taxes

Muncie’s Debt, Delaware County Tax Levy

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Amortization is an accounting term that refers to the process of allocating the cost of an intangible asset over a period of time. It also refers to the repayment of loan principal over time.

Muncie amortization schedule as of 3-5-17. Enjoy.

muncie-unit-debt-3-5-17

If you want more, here is the tax levy for 2017 for Delaware County which includes Muncie City.

delaware-county-2017-certified-budget-order

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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?

OUR VIEW: Hoosiers decide transit issue

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OUR VIEW: Hoosiers decide transit issue

Watching CSpan the gentlewoman from DC spoke, waving a furlough notice and crying about the devastation of the sequester. Interesting a day before the government loosened up and $250 million will be given to Egypt and another $50 million for new uniforms for TSA employees.

For being the party of the people, they sure want to hurt the party of the people. Sounds a little like socialism to me.

We have a transit service here in Muncie. I’m glad we do and our Federal and local dollars help subsidize it. Used to be a regular on the bus. A bus which made trips to Indy failed and local commentators said the marketing was poor and the public basically unaware. Many said they were planning to use it. It went under.

I love trains and spent many a time riding. It’s great. But the love of trains doesn’t over shadow the cost associated and the perceived need. I guess we will all get to vote on the increase in taxes and that will be the deciding factor.

We want everything, but we can’t afford everything. Not in our personal finances and not in government programs.

As government grows, so does government debt. Many people have far more debt than savings and so there is a direct parallel to government and citizens. Perhaps this is why the $16 trillion deficit doesn’t bother some. Debt comes as natural as breathing.