Millimet
To the Town and Residents of Sullivans Island -
I’d like to take a moment of your time to (1) ask a favor and (2) clarify misperceptions regarding the town’s finances.
- At the June 18 council meeting, a resident openly accused the council of “betraying the trust” of town residents. Nothing could be further from the truth. Council members sacrifice time with family and forego other opportunities to put the town first. This is the case week in and week out as the council tends to the town’s business. The council does not ask for anything in return except for a modicum of respect and civility. We can collectively agree to disagree at times, but there is no room in today’s world to publicly and personally attack members of the council who are trying their utmost to do right by the town. We should be encouraging good people to serve, not besmirching their good names in front of family and friends.
- Despite claims to the contrary by some residents, the town is in a very strong financial position. The operating budget is balanced by law, with much of the increase in the FY 2025 budget due to state-mandated increases in employee benefits. The town borrowed roughly $40 million from 2014 through 2020 at interest rates ranging from 1.75% to 2.5% to construct a new town hall, police and fire stations, storage barn, and fund other smaller projects. Due to inflation, a dollar in 2014 now has the purchasing power of $1.33, meaning the debt issued at that time is now 33% cheaper to repay. The bonds issued to finance these projects were rated Aa2 by Moody's (high investment grade) and are repaid via tax receipts over a period of 20 to 30 years. Municipalities cannot fund large projects in a single year simply via tax proceeds; thus, issuing long-term debt is a standard practice in municipal finance. The town is also audited annually to ensure we are in good financial standing. We are.
I speak on behalf of the town council by saying it is our privilege to serve all residents of Sullivan’s Island, whether we agree on specific issues or not. We appreciate the honor and are humbled by the faith entrusted to each of us as reasons for our election.
