Your View: City’s debt service hurts the operating fund

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Your View: City’s debt service hurts the operating fund
Alexandria City Hall. (file photo)
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By Herve Aitken, Alexandria (File photo)

To the editor:
This letter is in response to City Councilor Tim Lovain’s recent letter (“City borrowing has made good sense,” September 3) in the Times. Lovain argues that the city’s borrowing has been beneficial because it “….ask[s] future residents of Alexandria to help pay for these investments.”

There are two rules about money: 1. More is better than less; and 2. Sooner is better than later.

Since the debt service on Alexandria’s debt of $526 million is $63 million, this is $63 million less that Alexandria has to spend on the salaries of city workers or on infrastructure needs such as schools or sewers.

Mr. Lovain’s logic, or lack thereof, is one of the reasons I am supporting Allison Silberberg for mayor and Townsend “Van” Van Fleet, Monique Miles, Bob Wood and Fernando Torrez for city council. All council candidates are business owners, two were military officers and one is an attorney. They will reduce the city’s debt and your proportionate share of it.

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