On one “social commenting” site that I frequent, the question of the $20 million Wasilla debt was was raised by one of the commenters. He linked to the official web site of Wasilla where they’ve posted recently requested documents related to Palin’s terms as mayor, including the financial reports from 1994 through 2004. Those reports show that in 1994, Wasilla had $1.1 million in long term debt. It was all in the areas of sewer, gas assessment and paving bonds. In 1993, the city had made approximately $130k in prepayments on other bonds to retire two debts and pay installments on another through 2027. The city’s general operating fund for 1994 showed an excess of revenue over expenditure of $1.9 million. The budget showed a $2.6 million ending fund balance.

The June 2002 Wasilla financial report shows that by 2002, Wasilla had acquired long-term debt of $25 million. The city’s general operating fund showed an excess of revenue over expenditure of $2.3 million. The budget showed an ending fund balance of $4.6 million.

In both of those years there are other expenses and factors as well, but it’s obvious that both of the following are true:
While Palin was mayor of Wasilla, the city’s general operating fund ran a surplus (which, according to many sources had far more to do with a sales tax passed during her predecessor’s term) and that she increased the city’s long term debt by well over $20 million.






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