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More bad news
According to Art Wuerth, the Real Estate Excise Tax (REET) will be depleted by mid 2012.
Funding for the $4.7 million fire station is being paid by REET.
“Based on 2008 & 2009 levels of REET distributions, REET insufficient to cover future debt service.” The new fire station is being funded by a 25-year loan.
“It seemed to me,” Dick Skewis commented, “that when council voted for the (new) fire station, the deal was ‘It wasn’t going to cost tax payers anything, we have plenty of money in the REET fund.’
“So was it a lie?”
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5 Responses to “More bad news”
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The city is headed for bankruptcy with all the yes we can do, build, or buy this answers from our leaders. All we need is more taxes.
Why won’t you listen. 78% is a pretty clear answer from the people.
A private business would have to cut costs. They do not have an open check book. Let’s try and run this city like a business. Or maybe returning the county would be a better idea.
We need a new fire chief. One that can live within a budget. One that doesn’t feed his ego with a firehouse mansion filled with expensive furniture. A fire chief who doesn’t change the original plans on this firehouse mansion and add an additional quarter million dollars to the building expense. A fire chief who will not expect Ocean Shores taxpayers to subsidize all surrounding areas because he doesn’t want to be bothered with billing and collecting. There are lots of other guys out there that can fit that description and we need to start looking!
You bet it was a lie. We are not that far off of 2008 on the REET Year to Date. If I recall, we were told that the income was 92K year to date. That is in comparison to 131K last year to date. The Gitche Gumee was said to have sold for 1.2 million. If that is true, at 1.53% we should get 18,360 added to the year. That is 110,360. That is down, but not really extreme. Did someone mess up on the math again? Our former Financial Director gave the council the information. Did we do that rush deal not knowing the facts when we paid for the Fire House and City Hall on the same bond?
A 25 year loan? From who and at what interest rate? Who approved this loan? Who is paying hte loan back – the Fire Chief? Once again,the City failed to provide due diligence when studying the costs for the new fire station. They bet on the EMS Levy passing to put monies back into the general fund. Now that the Levy has failed – they are caught trying to cover their behinds. Did Ocean Shores really need the new Taj Mahal fire station? We already had a new station out off Marine View Drive. Perhaps the City of Ocean Shores should be dissolved and go back under the guidance and direction of Grays Harbor County.
What the hell is going on. Are these people stupid, incompitant or just plain asses. How about we fire everyone and start over. First to go is the mayor and his 100k salary.