Letter: Taxpayer was the loser
The public hearing held at the Aug. 6, 2013 scheduled meeting of the Gloucester County Board of Supervisors meeting was a wake-up call to the taxpayers. The obligated unfunded debt now has increased to $80 million, plus or minus after the 2013 Fiscal Year accounts have been audited. The taxpaying citizen is now obligated to the year 2034 until their decisions of Aug. 6 are paid off.
The taxpayer needs to pay attention to government debt; those debts that are revenue-based in many instances are not factored into the formulas for individual per-capita affordability. The taxpayer being lax in following the actions of the governing accepts at face value all their decisions as best for the masses not realizing that the indigent, children and babies do not contribute to the government’s coffers. Thus, what is left has to shoulder the burden of debt for all decisions made by the governing even if they are not a user and may never be a user of the acquired debt.
Interest alone on this new acquisition of bonds for equipment and repairs that have a shelf life expectancy of 15 years or less is equal to or greater than a loan shark when you consider the borrowing of $5 million and paying back $2.6 million in interest on the principal over time. Annual cash funding for upgrades and new acquisitions is available without raising taxes to preserve our assets.
The taxpayer is the loser again in having elected supervisors who lack the will to bite the bullet and require county managers and the school board to budget and fund projects responsibly and within our current means without acquiring new, unaffordable long-term debt.
Gloucester Point, Va.