Where is Your Money?

The Town of Stevensville's Water/Sewer Bond Debt as of 6-30-21 is $5,181,319.76. The amount paid to this Bond Loan in fiscal yr. 2020-2021 is $115,215,05. So by dividing this I come up with 44.97! At the Current rate the town is paying it's Bond Debt it will take Forty Five (45!) years to pay off a 20 year bond!

But it gets better.

According to last years budget numbers the Town Of Stevensville had 882 water/sewer users. We pay $36.69 a month for our water/sewer Bond. 882 x 36.69 = $32,360.58 a month. Multiply that by 12 (months) and that comes up to $388.326.96 per year.

According to the Treasurer the Town is paying $115,215.05 of our Water/Sewer Bond for fiscal yr. 20/21. The difference is $273,111.91. Where did $273,111.91 of your bond payment go?

It appears that the total amount of our monthly water/sewer bond payments isn't being used to pay down our debt. This is wrong in so many ways. This is another reason for a change of Mayor and (3) council members this fall. Prove me wrong!!