Debt Reduction Plan – Any Good?

From the PG – the city has laid out a plan to reduce the city debt.  For the people who are following this – is this plan any good or just more of a campaign promise?

“The city’s debt was climbing” before 2005, Mr. Kunka said. “But the mayor and city council have been able to reduce $125 million in principal over the last five years.”

The debt could drop much farther if the city avoids borrowing money through 2017. If it could do that, its current annual debt payment of $87.4 million would plunge to $70 million in 2018 and $30.7 million in 2019.

He said that $45.4 million that has been shifted from the city’s savings to a special account for reducing future debt payments could be used in 2012 to pay off bonds early, shaving off that much principal and $9.9 million in interest