LISTEN] was originally published on news92fm.com
