Vote No on Question 1
MESA CITY DEBT IS TOO HIGH AND GROWING TOO FAST
Debt as of July 2018 = $1,720,000,000 + $843,900,000 in interest (Yes, $1.72 BILLION + Interest!!!)
A NO VOTE on this proposed Home Rule measure will provide the Mayor and City Council the period between the November 2018 Election and June 30, 2019, to cut $200,000,000 from the 2019-2020 Fiscal Year Operating Budget to comply with Article IX of the AZ Constitution and ARS §41-1279.07.
To accomplish this compliance, the City Council can make reasonable cuts, such as reducing Joint Ventures expenses from $145,000,000 in FY18/19 back to the previous year level of $23.9M and halt a proposed 4% raise for City employees.
Immediate Debt Issues of Note include:
$65,000,000 Excise Tax Revenue Obligations, Series 2018 (to pay for ASU Building)
$30,000,000 Transportation Notes (due Q4 2018).
Question 2: Increase local sales tax from 1.75% to 2.00% to fund Public Safety ($8.4M balance the fiscal year and $25M annually thereafter.
Question 3: $85,000,000 General Obligation Bonds for Public Safety.
Question 4: $111,000,000 General Obligation Bonds Parks & Cultural.
Question 5: Charter Amendment (permission to exceed $1.5M for MESA PLAYS). This is actually a bond issue to spend the following: $55,000,000 for Competition Fields & at least $25,000.000 for an undefined Fieldhouse.
There are over $300,000,000 in authorized bonds on the City of Mesa ledger that have yet to be sold.
There is a 5-year Capital Improvement program of $918,000,000 beginning in 2020 that will add to the burden.
Current Bond and accrued interest is approximately $160,000,000.
VOTE NO on Question 1. Mesa City Debt is trending out of control.