We had reported here previously about our local units of government having inadequate financial reserves according to the state of North Carolina’s guidelines.
Now, we learn that the state is requiring the state to get special approval whenever it pursues financing such as using bonds.
Let’s review a bit of history.
The city has engaged in a series of expensive bond projects costing many tens of millions of dollars.
The city has NUMEROUS bureaucrats earning in excess of $100,000 per year. City employees in aggregate are an interest group that the city council pays off handsomely.
The city has sequentially added a number of charity programs of various types.
The city has added numerous facilities despite not increasing much in territory. For instance, it has a very extensive parks and recreation component.
It is little wonder the city has gotten into trouble with the state. It has had a spending problem for a very long time.
Addendum: The city council is attempting to fix blame on city staff. They said they were not advised. However, we knew here at this blog that the city was getting into trouble. It is the city council’s job to know the city’s financial condition and to control spending. They have failed at these tasks.
Addendum #2: Now, the city council members want to take a bond issue off the ballot knowing it will attract increased intervention from the state if the voters approve. They had voted to place these bonds on the ballot recently. This is the gang that couldn’t shoot straight.
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