Legacy Update
You may remember Guilford County Commissioner Paul Gibson's "Legacy Fund" idea, which we wrote about here. Essentially, the county would charge an extra 5-cents on the property tax rate to create a $1 billion fund that could be used for capital projects.
In a memo (linked here), county Finance Director Brenda Jones Fox puts in her 2-cents. Among her thoughts:
"The structure places the burden of creating the Legacy Fund on taxpayers for the next twenty years however the benefits only accrue to taxpayers and citizens beyond a twenty-year horizon raising the issue of intergenerational equity. If the Legacy Fund were to pass it could make it more difficult to get voter approval to provide additional funding for capital needs that are currently present or would occur during the 20 years prior to any funds being available from the Legacy Fund."
Comments (1)
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Hmmm. I see an interesting dichotomy. Jones Fox is worried that the current generation will be burdened with the costs for pojects that will benefit our children, while at the national level Republicans borrow from our children to fund today's follies.
Posted on February 15, 2005 12:44 PM