Bloomington locking up DEBT

By:  Diane Benjamin

It’s great to have a plan, but Bloomington is going to create debt that future Councils have to deal with.

Tari Renner promised to fix the roads.  He didn’t promise to raise taxes to do it, and he sure didn’t say it would take borrowing tons of money to do it.

Keep in mind:  $10,000,000 has already been borrowed and gas costs .04 a gallon more because of him.

See this link:  http://www.cityblm.org/Modules/ShowDocument.aspx?documentid=10821

This is the Draft Capital Improvements plan for 2017 – 2021.  For $336,580,000 over 5 years – poof UTOPIA!

Streets are evidently only funded by the new Motor Fuel tax.  All those taxes you already pay aren’t available.

The Water Fund has been raided for all kinds of projects, including the Coliseum.  Nope, not enough money there either.

Page 6 claims $59,900,000 is already funded.  Page 7 shows $276,680,000 isn’t funded.

Pages 8 and 9 attempt to justify debt by comparing other cities.

Remember your mom saying: “If your friends jumped off a cliff . . .”

Nothing this Council does ties the hands of the next Council.  All those un-affordable Master Plans can be shelved indefinitely.  If this Council locks up debt before the April elections, it’s more difficult to undo.

When construction of the Coliseum is discussed, how many times is the INTEREST included in the total cost?  Hum, NEVER.

This plan will be discussed soon.  It’s going to be fun seeing the aldermen up for election squirm.  Maybe Rob Fazzini will come and tell the Council they MUST borrow!  (He did as Alderman)

Markowitz screwed Bloomington for decades with Coliseum debt and loses.  Maybe Rennerwitz will continue the tradition.

 

 

 

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Comments

  1. 10,000,000 borrowed for new roads, not 10,000. After the council borrowed it, they used either 4 or 6 million to fund the general fund. Typical, bait and switch. We need a common sense prioritization of roads projects and incorporating better methods to ensure that road work does not need to be redone every couple years. No offense to Hawthorne Hills, but I don’t understand why the city recently resurfaced their neighborhood roads and sidewalks, when the main thoroughfares have such issues.

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  2. Supposedly, .25% of the 1% sales tax increase is “ear-marked” for roads, however that is a bit misleading because it will include streets, sidewalks and sewers–all infrastructure related to road repair except patching. I’m not sure how that will be tracked since revenue from other tax increases have been earmarked in the past but end up being used for other projects. The steady revenue source from the sales tax will be used to secure a bond. The current CIP has no money allocated for Storm Water repair and maintenance. I’m sure the rates on the City’s water bill will be increased possibly (don’t hold your breath) to pay for those projects. Of late, new bonds have been issued to pay outstanding debt.

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  3. And if you email JONI she’ll tell you that THIS council is “cleaning up” the legacy left by previous councils! What a bunch of hooey!

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