Recently, Arlington Democrats unanimously backed $316 million in new borrowing proposals. I was not at the meeting, but I would venture a guess that no one asked how much of this money should be paid for out of the regular budget, including road paving, park maintenance, facilities maintenance, landscaping, and street lights?
It is not to say that all of the spending in the bond proposals is without merit. And, the Board deserves credit for publishing a more detailed explanation of the bonds. However, the ongoing practice of pushing what should be annual budget items into bonds should come to an end.
And how much debt do we currently have?
For FY 2017, our total debt burden is $951 million. This round of bonds will push us over $1 billion. By 2021, our total debt will be $1.23 billion — an increase of 29% over current levels.
Currently, the per capita debt is $4,317. In 2021, every man, woman and child will owe $5,270.
For FY 2017, our total annual debt service budget cost is $109.7 million between the schools and general government. It is slated to grow to $143 million over the next five years. And our debt service to expenditure ratio is projected to rise and hover just under the 10% cap credit ratings agencies look to for maintaining our AAA rating.
These bonds will almost certainly pass because Arlington voters have proven time and again to be OK with the borrow, spend and tax philosophy. The voters continue to support the notion that maintaining a never-ending level of “manageable” debt is desirable.
But continuing to max out our credit card is a dangerous game. The current run of historically low interest rates combined with county revenue that has outpaced inflation has fueled this borrowing boom. What happens if there is a spike in interest rates? Or what if Arlington experienced the type of economic recession which makes it impossible for revenue to continue to rise?
Unfortunately, Arlington Republicans have failed to field a candidate for either the County Board or the School Board. Sure, it’s a presidential election year which presses the Democrat advantage to the maximum level in the county. However, without Republican candidates making a case of how to apply our principles to the issues facing the county, voters do not even have an opportunity to hear an alternative vision.
Good Friday evening, Arlington. Let’s take a look back at today’s stories and a look forward to tomorrow’s event calendar. 🕗 News recap The following articles were published earlier today…
Spend the first Sunday of March tasting a great wine selection at Arrowine’s Super Sunday Tasting!
Workers lowered signage today (Friday) from the now-former Giant supermarket in the Lyon Village Shopping Center. Several passersby watched with interest as the team unscrewed the letters G-I-A-N-T from the…
New properties just listed in Arlington include a 3 BD/3 BA home with an expanded kitchen, fireplace and two lower levels.
March General Membership Meeting
NAACP Arlington Branch is celebrating Women’s History Month with a virtual public safety and Virginia legislative update. Our speakers are Commonwealth’s Attorney Parisa Dehghani-Tafti and Delegate Adele McClure.
Virginia House of Delegates, 2nd District in Arlington
Early Years Preschool is a small non-profit preschool and parents day out program that has served local families since 1992. Early Years Preschool is located in the Cherrydale neighborhood at 3701 Lorcom Lane.
Early Years Preschool offers part-time programs for young children between 12 months – 5 years old. Early Years also offers a 6 week summer program! The school day is 9:30-2:30, with the option of morning extended day offered at 9am. Families have the flexibility of registering for 1-3 days/week in their parent’s day out program (12 months- 2 year olds) and 2-5 days/week for their preschool program (3-5 year olds).
Early Years’ teachers provide a nurturing environment that promotes the development of a child’s emotional, social, cognitive, and physical skills. Creative and stimulating theme-based activities allow each child to develop and learn at his or her own pace through exploration and play.
Learn more about Early Years Preschool by contacting the admissions team at [email protected] or by visiting their website at http://www.earlyyearspreschool.org
Dedicated to the notion that fans of the Smiths and Morrissey want to hear some of the greatest music ever written in a true live concert setting, Caligula Blushed delivers an authentic rendition of Smiths/Morrissey songs, with each performance based