Councillor Wilbur declared that the City of Prince George is not insolvent. He also
described the Citys inability to pay for road maintenance as a crisis. These statements
are hard to reconcile.
Insolvency means ceasing or being unable to pay obligations as they become due.
Maintaining infrastructure is the citys first obligation. If the city cannot maintain its
roads, is the city not insolvent?
Like European nations that spent themselves into a financial crisis, the city is unwilling
to impose the taxes needed to fix decaying infrastructure. Failing to pay obligations
turns insolvency into bankruptcy. Last week, the city of Stockton, California declared
bankruptcy, and more municipal bankruptcies are predicted.
Prince Georges pothole crisis is a sign of insolvency. The city should have a plan to
pay its infrastructure obligations and avoid bankruptcy. Where is the plan?