Inside The 2009 Budget – Mining Operations Continue

By a pseudonymous poster calling himself Disgruntled Tax Payer.

Disgruntled Tax Payer,

I reviewed the City of North St Paul 2009 annual financial audit and it reads:

The city entered into a lease agreement for financing the aquisition of fiber optic equipment and infrastructure. This debt matures on June 1, 2016 and carries and interest rate of 4.50 percent. Fiber optic fund revenues will be used to liquidate this loan. Yes, you read right, this is also taken from the city financial audit page 54.

On page 60 of the audit it reads:

The deficit of this fund is as of December 31, 2009 was $102,761. The deficit in the fiber optic fund will be reduced and eliminated as operations progress beyond the initial start up phase.

Like I said, our votes don’t count!

Would you like to review the entire comprehensive financial report for year ending 2009 directly from the City of North St Paul’s website.

According to their plan that runs through 2038, the fiber optic plan is going to be completed it 2012. Which means another tax increase!

See for yourself.

Long and boring but gives some clues into the under-the-radar operations of City.

Be patient–a state of endurance is required since it takes a while to load from the city website.

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