Friday, January 17, 2014

Marion's Financial Woes An Albatross For Seybold's Campaign For State Treasurer

It looks like the spotlight is growing on the financial plight facing the City of Marion where its popular mayor, Wayne Seybold, is seeking the Republican nomination for State Treasurer this year. Seybold has asked the city council for authorization to borrow up to $12.8 million in tax anticipation notes after the city started the year with $320,000 in its general fund and only $44,000 in cash reserves. Seybold blames the state's property tax cap law and rising health insurance costs for the city's financial woes. A story in the Chronicle-Tribune compares Marion's financial situation with that of a similar-sized city, Richmond, and finds that Richmond has managed its financial affairs better in the face of equally-challenging financial circumstances. This can't be good news for Seybold, who is facing strong opposition from Richmond businessman Don Bates and Deputy Treasurer Kelly Mitchell for the Republican nomination. Seybold still boasts the support of many GOP leaders though.

UPDATE: I neglected to mention that Seybold was also sued in the Grant County Superior Court this past week for an unpaid American Express card issued by Centurion Bank. According to the complaint, Seybold has an unpaid bill of $5,357.

1 comment:

Anonymous said...

Hand picked...Follow the money and your past posts....