The Indianapolis media, in particular the Indianapolis
I received the real gas tax revenue numbers from the State Auditor's office. The estimated 2013 distribution of the "Motor Vehicle Highway" revenue to the City of Indianapolis and the County of Marion is $20.25 million. The estimated 2014 distribution is $23.75 million. That is a difference of $3.5 million. Less than half of the $7.8 million the Mayor, Bond Bank Director/Deputy Mayor Deron Kintner, and DPW Director Lori Miser have been touting as the windfall that will pay for the bond.
As I noted earlier, the Proposal actually called for annual payments of $9 million on the bond. So, given that the real gas tax revenue increase is a paltry (by comparison) $3.5 million - they had plans to tap $5.5 million every year for 30 years of money that is usually needed for other things in DPW. That's not only taking the next generation's increased gas tax, its also trading existing services that by rights should remain in place for the next 3 decades.
There still remains the $240 million of revenue that is already earmarked for road and sidewalk repair over the next 3 years - and that is no small amount of money.So we have a mayor who is deliberately inflating the state windfall as an excuse for borrowing $135 million when there is already $240 million in new spending planned over the next three years on transportation-related funding without going further into debt. As Andrews notes, Ballard is simply robbing money from future administrations and generations of taxpayers to enrich his fat cat political contributors. By resorting to long-term borrowing instead of paying as you go, city taxpayers will spend an additional