Dear Editor,
A million here and there, and you’re talking real money soon.
The Putnam County Commission (BOC) issued $22 million worth of general obligation bonds and, with interest and fees, acquired $24.5 million of debt. The BOC asks voters to approve issuing an additional $32.637,752 worth of bonds (plus interest and costs) under the SPLOST No. 10 referendum.
At the same time (Nov. 5 election, ESPLOST), the Putnam County Board of Education (BOE) will ask voters to approve paying $11,290,000 of current bond debt and issuing $16,500,000 of new bonds. If approved, the county's total debt will be over $80 million.
I am concerned about the amount of debt and the time proposed to pay it. The BOC and the BOE propose paying the debt through sales tax revenues (TSPLOST, SPLOST No. 10, and ESPLOST).
Are the sales tax revenue projections accurate?
The BOC estimates that one penny of future sales tax (SPLOST No. 10) will average $7.2 million per year, while the BOE estimates one penny of future sales tax at $6.6 million per year (ESPLOST). One penny of current sales tax is averaging $5.1 million per year. The debt must be paid through taxes. If sales taxes fall short, the only alternative is property tax.
SPLOST No. 10 is projected to run through 2031, while ESPLOST will run through 2032. Will any current board members still be in office seven years from now? Will thetotall commitment of future sales taxes for seven or eight years prevent future boards from meeting the county's and schools' needs?
I simply ask that voters carefully consider these issues before going to the polls.
Stephen Hersey, Putnam County District 3 Commissioner