Tuesday, January 05, 2016

Carmel Council Moves Quickly To Approve Brainard's Tax, Borrow And Spend Binge

Their campaign contributors made substantial investments in their campaigns based on promises of new projects, and the newly-installed rubber stamp Carmel City Council wasted no time in delivering on those promises. Property taxes and utility rates are going up to fund the ambitious plans of Mayor James Brainard to turn the city into the roundabout capital of the world. The Indianapolis Star's Chris Sikich summarizes last night's council action:
To pay back part of the $242 million bonds the council is considering, taxes will go up about $22 a year for a homeowner with a $200,000 house. Homes valued at more than $345,000 would see no increase because they have reached the constitutional cap of 1 percent of gross assessed value. Existing revenues will pay for the majority of the work.
The council Monday already raised several city rates and fees.
The council raised the average monthly water bill for a resident using 6,000 gallons per month from $20.75 to $27.84, generating $1.6 million in revenue. The average monthly sanitary sewer bill was raised from $30.19 to $33.10, generating, $700,000 in revenue.
Water and sewer rates would continue to rise 3 percent annually . . . 
Developers also will pay more in connection fees, estimated to add about $1.2 million in revenue. Rates will continue to increase 3 percent annually.
This is just the start. Those revenue enhancements aren't going to cover the costs of Brainard's spending binge. They'll borrow now and worry later about how they're going to pay for it.

7 comments:

Mike Jasper said...

While there is more than enough to shake your head at I found it particularly demoralizing when a Fox59 reporter talked about this building boom and said it was going to be "paid for" with bonds. I know I am a bean counter but I think if you are a reporter you should learn the difference between something being "capitalized" with bonds rather than being "Paid for" as you go. If they borrow $200,000,000 for 20 years at 5% and then pay it off the taxpayers will pay $400,000,000 for the $200,000,000 road work. Get me a job tutoring the news folks on the simple math. I could use the income so I an actually "pay" my bills instead of putting them on my credit card. Which is not paying them it is punting them.

Anonymous said...

For all Carmel's largesse, don't disparage the traffic circle. It's an outstanding idea that safely replaces idiotic traffic lights and stop signs. The circle ceaselessly flows traffic without the requirement for stopping or a powered set of traffic lights.

The traffic circle saves a great deal of time, and it only requires Hoosier drivers to have a big of gumption to take their turn in the circle. My horn usually supplies that in sufficient quantity.

Flogger said...

I guess Car-Mel is well on it's way to becoming Indy North.

John Accetturo said...

Show me one case in the history of the world where absolute power worked in the long run for the people?

Anonymous said...

Judging by the we're-in-charge-here reaction at last night's Carmel City Council meeting, to comments by the public, it won't be too long before residents tire and completely throw in the towel.
State and federal funding is providing the original total cost of $90 million to the widen Keystone but the good Mayor and his junior engineers have a different vision of the project that will cost Carmel's residents an additional $26 million, or $40 million, or $52 million depending upon which Brainard number you accept. However, one advantage to non-Carmel residents is that the city takeover of the project requires that Carmel maintain this stretch of road indefinitely.
As far as roundabouts, they are designed for high traffic intersections and these 80or so mini-roundabouts are just an expensive joke.

Anonymous said...

4:08:

How are traffic circles expensive?

Anonymous said...

Stop sign $15