Kingsport to borrow money to replace a $200k roof and finance it for 20 years
Last night the Kingsport, Tennessee Board of Mayor and Alderman voted to borrow $41.1 million for various projects. According to the Kingsport Times-News quote below, the total debt has doubled in the last five years. I might add that this has occurred during Mayor Dennis Phillips terms as mayor and John Campbell as city manager.
With this bond issuance, Kingsport’s total debt has doubled in the past five years, from $110 million in fiscal year 2006 to $218 million in fiscal year 2010, according to city records. Kingsport’s general fund debt will increase from the current amount of $92.6 million to $103.4 million for fiscal year 2010, while total city debt will go from $173.5 million to slightly more than $218 million.
Read more via Kingsport BMA approves $41.1 M in bonds – Kingsport Times-News Online.
Things must really be in bad shape for the city because they are borrowing $200k to replace a roof on the Renaissance Center and financing it for 20 years. Borrowing money to replace a roof should be a maintenance item that is planned for and funded from within a yearly budget.
It would not surprise me that Kingsport will be the subject of many discussions by other cities on Kingsport’s management practices or lack thereof.
Mayor Phillips, when can we expect the property tax increase?
Below is the spending that was approved

(Washington, D.C.) - Citizens Against Government Waste (CAGW) today released the 2009 Congressional Pig Book, the latest installment in the group’s 19-year exposé of pork-barrel spending. The Pig Book revealed 10,160 earmarks worth $19.6 billion.
King College laid out their plans for a $150 million school of medicine to be located in Kingsport and Bristol.
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