Should The County Borrow Ten Million Dollars For Proposed School Improvements?
At the County School Committee Meeting yesterday the proposal was presented for the county to have a bond issue of ten million dollars for twelve years. This would result in a payback of over twelve million dollars.
I don't believe there are many who have been in the school buildings that would disagree there is a great need for many repairs to those buildings. The problem is how to pay for such repairs. The county last year spent what was left of the hospital money, money that was bound by Legislative restrictions to be kept on deposit and only the interest used. So the committee was told that such an expenditure would require at least a twenty one cent increase to the tax rate. To Mrs Vanzant's credit she impressively stated to the committee that there was no way to know if twenty one cents would be enough since the tax penny has not had it's value established and the collections for the past year have been down. The reality of the matter is that the increase would be more in the area of a twenty five cent property tax increase. The alternative would be a wheel tax.
It was stated by a commissioner that with this being an election year it would be hard to raise taxes especially this high. Does that mean such a tax increase would come only after the election, in September perhaps?
The county simply can not afford such a debt considering the population is not increasing and a large number of people in the county are living under the poverty level or on fixed incomes. A huge tax loss will be experienced with the closing of Fafnir and some of the newer companies are operating on tax deferred programs.
The school buildings need repairs but part of the money will be for administration buildings on East Hill and the bus garage and with a lowered student population is there really that great a need for the number of schools currently in use?
I don't believe there are many who have been in the school buildings that would disagree there is a great need for many repairs to those buildings. The problem is how to pay for such repairs. The county last year spent what was left of the hospital money, money that was bound by Legislative restrictions to be kept on deposit and only the interest used. So the committee was told that such an expenditure would require at least a twenty one cent increase to the tax rate. To Mrs Vanzant's credit she impressively stated to the committee that there was no way to know if twenty one cents would be enough since the tax penny has not had it's value established and the collections for the past year have been down. The reality of the matter is that the increase would be more in the area of a twenty five cent property tax increase. The alternative would be a wheel tax.
It was stated by a commissioner that with this being an election year it would be hard to raise taxes especially this high. Does that mean such a tax increase would come only after the election, in September perhaps?
The county simply can not afford such a debt considering the population is not increasing and a large number of people in the county are living under the poverty level or on fixed incomes. A huge tax loss will be experienced with the closing of Fafnir and some of the newer companies are operating on tax deferred programs.
The school buildings need repairs but part of the money will be for administration buildings on East Hill and the bus garage and with a lowered student population is there really that great a need for the number of schools currently in use?