To The Editor:
I applaud the Democratic Council members and former Republican Council member Jim Sanders, Jr. opposing the mayor’s proposal to again refinance the city’s debt by adding additional years and tens of millions of dollars of payments.
In each refinance, debt payments coming due are deferred, with the deferred amounts added to our long term debt. The payments not made, by way of financial chicanery, become a budget surplus.
The mayor states there is an urgent need to refinance again because there is a debt payment due in March. If her proposal is not accepted, she states the consequences could be catastrophic – a possible 10 mill (20 percent) tax increase and a dramatic reduction in services.
The city’s financial stability is at risk, and all alternatives should be discussed in an open and bipartisan manner. This is not a time for political expediency to take priority over good governance.
Paul E. Zagorsky