If you live in the city of Albany, you probably also own a debt of $4,200 for each man women and child in your household. That's how much money the city has borrowed on your behalf. Maybe not atypically large compared to other upstate cities, but still alarming to those of us who preach fiscal responsibility.

That's a reasonable amount to borrow if you are planning to go to college or even purchase a car that will last a number of decades. If there is a continuing value to that investment, and it will be paid off before the investment becomes worthless, then it is worth it. We all agree that it makes sense to own a reasonable car, and to attend college.

The question becomes are the payments affordable and worthwhile for the amount you are spending? If a new car gives you pleasure, and allows you to get to work, then it is worthwhile. If you buy a house to live in and have it paid off in a number of years, rather then paying rent, it's a good investment. If attending college allows you to get a better job, then it is worthwhile.

The problem is that not all of Albany's debt is worthwhile or will be worthwhile for the life of the debt. The city repeatably has bought small things on long-term credit. While everybody agrees that the city police should be given reliable police cars, it doesn't make sense to purchase them with 20 year bonds. Likewise, the city should be limiting it's exposure to risk by investing in risky community development projects with long-term finance.

Most odious, both literally and figuratively is the bonding of landfill operation costs for periods long outlasting the life of the cells that the bonding helped pay the construction costs. The landfill maybe closed and the profits made on it, but the debt payments will still be due. Any responsible city would only float debt that would be paid off before the revenue was due. Yet, this may be the serious downfall.

Not only are there large city debts outstanding, but also public authorities with connections to the city having extensive debts for questionable projects. Five Mile Waterworks sale for $5 million dollars to the Albany Water Board Public Authority is the most infamous, this sale will inevitable force the Water Board to raise rates to overcome the debt they took on to balance the 2003 city budget. That budget is ancient history, but the costs of it continue to bite us today.

We would hope the city would use debt to fix up it's roads and make long-needed improvements to public buildings. These are the kind of debts that people accept, as long as the result is better quality roads and buildings at a reasonable cost. Borrowing always costs money, but if the cost makes it possible for the city to do an essential, but costly function, then it is worthwhile. Otherwise, there should be some serious pause about indebting future generations.