The $10,000,000 loan

At the last Council meeting it came out that GT borrowed $10 million in July. They took out a TAN (a tax anticipatory note)

When asked why, Township Administrator Tom Cardis said that GT needed to do this special, one-time borrowing so that GT can cover its cash shortfalls in anticipation of not receiving state aid due to the effects of COVID.

In reviewing GT’s financials; year-to-date, GT has not had one nickel of shortfall. In fact, property tax collections are actually a couple of million dollars higher than budgeted. What does this mean? Well it means that Tom Cardis lied about the reason to borrow the money. Why? Perhaps to hide the real reason the money was borrowed? Nah that can’t be the reason….but wait…Interesting fact: it turns out that GT needed to borrow the $10 million because it could not cover its debt service payment.

Remember, debt is one of the loopholes that allows administrations to go beyond the 2% cap when raising property taxes. THINK ABOUT THAT FOR A SECOND.

GT’s budgeted debt service rose so sharply in 2020 that we as a township had to borrow to make our payments. Why did our debt payments go up so much? Well that is simple, this administration and Council has borrowed 35 million over the last 5 years and bonded the entire amount just last year.

They caused the very problem that they are attempt to solve by BORROWING AGAIN. Everyone knows that robbing Peter to pay Paul is no way to run a household. Well everyone except the Mayor, Tom Cardis and this Council.Had enough GT? Become part of the solution.

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