We opened up our newspaper a couple weeks ago to see the headline of a $173K shortfall in the Wylie News. We see the budget presentations by City Manager Mindy Manson. We wonder, how can one group of people believe in the Comprehensive Annual Financial Report (CAFR), an audited finalization of actual numbers, and Council believe in the budget presentation. What does all this hoopla mean to us?
To be honest, I have a theory. I believe what is really taking place here is that Mindy Manson wants to refinance our bonds. OK, OK, so what’s the big dealio? I mean, our Wylie Independent School District did it. Yup, they suckered the people into providing them with the affirmative vote to take on more debt. I heard from a Councilmember that currently the City of Wylie’s debt stands about $150M. That is One hundred fifty million dollars! For a City the size of Wylie, that’s pretty high. Imagine refinancing our bonds and taking on more debt so our taxes won’t be raised, just like WISD did to us. That’s just plain crazy talk.
As citizens, we should think long and hard about taking on more debt. Isn’t that one of the largest complaints we have about Washington DC? Why would we want to follow in their footsteps?
As a fiscal conservative, taking on more debt is a bad, bad plan and I have to say I am opposed. Shouldn’t we hold our Councilmembers, some who claim to be conservative, accountable for this decision? Whether it makes good sense to borrow money at lower cost or not, debt is an insidious master. It seems someone has sent in the clowns.