UTOPIA will prove to be the greatest financial mistake the Orem City Council ever made. By going into business where they had no business, the city council has hurt our city. That is just the first year. Note 1 below shows your city’s pledge for UTOPIA failures for the next 30 years. Note the annual increase of your liability. Orem City is making the current years monthly payments out of the debt service fund. Unfortunately that $2.5 million fund will be drained dry the first of the year.
In May, 2011, UTOPIA/UIA borrowed another $29.5 million subsidy to keep their government-owned and managed high-speed internet service going. We are responsible for this irresponsible behavior. This bailout only worsens their mistake of competing with free enterprise. By the 2012-13 fiscal year, the city (you) will have to come up with another $530,000 a year to cover the May 2011 tranche (bonded indebtedness). That’s in addition to the $2.7 million pledge already in place.
To make matters worse, Orem City guaranteed several other cities’ UTOPIA liabilities: Orem is a good-neighbor co-signor. Not a single city involved is carrying its own weight. My incumbent opponents will not make this announcement in their campaign literature.
How do we get out of it? The first thing to do is to vote out of office all candidates who have voted our city into UTOPIA and its ongoing subsidies. This has been going on since 2002.
Who will stand with me and vote against government enterprises competing with free enterprise?