Susan Moeller will bring new skill set to the tough job of serving on the Ypsilanti City Council
I have reluctantly decided not seek re-election to (Ypsilanti) City Council this year, as stated before, because of my desire to spend more time with family and the tremendous amount of time that will be required to deal with Ypsilanti's budget needs. I was very pleased to see Dr. Moeller decide to run for election, as I consider her a good friend and someone who will bring a whole new skill set to the city's government.
Susan has not been to council for some time nor read the financial reports we continually receive. I think she will be shocked, as I was 3 1/2 years ago, by how intractable our financial debts are. Trying to negotiate with bondholders we have found is not an option as there is not one alone to negotiate with. These bonds have been sold to many municipal bond investors and are valued because of their total guarantee of repayment.
Our advisers have told us that there is no chance they will accept any request to delayed payments. They are guaranteed that their repayment comes out of taxes collected prior to any other obligations such as any wages to be paid. The Water Street bond payments were delayed a number of years ago but now that is no longer an option. The city has lost more than 20 percent of its taxable value and will not regain that, ever, as taxable income because of the constraints of Proposition A that keeps gains in tax revenue at or below the level of inflation.
Still, I wish Susan all the best and hope her significant financial background and deep-rooted affection for people and workers bring a win-win for the city we both love.
Ypsilanti City Council, Ward 2