Our council have finally admitted that they are up against a wall of debt that pretty well prevents them from any further reckless expenditure.
The total debt was around $600 million when I last heard and I wonder if they pay the interest on it. At 2.5 per cent that would be about $15million annually.
They have come up with four scenarios (each more expensive than the last for ratepayers), to progress their hopes.
In my opinion, any scenario that doesn't include some debt retirement should be discarded along with any that include rates increases.
Our Deputy Mayor with stupendous arrogance and insensitivity says that ratepayers can afford increases in their rates as the equity in their properties has increased.
Well Larry, equity isn't money and doesn't pay the grocery bill and given the terrible waste of money due to badly designed and inefficiently constructed recent works, plagued by overruns and extras, no amount of increases will suffice.
Much more time and effort must be put into the design stage.
Dan Russell, Welcome Bay


1 comment
Thats nice to know
Posted on 13-03-2020 17:33 | By Centurion
Rate payers can afford massive rates increases because equity in their homes has increased? Fine, we can all sell our homes and pay the rates from the profits ... then sleep on the streets. Well done Larry, great use of the grey matter.
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