Maybe the Kaysville’s citizen revolt on its power transfers has Bountiful City worried. Accompanying this month’s Bountiful City Power bill is a mandatory notice letter that goes out of it’s way to shout praises that the city opts to overcharge you on power (and avoid truth in taxation) and tries to convince you that such is a “dividend”:
Viewed in another way, these transfers are a “dividend” to Bountiful Taxpayers as the result of the taxpayers’ original investment in the City’s power infrastructure.
It seems that city believes that dividends are not returned to investors to do with as they please, rather, dividends must be returned to the company (Bountiful City) to do with as it pleases. Unfortunately, Webster doesn’t seem to agree…
finance : an amount of a company’s profits that the company pays to people who own stock in the company
I also have a feeling the SEC would frown on a company unilaterally spending it’s investors dividend. This years take from taxpayers forced investors: a cool $2.38 Million.
Almost humorously, is that the city’s own words sum up the whole reason they continue to spin the power overcharge – a convenient vehicle to dodge truth-in-taxation and cloak the actual tax burden and cost of government:
…these dividends are used to offset what otherwise would be a significant increase in property taxes.
Doubly humorous exit quote from the letter:
The transfers also provide a means for reimbursement of the…services provided to non-property tax paying groups such as non-profit organizations, churches…
Shame on those dastardly charities and religious community service zealots! Glad we could stick it to ’em.
UPDATE (June 8): I understand that the Bountiful City Council will meet tomorrow to officially transfer the $2.38 Mil. during their scheduled council meeting. Feel free to attend or email them about it. Good luck getting them to switch off the gravy train.