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City of Mishawaka plans to be debt-free by the end of 2014

Mishawaka Mayor Dave Wood announced that the city will be debt-free for the first time in more than a century by the end of 2014.

Posted on Feb. 18, 2014 at 12:35 p.m.

What does it mean for a city to be debt-free?

The City of Mishawaka plans on finding out by the end of 2014, The Elkhart Truth's news partners WNDU reports.

It's part of Mayor Dave Wood's plan announced in 2012 to make the city "lean and mean."

Despite the Wood said that the city still faces upcoming fiscal challenges, especially the business personal property tax is eliminated.

Wood said the city's budget stands to lose up to 16 percent of its revenue for planned expenses.

"There's no way we could possibly afford that," he said. "That goes straight to services."

In 2013, the City of Mishawaka lost $3.6 million from its general fund because of rising insurance costs and circuit breaker tax caps.

Find out more about Mishawaka's budget and expenses on WNDU's website.

Do you think it's important for a city or county to be debt-free? Why or why not?




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