Initiated by Ben Cunningham with the Nashville Tea Party, working with other conservative groups across the city, there is an effort being made to amend the Metro Charter to limit Metro's debt. I support this effort. Metro's current debt service obligation is slightly greater than 13% of the operating budget. One important thing this amendment would do is require the city to count its Metro pension obligations as a debt and set aside funds to service that obligation. Frankly, I am more concerned about Metro's pension obligations than I am our other debt obligations. If this amendment passes, then Metro may get serious about switching from a guaranteed benefit system to a guaranteed contribution system. Most pensioners do better with the later system but unions oppose it.
The Nashville Debt Limit Charter Amendment
is a proposed amendment to the Nashville-Davidson County Charter which is designed to stop the growth of debt before it becomes dangerously high and burdensome. The amendment prohibits the issuance of new long term bonds when total debt service exceeds 15% of the operating budget of Metro Nashville. For more information, see NashvilleDebtLimit.com.
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