Does the city of SF have too much debt to support bonding an Events Center?

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They often tell us we can support more debt but one wonders after such slow growth;

The city’s primary operating fund, the General Fund, ended the year with an unreserved fund balance of $41.7 million, an increase of $0.6 million.

The city’s primary capital fund, the Sales and Use Tax Fund, focused on the city’s significant investment to rebuild, repair and replace core infrastructure. It ended the year with an unobligated fund balance of $3.8 million.

The city ended the year with total outstanding debt of $277 million.

Build an Events Center and we could see ourselves inching to a half-billion dollars of debt. In a community where most people make under $30,000 a year. I’m no economist, but if we want to fund an Events Center, we need to do it in a different way. A corporate entertainment tax and advertising tax is what I would like to see.

Posted in: economy, Event Center, Sioux Falls, Taxes

10 Thoughts on “Does the city of SF have too much debt to support bonding an Events Center?”

  1. DDC on March 14, 2011 at 7:14 pm said:

    What’s a corporate entertainment tax? A tax on hookers & blow?

  2. l3wis on March 14, 2011 at 7:50 pm said:

    Ask Jon Michels.

  3. scott on March 15, 2011 at 10:06 am said:

    if sioux falls taxed hookers, chuck brennan would move his dollar loan center headquarters out of town.

  4. l3wis on March 16, 2011 at 8:12 am said:

    They are already out of town. Aren’t they?

  5. Scott on March 16, 2011 at 9:01 am said:

    He’s been based out of Vegas for years.

  6. l3wis on March 16, 2011 at 6:22 pm said:

    He should keep his Jackyl-Warrant-Quiet Riot reunion gigs there to.

  7. scott on March 17, 2011 at 5:48 pm said:

    he lives in vegas, but the company itself is headquartered in sioux falls.

  8. l3wis on March 17, 2011 at 7:07 pm said:

    Sounds like you are a fellow buttrocker friend.

  9. Sy on March 18, 2011 at 7:49 am said:

    He’s correct that Chuck’s two companies are headquartered here at the west edge of the old loop. He and his family live in Vegas, and yes I’m friends with him too..flaws and all.

    Beyond that, the City is in better shape today than last year and better than 95% of all metros in the country.

    http://www.argusleader.com/article/20110315/NEWS/103150305/1001/news/City-audit-brings-good-news

    We can handle the EC nut, but Myman’s shitty plan will have “vote me down” stamped all over it. BTW, you can thank Munson for pulling back at the right time, too bad Mikey will co-opt the credit like he does with everything else.

    Fun Fact: 172,00 vacant houses in Las Vegas as we speak, building permits there are off 90%.

  10. l3wis on March 18, 2011 at 9:20 pm said:

    I heard LV is in bad shape. Thinking about moving there.

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