In fact, decisions by some councils have killed their towns with debt.
We remember many councils making bad investments with ratepayer's funds in the 80s and 90s, losing fortunes.
Why is the Surf Coast Shire levying Aireys Inlet properties over $10,000 a block for unwanted road paving paths and drains, while it happily paid $15 million for its own new Shire offices?
Ratepayer's rates are used as security for the loan that paid for these new Shire offices. The banks are sure they will be repaid, by ratepayers.
Where is the responsibility to provide for we constituents first?
Why is the Surf Coast Shire so insistent that $1.6 million in (unnecessary) works is done and paid for by a forced levy instead of by our rates?
Makes you wonder.
This is how bad it can get..... Read on, it's scary:
In Alabama, a County That Fell Off the Financial Cliff
Jefferson County, Alabama, is drowning under $4 billion in debt, the result of a botched sewer project and corrupt business dealings.
Looting Main Street
http://www.rollingstone.com/politics/news/looting-main-street-20100331
Jefferson County, Alabama - Screwed by Wall Street - Files for Bankruptcy
The city was roped into a series of deadly swap deals by a number of banks, most notably JP Morgan Chase, that left the county billions of dollars in debt.
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