HOUSTON, Texas (KTRK) — Houston City Council could soon consider whether to offer financial assistance to help those who may struggle to afford a proposed trash fee.

This month, council will approve a budget. In it, Mayor John Whitmire doesn’t increase taxes.

However, he does want to charge a $5 monthly fee to cover trash services. A plan to help close the city’s nearly $200 million deficit that doesn’t add up to some.

Speaking in front of council on Wednesday, Super Neighborhood 64 president Lindsay Williams brought more than concerns, she had numbers surrounding the mayor’s proposed $5 monthly trash fee.

A plan his team says could climb to $25 a month by 2032. If it does, Williams told council that $300 annual cost would be just .15% of a $200,000 income.

For someone making $15,000, it’s two percent. “More than 13 times the burden for the same trash, same truck and same fee, but not the same pay,” Williams explained.

However, Controller Chris Hollins said the mayor’s not being truthful about the real cost.

“Houstonians are not stupid,” Hollins said. “We should not treat Houstonians like they’re stupid.”

Hollins said the cost may need to be $40 a month. Whitmire didn’t respond to Hollins during the meeting when he asked if he plans to increase the fee.

No matter the cost, some council members want to offer financial relief. Right now, there are no exceptions.

However, an amendment council will consider from Council Member Alejandra Salinas next week would change that.

“If they for whatever reason met the threshold and need an additional need because of the administrative fee, our amendment would allow them to apply for funds through the water fund,” Salinas said.

The trash fee wasn’t the only item from the mayor’s seven and a half billion dollar budget proposal that sparked debate. Hollins said a plan to divert money away from water utilities could drain a billion over the next five years from infrastructure money.

Whitmire disagrees saying there’s more than enough funds to handle the change, and continue with projects.

“We’ve all admitted the budget’s not perfect, but certainly it’s a first start that Houstonians understand and it’s a shame it’s being so politicized because it’s literally people’s lives and death,” Whitmire said.

Council will vote on amendments next week. It has to have a new budget in place by the end of the month.

Reader question: My spouse has little interest in our financial position. As we age, this concerns me. I try to share some basic information (income, spending, account balances, debt, and so on) each month but rarely get a response. I think graphs or charts might be of more interest to her than a bunch of numbers. What recommendations would you have for illustrating our financial position so that I am not the only person aware of how we are situated? Thanks!

Answer: Your situation is pretty common. Most couples I know develop a division of labor over time, where one person is in charge of financial matters and the other person is less involved. That’s definitely the case for my husband and me. He’s in charge of paying all the monthly bills and preparing our tax returns, but the financial planning and investment decisions are up to me. This type of arrangement might work well for a long time, but can become less sustainable with age, particularly if the “finance person” in the relationship dies or develops a major health issue.

Online tools and mind maps

Illustrating your financial situation with charts and graphs is a great idea that might help your spouse become a little more involved. Morningstar’s  Portfolio X-Ray  tool includes a variety of images that help illustrate your financial situation. Websites for most major brokerage firms also include some visual tools. Schwab, for example, offers a Portfolio Checkup and a bar graph illustrating your account’s monthly income from dividends and interest income. Vanguard has a Portfolio Watch tool and a variety of performance illustrations, tools, and calculators.

A  mind map, which we used with clients when I worked for a financial advisory firm, can be another way to picture your entire financial situation on one page. There are various  softwaretemplates  for drawing a mind map, or you can simply sketch it out with a large sheet of paper and a pencil. Start with your names at the center of the page. Then draw spokes connecting to various categories, such as names of other family members; investment accounts; real estate and other assets, insurance policies, estate plans, key goals and values, and contact information for accountants, estate planners, and other professionals. It can be helpful to go through the mind map together and make any updates needed at least once a year.

Other ways to communicate about money

A few other ideas—though not related to charts and graphs—might also be useful.

I like the idea of putting together a  net worth statement  that itemizes cash, taxable accounts, real estate, retirement accounts, and debt for each member of the couple as well as items owned jointly. It’s a good idea to update this document at least once a year and  discuss it as a couple. If you set up the document as a spreadsheet, you can include columns with additional information such as account numbers, what each account is used for, which accounts are subject to required minimum distributions, or tax issues like potential capital gains.

Many couples also put together a  binder  (sometimes humorously called a “Doomsday Book”) that contains information about where to find important paperwork, insurance policies, how bills are paid, what each account is for, steps the surviving spouse will need to take, final wishes, and any other critical information.

A well-qualified financial adviser can bridge the information gap

Finally, you could consider working with a good  financial adviser,  who can help involve your spouse in financial matters while you’re still living and step in to fully manage investments and personal finance decisions if you pass away before your spouse. Make sure the adviser holds the Certified Financial Planner designation and charges fees that are reasonable. Although a 1% fee is still the industry standard for accounts of $1 million or less, it’s possible to find advisers who charge significantly less, including a few who price their services based on hours worked instead of a percentage of assets under management.

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This article was provided to The Associated Press by Morningstar. For more personal finance content, go to https://www.morningstar.com/personal-finance.

Amy C. Arnott, CFA, is a portfolio strategist for Morningstar and co-host of The Long View podcast.

Related links:

What If This Turns Out to Be a Terrible Time to Retire?

https://www.morningstar.com/personal-finance/what-if-this-turns-out-be-terrible-time-retire

Bill Bengen: ‘Inflation Is the Greatest Enemy of Retirees’

https://www.morningstar.com/retirement/bill-bengen-inflation-is-greatest-enemy-retirees

3 Big Questions to Ask Your Aging Parents

https://www.morningstar.com/personal-finance/3-big-questions-ask-your-aging-parents

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