The Democrats want to continue the record of the last Mayor and administration. What is that signature accomplishment? Doubling our Borough debt. By our reckoning, the last Mayor, who was the Democratic nominee until replaced by O’Dea, has doubled our Borough’s debt burden to nearly $15 million dollars including the $1.2 million borrowed this year. That is almost $2,000 for every man, woman, and child in the borough without considering the associated $325,000 of annual interest to carry this debt.
What’s worse, this trend will carry on until 2020 with long term budget projections calling for another $2.7MM of additional debt.
The Borough Annual Debt Statement paints a stark picture. How much debt is too much? What is the plan to pay it down? Don’t look to the Democrats for answers, as they are all too happy to keep borrowing on your tab, oblivious to the fact that this debt is on the back of our declining real estate values which are also shown on the debt statement.
Sometimes a picture says 1,000 words and this chart has us going in all the wrong directions.
For reasons we cannot understand, the Democrats do not seem to want to address this at all. However, our Republicans do.
This is further verifiable proof that we just cannot afford any more Democrats on our governing body.