Greenwich’s long term debt will be $190 million next year and certain Democrats think this is just fine and in fact we should spend more.
In an attempt to placate skittish ratings agencies about the town’s creditworthiness, the Board of Estimate and Taxation established a $210 million cap last year on borrowing, a practice that has long been taboo in pay-as-you-go Greenwich.
The policy also limits the amount of money the town can apply toward debt service and interest payments to 70 percent of the capital tax levy, the amount of tax revenue dedicated to infrastructure projects and equipment upgrades.
The debt ceiling measure is subject to review every two years, which can’t come soon enough for some office holders, including Selectman Drew Marzullo, a Democrat in his second term.
“It is an artificial number that does not take into account the long-term needs of the town,” Marzullo said. “No one has demonstrated whatsoever the positive or negative impact this might have.”
“Either we’re going to have to increase the debt ceiling, talk about longer-term borrowing or don’t do projects that need to be done,” Marzullo said. “The other option no one wants to talk about is to increase the mill rate. I can hear the guillotine being sharpened now.”
And Marzullo isn’t alone in this philosophy of spending what we don’t have. here’s this from a FWIW reader:
C’mon Chris. I know you consider yourself a contrarian but resorting to hysterics about what the town can and can not afford is beneath even you. Yes, things are bad in Europe and the macroeconomic picture in this country is not good either. Though, in the grand scheme of things MISA is not going to bankrupt us and is a decent attempt at giving this Town’s infrastructure a nice shot in the arm. When is the last time this Town really spent some money on a luxury item….schools, fire stations, police stations do not count. You are a broker…you can’t keep selling this Town as NYC North with exorbitant real estate prices without sprinkling in a few high end amenities once in awhile. This ain’t Mayberry anymore….let’s stop pretending.
Dig in, grip your wallet and fight, fight fight. People like that Marzullo and the reader think that Greenwich will be more attractive if it has a new municipal pool, an expensive high school auditorium and God knows what other “luxuries”, these people can dream up. A low property tax and a well-maintained infrastructure is our draw, not new pools.