Letter: Unknown future liabilities
Our city officials seem obsessed with growth. I get it, Prescott has a huge PSPRS unfunded liability and in the short term growth generates new revenue in the form of permit fees and utility fees. New residents mean more property tax and new customers for local businesses, which turn further increases tax revenue. Sadly, this bump is short-lived. Numerous studies have shown that after factoring in the cost of building and maintaining the requisite roads, schools and other infrastructure, city revenue obtained per new liability is ridiculously low. Over the lifecycle of a development, cities frequently receive just a dime or two of revenue for each dollar of new long-term liability. If Arizona Eco Development’s annexation request is approved by our city government, AED will reap a huge economic benefit. In return for being saddled with unknown future liabilities, the citizens of Prescott deserve something of equal value in return. Support for the proposed 500 acre Granite Dells regional park should be a non-negotiable no-brainer.