The City of Tifton must now borrow millions to pay off a $10.7 million debt it owes on a bond to fund the failed City-Net cable company.
We have now seen financial setbacks in several South Georgia cities as a result of a city's government trying to compete with services already provided by private companies.
The City of Cario, part of CNS cable, announced losses of one-half-million dollars each year, and a total debt of $12 million.
Lee County lost a third of a million dollar investment in Camvera, a new wireless company.
This all started with the mis-guided temptation by city leaders to create more revenue today, rather than living within the established budgets, or making the tough choices of cutting spending, jobs they were hired by us to do.
Also, they dove head-long into an industry, the cable business, they did not fully understand. Their own officials have told us they did not foresee Mediacom's many positive changes in fiber delivery and new services offered.
Next, how could they not know the number of subscribers moving to satellite delivery over cable?
Also, they also missed the fact that the phone company, now called the new AT&T, would be entering the cable business.
Huge debt is accrued to be paid years later, after those elected officials who started the project, are out of office. The current leaders get a hall pass, because they did not create the problem.
Who takes it on the chin??? You the taxpayer.
It should be clear; city governments have absolutely no business attempting to compete with established private companies who are providing large tax revenues and thousands of jobs.