Prop 1 is not the answer

The Kent Reporter on Sept 20 reported that the city of Kent has had its credit rating downgraded by Moody’s not once, but twice this year. What the article failed to point out is the credit downgrade will cost the taxpayers hundreds of thousands of dollars, if not more, in interest costs on any bond offerings by the city.

It’s pretty basic, the higher the credit risk (low bond rating), the higher the interest on the bonds has to be to attract investors. The cause of this mess is nothing short of gross mismanagement of taxpayer monies by the mayor and City Council.

So what do they think the answer is? Prop 1. Vote on a property tax to fund parks and roads. To that I say – and I think I speak for a lot of people – I’m sick and tired of the state, county and now the city using or attempting to use our home and property like a local ATM.

Proposition 1. No. Why should the business community agree to a business and occupation tax – that gets passed on to the consumer – for more road money. Prop 1, road money, B&O tax, more road money. What are they going to do? Repave the city of Kent?

So now the’ve hired a consultant at a cost of how many thousands to go over the budget with the directive to save their political behinds.

I would offer the following:

1. When in a financial hole, quit digging.

2. The white elephant known as the ShoWare Center has lost money since the day it opened, more than $1.3 million so far. It is not your 90-year-old grandma. Cut your losses, get rid of it.

3. Learn some of the basics, economic forecasting, budget writing, cost containment and consolidation. Money is money, no matter if you are a liberal, conservative or anything in between.

Champagne expenses and a beer income do not work.

– Dale Brantner