Friday, December 08, 2006

In case you haven’t made it to Newszap forums lately
Posted: 2 December 2006 Saturday 01:23 am

Did you notice the bond rating warning? Wall Street is saying to Dover, get your house in order or pay a price. Unfortunately, Wall Street rightly sees the mismanagement of the electric fund as a sign of potential risk. If we do not act decisively, we will be paying higher interest (read taxes, fees, or cuts in services) for years to come. The professionals are telling us we have lost our way, not just me.

I wonder, will this affect the merit raises?

Our city has a tradition of being extraordinarily well run. Our bond rating over the years has recognized it. We have strong multiple sources of income and a relatively low debt ratio. Our management has been top notch and our council responsible. Let's get back to that tradition before its too late.
Last edited on 2 December 2006 Saturday 01:29 am by davidlanderson

Posted: 7 December 2006 Thursday 04:57 pm

David, you're comments are an asset to the public, at least anybody that's interested. It's unfortunate that more people aren't reacting to the mismanagement by the City Council, the City Manager and the Utility commission. It's too easy for them to cover their blunders by "merely" raising taxes, fees and electric rates. A downgrade in the City's credit rating would mean higher rates just to pay the additional interest on future bonds. That's in addition to the $7M that was underestimated. And yes, that would be cause for termination in any well run corporation. Unfortunately, this is starting to smell like another kind of corporation - Enron.

Their merit raises should be returned to the public. In the business world, merit raises are earned by improved performance. I guess this City's rulers have a different set of rules.


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