My colleague Victor Zapana — a young, talented reporter — has my favorite story in this morning’s paper: a look at how the city of Gaithersburg is living debt-free. And not just recently either. For four decades!
I can’t think of a single person or entity I’m familiar with that doesn’t have some sort of debt. I am typically reminded of my own debts after emptying my mailbox.
What’s so striking about Victor’s story is how easy it all sounds. Just
don’t spend what you don’t have! I went Googling around for more insight into how Gaithersburg perfected this fiscal miracle, and I turned up the city’s annual report, which makes for fascinating reading.
There are lots of tables and charts -- just like the annual financial report of a company -- and then there is this sentence, right in black-and-white, near a chart looking at the city’s lack of debt: “The City of Gaithersburg is a strong proponent of the “pay-as-you-go” methodology, and proud of the fact that the City has no outstanding debt obligations.”
There are lots of interesting tidbits in the report. In a time when many cities -- and the federal government -- are cutting back on special programs and events, Gaithersburg is adding events that improve the quality of life in the city. Just recently, according to the report, Gaithersburg launched a book festival.
The key sentence in the report about the festival is this: “Significant efforts to recruit sponsors and partners have helped keep the City’s financial investment in the program to a minimum.”
The folks in Gaithersburg sure are good penny pinchers. Now, about Washington...Oh, never mind.