Oregon Public Broadcasting

The City of Portland’s debt burden has almost doubled in the last decade according to an audit released Wednesday. Kristian Foden-Vencil reports.

The audit found the city’s income and spending is in balance; that the number of employees per resident has remained steady; and that property values were stable at the time of the study.

But Portland has taken on a lot more debt over the last decade, says the director of audit services Drummond Kahn.

Drummond Kahn: “That means the city owes 87 percent more than it did 10 years ago. And that means that city funding and city expenditures now have to pay interest on debt in addition to paying for current year city services.”

Mayor Sam Adams says the debt is necessary to pay for a new sewer system, urban renewal and pension obligations.

City finance officer, Ken Rust, says if the maximum amount Portland could borrow is a 10, then current borrowing levels are about three or four.