The boom times in Austin have been blamed for widening inequality and pushing poorer residents out of their homes. But the increased tax haul amid rising property values may help some struggling residents by funding an expansion of health-care services for the indigent.
Travis County, which includes the Texas capital city, approved an increase to property tax rates last week to fund Travis County Healthcare District, known as Central Health. The district has seen its fund balance grow by a third to nearly $591 million in the five years through 2022 due largely to the tax windfall. Taking advantage of its increased borrowing capacity, the district recently sold roughly $100 million of bonds.
“There has been an underinvestment in this area,” Keith Richard, senior managing director and head of the Texas region at Siebert, said, adding that over the last few years more attention is being paid to the issue. Texas’s other urban districts have taken similar steps, said Richard. Earlier this year, Tarrant County’s hospital district, which includes Fort Worth, issued $437 million in debt after voters approved $800 million of bonds. In July, the Bexar County Hospital District, which includes San Antonio, issued $188 million in debt.
“There’s going to be increases in rates and families living in poverty,” said Mike Geeslin, Central Health’s president and CEO.
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