Source: NorthFulton.com

Bond Referendum
August 03, 2012 | 08:25 PM

The City of Roswell’s proposed $24 million bond referendum that will be on the ballot in November is unnecessary because the City will announce a property tax increase regardless of the outcome of this referendum and they have refused to publically admit that reality when confronted. Mayor Wood is being deceptive when he says “people need to trust government”.

Roswell’s current debt service millage rate generates $6.3 million annually and Mayor Wood and City Council plan to roll over this tax revenue into the day to day operations instead of retiring it.

Now during the recently concluded fiscal year budget hearings, the City Administrator Kay Love announced that there was an excess in debt payment revenues in the amount of $6.7 million currently in an escrow account available to cover the entire debt payment due next year. Budget Director, Keith Lee, admitted during last Monday night’s “Open Mic” Council meeting that these excess monies are, for all practical purposes, the result of over taxation.

When the City begins to roll over the debt service next fiscal year, it will generate an additional $26 million in revenues over the next five fiscal years making the bond referendum unnecessary because sufficient funds will be available for all the projects earmarked on the proposed bond referendum.
Lee Fleck


Lee Fleck
Roswell