Letter to the Editor: Vote Yes on Proposition 1 to keep our balance sheet strong

To the Editor:

I’m supporting Proposition 1 because it will keep Lake Forest Park’s balance sheet strong. I am a CPA and my job is to manage the finances for another city, so I know how important it is to maintain a strong balance sheet. The bottom line is the city’s annual income is less than its annual spending, even after reducing the budget and deferring maintenance. 

Using the city’s reserves to balance the budget would simply push the problem down the road. Instead, I support this temporary measure that will raise my property taxes approximately $240 per year, which is an increase of about 2.5 percent. Unlike the majority of our property taxes, this tax will go directly to the city to support our special police department, and other rapidly increasing public safety costs including vehicles, jail and court costs, as well as emergency 911 dispatching services.

As a public finance officer, I know firsthand how costs have increased, yet LFP has not increased its tax levy more than one percent per year for at least thirty years. This is not sustainable. Several of our neighboring cities’ finances are in a bad way, and they are now faced with tax increases and/or laying off employees. I will vote yes on Proposition 1 to keep our balance sheet strong and maintain our reserves for a rainy day. Check out the facts at LFPStrong.

David Hammond

Lake Forest Park

P.S. Last week, I received notice that my property’s assessed value increased, so I want to remind folks that an increase in your property’s value does not change the amount of your taxes!