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CRYSTAL, Minn. (AP) -- When most cities want to build something - a water plant, a convention center - they borrow the money on the bond market and pay it off over time with interest. Not Crystal, a middle-class suburb of Minneapolis.
It paid $13 million in cash when it needed a new public works building, taking the money from its savings accounts and shrinking the city's reserves by nearly one-quarter.
Pay-as-you-go wisdom or long-term financial folly? However it eventually works out, the decision is just one example of how the Crystal City Council approaches civic issues a bit differently. The reason: A majority of its seven members are Libertarians or are sympathetic to the party's philosophy of maximum personal freedom and minimum government.
News from The Associated Press
This is great. I've been doing this personally, for over 20 years now. Set money aside and pay yourself and pay cash when needed.
The Personal Financing model.....can work for govt.
It paid $13 million in cash when it needed a new public works building, taking the money from its savings accounts and shrinking the city's reserves by nearly one-quarter.
Pay-as-you-go wisdom or long-term financial folly? However it eventually works out, the decision is just one example of how the Crystal City Council approaches civic issues a bit differently. The reason: A majority of its seven members are Libertarians or are sympathetic to the party's philosophy of maximum personal freedom and minimum government.
News from The Associated Press
This is great. I've been doing this personally, for over 20 years now. Set money aside and pay yourself and pay cash when needed.
The Personal Financing model.....can work for govt.