- Home
- News
- Opinion
- Letters
- Sports
- Prospecting
- Essentials
- Obituaries
- Real Estate
- Comics
- Gallery
- Classifieds
- Advertisers
- Coupons
- Contact Us
Share Article
516
735516735
On Tuesday, Oct. 9, at 9 a.m., while most EID ratepayers are working and unable to attend and protest, EID General Manager Jim Abercrombie will be asking EID’s Board to approve an $85 million capital improvement plan.
To pay for Abercrombie’s $85 million capital spending proposal, $60 million of new debt would be required. At 3.6 percent interest, 2 percent annual principle repayment and $1.2 million of debt fees, $60 million new debt would add 8 percent to EID’s already lofty rates.
Before “rubber-stamping” a spending plan requiring $60 million new debt, each EID Director should internally process that a stack of 60 million borrowed $1 bills would be more than FOUR miles high. Perhaps, to let the enormity of $60 million new debt sink in, all five Directors should first walk four miles before voting.
Having passed 102 percent of water rate hikes for 2010-2015, EID’s Directors this year ought to think first about the wallets of 38,000 regular ratepayers.
This year, EID’s Directors should throw away their “rubber-stamp” and stop blindly professing “We trust Management.”
This year, EID’s Directors should demonstrate they do, in fact, recognize how much and how costly $60 million of new debt really is.
This year, EID’s Board should start a new mantra of fiscal responsibility and start living up to their “Director” name by directing General Manager Jim Abercrombie to go back to the drawing board and come back with a sharply curtailed, fiscally responsible capital spending plan … one that current ratepayers truly need and can afford.
GREG PRADA
Cameron Park
The Mountain Democrat does not necessarily condone the comments here, nor does it review every post. Read our full policy
Foaming at the MouthOctober 09, 2012 - 3:05 pm
Hey Greg, did you know that all of your EID complaints, stacked up, don't amount to anything?
debt matters . . .October 09, 2012 - 3:30 pm
. . . and it will get passed on to all of us. Even to Foaming.
Pat SnellingOctober 10, 2012 - 10:48 am
Why is it that water purveyor's 1st thought is to reach out to the taxpayers and ratepayers with open hands and NOT do the work of cutting expenses? .... The Taxpayers & Ratepayers are "not" giant ATM machines!
DarrinOctober 19, 2012 - 8:31 am
Maybe all the complainers could form a bucket brigade across those 4 miles when it falls apart. Sign up below...