The saga of debt: Our destiny revealed (quick update)

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Watch your thoughts

After Mayor Tyler passed the 43% income tax, the saga continues

The City applied for State funds of $48 million to build a downtown walkway, apartments etc. There is no guarantee the city will get any funds.

The city is going ahead with the project even though it has no funding in place. The city hired an outside consulting firm to find the money and the city will pay $6,000 a month for the service.

However, the contract is sealed, so no one is allowed to know how the $6,000/month of taxpayer’s money will be used.

W/R: Confidentiality is officials’ best friend

Can we say transparency?

The mayor is embarking on a $48 million project although he doesn’t know how it will be paid for, if the bank will loan the money, how much revenue it will bring into the city or how much it will cost taxpayers.

This will put the city at $112 million dollars in debt.  We couldn’t fund $2.5 million without raising taxes, but we can afford more debt?

Oh, and although the city was supposed to include long-term maintenance costs, it was barely mentioned.

This area is known for building, but not for maintaining. Some examples: streets, swimming pool, park buildings, city hall, jail, skating rink, parking garage. All built but soon no money available to keep in good repair.

Fiscal Health Muncie 2013-2014 (pdf)

Are we destined for a lifetime of debt?

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