Denny Hosts Look at City’s Debt

City manager Blair King

 

City debt was the theme of Councilwoman Barbara Denny’s “Speak Out Coronado” Monday, an event she hosted to make people aware that the city has $546 million in obligations.

The money is owed by the city’s redevelopment agency for a variety of projects, such as remodeling the Village Theater and building new school facilities and a tennis center.

The money covered “things that make Coronado a more desirable place to live,” City Manager Blair King told the 25 people who attended the meeting in the library’s Winn Room.

King attended at Denny’s invitation as did Rachel Hurst, director of the Community Redevelopment Agency, and Leslie Suelter, director of administrative services.

Denny said that she didn’t want to “suggest that the city is in financial trouble.” In fact, she thought that after hearing the information people would be “pleased with the financial stability of the city.”

The question became whether those in attendance felt the city should continue to use debt as a way to fund projects.

Kevin Reilly offered a resounding no. “We should pay as we go,” he said. He also said that Coronado could serve as an example of fiscal responsibility for the state and the nation.

Buzz Fink saw the advantage of “borrowing money for things the community thought important.”  He attended Coronado schools when the facilities were in need of repair and appreciates how redevelopment money has improved them.