Editorials
No to Question 8
01:00 AM EDT on Tuesday, October 17, 2006
The Rhode Island 2006 Voter Information Handbook performs a useful service in laying out not only the face value of the bond issues on the Nov. 7 ballot, but also their total costs, including interest, over amortization. These costs are all too often ignored.
Even a relatively modest issue, such as Question 8, on the Nov. 7 ballot, which involves selling $3 million in bonds to help local communities develop recreation facilities, comes to $5,231,000 when you include interest.
The money would provide grants of up to 50 percent of the cost of construction of local parks and recreation areas -- basketball courts, skate parks, tennis courts, passive recreation areas, soccer facilities and bikeways.
All very nice stuff, but it strikes us that as a general principle towns and cities, not the state, should raise the money for facilities rarely used by people from out of town -- unlike, say, Providence's Roger Williams Park Zoo, which is a regional attraction.
That may be politically difficult, with personnel costs gobbling up most of municipal budgets. But maybe without the handout from the state, school committees and other negotiators would drive better bargains with their unions.
And the details of how the bond money in Question 8 would be spent are left a mystery -- rarely a good thing when it comes to public money. It's too vague.
Bond issues increase a state's indebtedness, of sometimes requiring higher taxes. Of course, some bond issues may so benefit the state that they are well worth it, economically and otherwise. It is important be discriminating -- since they all tend to look nifty at first glance. But often, it's best to reject them and save the money.
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