Legacy of Incumbent Councillors is Borrowing $436 Million for Grants of $240 Million.

April 17, 2010 - PRLog -- Toronto’s incumbent councillors only legacy will be that of borrowing $436 MILLION dollars for grants of $240 MILLION dollars from the federal and provincial governments and the sale of a $600 MILLION dollars note to pay down the city’s debt.
All this and remortgaging from 10 years to 35 years just to secure $235 million in grants and based on the logic that interest rates have never been this low.

This is what the outgoing Mayor and his lefts leaning incumbent councillors refer to as “good balance" between the tax increases and investing in services.

This restructuring of tax payer’s debts “to match assets to funding in a much better way helped us deal with that pressure by smoothing out the financing costs” stated the outgoing Mayor.

In reality all he and his merry gang of incumbent councillors have achieved is to extend interest and debt payments for a longer period of time and pass these interest and principle repayment cost to our next generation of young people and their future families by burdening them with this debt.

However the outgoing Mayor and incumbent councillors are of the opinion that tax payers should not question such financial gimmicks and just pay for their self-serving legacies for the next 50 to 100 years!

The outgoing Mayor and his top bureaucrats assume it will meet council’s guideline of keeping debt service charges to 15% of the property tax base by the these financial makeovers.

Yet in doing so they will have borrowed $4.7 BILLION dollars over a factious 10 year period by attempting to leave a new council with a $3.2 BILLION DEBT at the end of this factious period of time and further lock in a new council to such asinine logic of financial gimmickry.

The City’s 2010 Capital Budget and 10-year (2010-2019) capital plan was passed at Toronto City Council and paves the way for implementation of hundreds of major capital infrastructure projects with an attempt to lock in future councils to such left leaning ideologies of the outgoing Mayor and incumbent councillors without any regard for the already overburdened tax payers of this generation not to mention that of future ones.

Further what moral, ethical or even legal authority does this outgoing Mayor and incumbent councillors have in passing a 10 year Capital Budget in an attempt to burden a new incoming council with over $ 23.3 BILLION dollars for capital spending over 8 years past their current term of office?

Torontonians can no longer afford such chronic spending habits displayed by this outgoing Mayor and his incumbent councillors. For the

For the past 7 years Toronto's incumbent career councilors have had no regard for prudence when it came to spending our tax dollars.

Their outrageous practice of increasing spending at an average rate of 5.21% annually since 2003 over revenues has continually been 1.9% ABOVE INFLATION RATES MUST COME TO AN END IN 2010.

This has siphoned over $22 MILLION Dollars from Renters, Condo and Homeowners and Businesses alike for each 2% increase in tax rates since 2003.

If councillors had lived within the rate of inflation, as the outgoing Mayor and his merry gang of councilors promised, Renters, Condo and Homeowners and Businesses all would have had this money in their pockets to create more jobs for Torontonians.

http://torontopolitics2010.blogspot.com/

I, Peter CLARKE agree with the common sense position of the people that “this same old process of borrowing, spending and taxing year after year must end in 2010.”

TORONTO is OUR CITY, YOUR VOTE, OUR FUTURE TOGETHER. So VOTE, Do It on October 25, 2010, You Will Like It.

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CLARKE an INDEPENDENT NOT a CAREER Politician or supporter of any political party, special interest group or lobbyists. PETER is your average citizen candidate and answerable only to the people NOT a political party, special interest group or lobbyist