Sunday, October 23, 2011

Yes, I'd Like to Know Where the Money Went

Yes, I'd like to know where the money went.

We have been paying on the GARVEE Highway bond program since 2000, so that is either eleven or twelve years.   Every source I can find indicates this amount has been around $74 million dollars a year since the inception of this program. Let's give them the benefit of a doubt and say they have only paid for eleven years.    $74 million * 11 years = $814 million.

Presumably, that money went to pay off the $575 million principle and $228 million in interest payments plus $1 million in other costs that public officials like Rep. Nate Bell say constitute the total cost of the bond issue.  $575 million + $228 million + $1 million = $804 million.

That's fairly close to the $814 million that we estimated that the program took in.   There is only one problem.  We still owe $206.5 million on the bonds.

Yes, I'd like to know where the money went. Preferably before the November 8th special election where we will be deciding whether to give them authority to do it again.  In all probability there is a perfectly innocent explanation, but its one we ought to hear before the vote.  It could all be resolved with more information and communication.


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