The City of Morristown has gone out looking for money to borrow so it can make it through the end of the current fiscal year. Three years of robbing Peter (sewer fund) to pay Paul (general fund) without authorization or approval isn't going to fly this year,
How much is the City looking to borrow? Oh, anywhere from $2 Million up to $4 Million. Bids or proposals from banks will be opened on March 24.
What's the problem? Not enough cash to pay the bills---especially with debt payments coming up.
Where's the money from the 2008 sales tax increase? The City told you to VOTE YES for the sales tax increase. How's that sales tax increase working out?
Where's the money from the 2007 property tax increase? The City raised the property tax rate by 40-cents, then lowered it by 15-cents after the 2008 sales tax referendum was approved. That's still a 25-cent property tax increase. How's that property tax increase working out?
In less than three years, the City has raised property taxes, has raised the sales tax, has boosted sewer fees out the roof, and has cut expenses (supposedly). And they are still crying for more as they talk about a higher hotel-motel tax and a garbage fee and maybe another property tax hike.
The City taxpayers, trying to stay afloat themselves, sing aloud: "Where has all the money gone?" Good question.