Carol Becker wrote:
The biggest increase in debt both in total dollars and in percentages is the
property tax supported debt. This is the debt that is paid for directly
through property taxes. This category of debt increased about 270% over the
last three years, or almost $200 million. This is primarily due to the
addition of two large chunks of debt. First, is the library referendum,
which in 2004 made up about $93 M in debt. The other was the pension
obligation debt, which in 2004 made up about $118 M in debt. These two
issues alone made up 15% of the City's overall debt in 2004, debt that didn't
exist in 2001.
While RT didn't have much control over the voters choosing to support a
new library, this mayor, who got into office by saying he would
straighten out the budget, left the biggest problem sitting without
addressing it. Ergo, he has not lived up to his core promise to those
who voted for him.
WizardMarks, Central
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