MYTH BUSTING: Busting myths in my opponent’s brochure, debate comments, and Falls News articles.

Myth: Debt

My opponent claims the city’s general obligation debt in 2005 was $680,000, FALSE.

TRUTH: according to our annual audited financial statement from our accountant the city’s total general obligation debt in 2005 was $9,839,549.

I remember 2005 well, as that was the first year of the HWY 32 project. We had to borrow $4,980,000 largely to pay for our portion of the reconstruction. City general obligation debt did rise from $4,593,334 in 2004 to $9,839,549 in 2005. The reason for our lower total in 2004 is we did a 1-year short-term borrowing of $410,800, as we did not want to borrow the funds for our portion of the HWY 32 project a year before they were needed.

Just taking three debts that were on the city books at the beginning of 2005: 2002-bond $1,645,000, library addition $275,225, and the 1-year short-term loan $410,800. They add up to $2,331,025, well in excess of the claimed $680,000.

Below is a chart showing the city’s general obligation debt from 2004 through 2016, along with the pages from our annual audited financial statement verifying my 2004 and 2005 general obligation numbers above. The city will receive our 2017 audited statement later this year, which is why I am only showing numbers through 2016.

I am asking for your vote on April 3rd.

Mayor Randy Meyer