It seems the city wants their cake and eat it too. They want large reserves, unneeded infrastructure projects, and they want to raise our taxes;
For one, the audit shows that Sioux Falls has more cash on hand and more assets than the average of 10 other cities in the region.
Then why are they constantly gunning for more increases? More, More, More, that’s why.
Plus, Sioux Falls’ long-term per capita debt is lower than those other cities’ and still below the threshold that’s considered to be high.
Nevermind it doubled between 2006-2007, I guess that isn’t important. It mostly doubled because we took out a loan for a water pipeline that we ‘might’ have by 2012. That’s right kiddies, we are paying interest on something we don’t have or know when we will get it. It would be like taking out an equity loan to get your roof fixed and after you paid the contractor he tells you he will be back in 3 years to do the repairs.
These are all welcomed signs indicating that Sioux Falls is making good decisions about its reserve-fund levels and long-term debt.
Doubling our debt to pay for something we don’t have is hardly a ‘good decision’. I have said all along, we should of signed a contract with Lewis and Clark telling them we will pay them IN FULL when the water starts to flow. And instead of paying interest on a loan while we are waiting for the water, we could be setting money aside for the project letting it gain interest in an account. But that would make sense? Wouldn’t it?
The topics of saving and spending have been particularly heated at times in recent years as residents and city officials debated whether to fund certain projects – and if so, then when.
There has never been anything ‘heated’ about it. Citizens tell the city they are spending too much money, they ignore them and cower to the special interests.
In addition, City Councilor Kermit Staggers is correct to point out that the internal audit didn’t include a review of the city’s capital budget, which tells the rest of the story about Sioux Falls’ financial health.
Yeah, when is that audit coming out? Never?
Of course, the internal audit doesn’t mean that tough public debate ever should disappear. And it certainly isn’t a license for city officials to begin spending out of control.
Too late, they have been doing that for the past 6 years.
There are a dozen or so assistant finance directors. Each resolves the checkbook. The mayor adds them up but doesn’t divide by 12. The solution is more finance directors and more taxes to fund their lucrative employment packages.
Maybe they forgot to subtract kickbacks to contractor buddies and the mayor’s lunch money (grocery bag full of unmarked 100’S).
22 people work in the finance office, yet they always hire outside consultants and accountants. What’s up with that?
And they still can’t balance the books.
The worst part is, the more city workers there are, the harder it is to get a T-time on weekdays between 8 and 4. When the new mayor lays half of them off, new townhomes in the reclamation area will be filled and the new 4 million dollar homeless shelter will be justified.
“The worst part is, the more city workers there are, the harder it is to get a T-time on weekdays between 8 and 4.”
Funny. The same thing could be said about Pierre and SD state workers.
The bureaucracy is expanding to meet the needs of the expanding bureaucracy.