Charlotte on the Edge of Collapse?
According to the League of Women Voters, Charlotte owed $4.24 billion this past February. According to the Office of Dale Folwell, Speaker Pro Tempore of the NC House, Charlotte owed approximately $3.5 billion a year prior, and over 80% of that debt was never approved by the voters. In November, 2011 Jefferson County, Alabama declared the largest municipal bankruptcy in U.S. history on $3.14 billion of bonds. San Beridino, CA, the largest city to declare bankruptcy, had a $45.8 million shortfall in their last budget. One of San Berdino’s lavish expenditures they were criticized for was a $150 million arena. How much did Charlotte’s arena cost, $265million?
Charlotte’s AAA debt rating almost slipped the last time one of our downtown banks announced a lay-off. It will be interesting to see what affect Bank of America’s recent announcement to lay-off 16,000 employees will have. Do you think the fiscally irresponsible leaders of our city put away a rainy day fund to help pay the higher interest we will be forced to pay on our bonds? A good acquaintance of mine recently told me he is moving to Union County, the fastest growing county in NC (7th in the nation) due largely to people fleeing Charlotte. He has had enough! How many more taxpayers will join that caravan if Mayor Anthony Foxx and City Manager Curt Walton get their wish for another tax increase? Our citizens are already the highest taxed in NC, 11 years in a row.
Wake up Charlotte and Mecklenburg! With a fiscal crisis facing it why did Charlotte buy a bankrupt mall, offer money to a profitable sports franchise and is considering building a 1000 room hotel when our roads and other infrastructure are crumbling? The inmates are running the insane asylum. Charlotte has run out of land to annex so they can’t increase their tax base to continue funding their uncontrollable spending binge. No wonder Mayor Foxx wants to consolidate city and county government; but will that solve the problem or just feed the beast for a while longer?
Please, someone explain to me where I am wrong.
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