California may be digging itself a huge debt hole with school bonds, according to a new report from a watchdog group.
The California Policy Center, which watches government spending, says the state is borrowing more than $10 billion a year in school bonds. With interest, it will cost $200 billion by 2055.
That works out to $50,000 a year per classroom, yet there are still classrooms that fall short on materials or buildings falling apart.
Ed Ring, Executive Director of the California Policy Center says part of the problem is that school budgets are already very tight.
"Mostly because of the growth of administrative overhead and personnel that aren't really in the classroom that there not enough money is maintain these facilities they are also spending money on things that wear out that you don't really use long-term debt financing to buy, such as iPads," Ring said.
Ring gives the example of Poway Unified in San Diego County which will spend more than $1.25 billion to pay back $179 million borrowed.
The California Policy Center says the only way to avoid it is increased oversight and accountability before and after bonds hit your ballot.