by the staff of The Ridgewood Blog
Ridgewood NJ, It is being suggested that members of the Village Council whose terms will expire in 2020, and who will likely choose to run for reelection, are favoring a parking garage funding proposal that would defer payment of bond/loan principal for at least one (1) year, and perhaps as many as four (4) years, after the garage opens. This would enable any increase in parking meter rates, and/or an extension of effective parking meter times/days of week, to be delayed until after the 2020 election takes place. Of course, any deferred payment of bond/loan principal would mean an increase in the total interest payment on the bonds/loan.
Alternately, it could be the desire of all members of the Village Council to preclude taxpayers from “connecting the dots.” That is, to prevent taxpayers from realizing that Parking Utility revenues previously allocated to the VIllage’s General Fund (used to provide for routine municipal services – sanitation, police, fire, streets, etc.) would be earmarked instead to fund debt service payments for the parking garage. This would undoubtedly result in property tax increases to retain existing municipal service levels, or suffer service level cuts. Deferring payment of the bond/loan principal would push any such tax increases or cuts in municipal service levels out well beyond the garage’s opening. In short, many taxpayers would be unlikely to “connect the dots” at that point, and not realize that increased meter rates and/or extensions of effective parking meter times/days of week were not sufficient enough to entirely fund the parking garage.
Why does it always seem to be all about them and not about those who elected them to serve?