Comments on: State concerned about financial problems at MI-Connection http://davidsonnews.net/blog/2010/03/12/state-concerned-about-financial-problems-at-mi-connection/ Local news in Davidson, N.C. Sun, 31 May 2015 05:24:17 +0000 hourly 1 http://wordpress.org/?v=4.2.2 By: Steve Lee http://davidsonnews.net/blog/2010/03/12/state-concerned-about-financial-problems-at-mi-connection/comment-page-1/#comment-5439 Tue, 16 Mar 2010 01:06:49 +0000 http://davidsonnews.net/?p=32198#comment-5439 If the state were really concerned, they’d return the $400,000 they’re hanging on to.

]]> By: Andrew Stevens http://davidsonnews.net/blog/2010/03/12/state-concerned-about-financial-problems-at-mi-connection/comment-page-1/#comment-5432 Sat, 13 Mar 2010 02:03:23 +0000 http://davidsonnews.net/?p=32198#comment-5432 The powers that be knew from Day 1 that this venture was nothing more than their vanity for government expansion. Elected officials (and the appointed Town Manager of Davidson) chose not to listen to the voices of the governed, who overwhelmingly did NOT want government ownership of a private business enterprise. Now, they are left to dribble out the truth of the magnitude of the financial impact to the townspeople of Davidson and Mooresville. The $400,000 and $180,000 payments that have recently been approved will only grow worse as time goes on. What they have not told their constituents is that the bills will become orders of magnitude larger as principal repayments (which have not yet been necessary) plus interest will need to be paid, on an ongoing basis, for the next 20 years or more.

The recent audit by an outside evaluator suggested that MI-Connection needs to raise rates substantially to meet the standards of other well-managed businesses, … But will customers happily go along? I suspect that further rate increases will increase the rate of customer attrition.

Townspeople need to begin showing up at commission meetings and demand honest answers to these concerns. MI-Connection is not going to grow its way out of this debt morass and the taxpaying citizens need to be told the magnitude and time frame of their “investment.”

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