CURRENTS Next Issue Mar 2018 _Currents copy | Page 10

10
Currents
March 2018
> continued from page 9
Story" (to paraphrase Paul Harvey). Most of the proj-
ects on the City's list were presented to the voters in
2016 as part of the county's sales tax increase pack-
age. 30 of the City's 38 precincts voted NO. Many of
these projects are not needed immediately if at all. If
the community wants the city to spend money on
capital projects those projects could proceed as part
of the $266 Million/year that the City will receive in
normal tax revenue this year with similar amounts to
follow in years to come.
The real question is how much
this Debt will cost the average
family. The answer is $181 Million
in principal but then there is the
hidden $166 Million in interest for
the next 30 years at over 5% per
year (I would like to make 5% on
my money, how about you?) for a
total of $347 Million.
Each and every household in
Pompano Beach with an average
assessed
value
of
about
$174,000 will pay about $200
more per year in taxes, not just
once, but for each and every year
for the next 30 years or over
$6,000 per family.
Our community has many
retired citizens on fixed income.
How are they going to be able to
pay an extra $200 a year?
Next lets add insult to injury.
The City just raised property val-
ues and followed that by increas-
ing the tax rate in 2018. But it
does not stop there. In November,
the County will likely be asking all
Broward residents to raise the
sales tax from 6% to 7%.
Where does it STOP? It stops
by first voting NO NO NO on the
three bond issues on March 13th.
Please remember you must vote
on 3 separate questions NO NO
NO.
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