This letter is addressed to those in the city who don’t seem to know what the financial status is of our city. It is fine for Ed Issler and Steve Stefanides and their kind to be critical of MITA because it is pretty obvious they do not know the facts, figures, and impact that MITA has studied intently.

Are they aware that the debt of this city stands at $165 million plus, plus as of Sept. 30, 2008. The amount at the end of 2009 will be known in the financial audit.

In the list of governmental activities there are four bonds listed as revenue bonds: General obligation bonds, sales tax revenue bonds, capital improvement B, and a capital lease totaling $16,696,825.00. In the business activities list there are six revenue bonds: One in 2004 of $96,286,002.00; two (2) in 2007 for $19, 911,281.00; one for $7,477,241.00; two (2) in 2008 for $10,243,017.00. There were two assessment revenue bonds in 2008 for $3,054,264.00; and a state revolving loan for $11,740,706.00.

The total of business activities comes to $148,712,511. The grand total is $165,409,336. More borrowing of $11 million and $6 million was done just last month.

There will have to be a huge bond issue in January of 2010 to finance the utility system improvements and a long list of other requirements which were covered in the August MITA Newsletter. The amount at that time was figured to be $46,999,000; however, the Ad Hoc Utilities Committee will recommend some reductions.

In August Steve Stefanides said, “No one could have predicted this. I think we need to be prudent and question whether we need to put things on hold and give people a break during these hard times.”

Monte Lazarus has referred to the spending cap as a “death spiral.” No, instead, it might be a “death spiral” for our city if the fiscal debt is not resolved. The spending cap is relevant in good times and in bad times. When the spending cap has its 3 percent and a low C.O.L.A., it means cutting spending is in order. Federal C.O.L.A. represents the fiscal state of the country. Next year the C.O.L.A. will be zero. Setting a level to 2008 spending cap ignores the facts, figures, and impact.

Spending must stop until the fiscal debt improves. We all love fun, games, beautiful new projects, and everything for our children and teens. MITA studies the financial status of the city and asks our critics to learn the facts and figures also. In 1965-’66-’67 we had high hopes for Marco Island.

The spending cap brought us cityhood and made us unique in the State of Florida. Leave the spending cap alone. Without that spending cap the city would be worse off than we are. Since the day we became a city, the past city manager and some councilors kept trying to change the wording. One time a referendum exempted emergencies, gift, grants, enterprise program and debt service payments relating to utility or other enterprise funds intended to be self-supporting for governmental purposes. Another time City Council agreed to changing the original wording of “operating expenditures” to “budget to budget.” Another change was to forward any projects not completed to the next year and stay under the cap. It is time to stop changing the spending cap.

Compliments should go to the Charter Review Committee for returning the language to the original Charter. Everyone on Marco Island who owns property should join MITA whose motto is preserve, protect, defend, research, and inform. Write for an application to Box 1263, Marco Island, Fla., 34146 – $20 will keep you informed every month how the city is doing.

Fay Biles, Ph.D.

President, Marco Island Taxpayers Association (MITA)

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