(Ed.note: The increase of sewer rates for the proposed Waste Water Treatment Facility will be discussed at the meeting tomorrow night. This debt is proposed to be from revenue bonds that are not part of General Obligation bonds, but tied to the revenue stream of water and light bills. )
City administrator writes:
The most recent debt schedule I have is from the April 30, 2009, transcript for the Lake Leota bond issue; copy attached. The GO debt outstanding at that time was $8,308,585. On a population of 4947 (it’s a year old, but the most current official number), this would be $1,680 per capita.
The statutory limit on general obligation debt is 5% of the city’s tax base. Our value is around $317 million (it is estimated since we won’t get our assessment ration from the state until November but close enough for our purposes here). The statutory limit would be $15.85 million. So the 4/30/2009 GO debt outstanding was 52% of the limit.
Please note that the statutory limit (and the presentation by the Wisconsin Taxpayers Alliance) only applies to general obligation debt, not revenue debt. We are not looking at GO financing for the wastewater facility.
-Dan
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