Finizio defends proposed New London budget
I don’t enjoy paying taxes, and I don’t enjoy presenting budgets with tax increases. I fully understand how thinly stretched most New Londoners’ personal budgets are, and the sacrifices families make to pay their property taxes. Without a plan to keep taxes from perpetually rising, New London’s economy would decline from over taxation.
Fortunately, we do have a plan. Our conversion to an all-magnet school district will not only give New London’s children the educational opportunities they deserve, but will also grow the grand list by raising property values and making New London a more attractive place in which to invest.
I commend voters for passing the magnet school construction bonding last November, and I commend city councilors now for supporting the full education budget requested by our Board of Education. After so many years of flat funding our schools, it seems we all finally realize that New London’s future hinges on education.
I agree wholeheartedly with City Councilor Michael Passero when he says, “I know this (increase) is a tough pill to swallow, but I think the returns that the city gets for its investment in our children greatly outweigh this increase.”
But not every education-related cost is contained in the school budget. We need to maintain our buildings; we need to pay our debt service; we need to accurately budget for other city services and continue rebuilding our financial reserves in order to maintain or improve our credit rating, thereby lowering the cost of bonding. These education costs are not contained in the Board of Education budget but are, in fact, in the city budget.
Yet Mr. Passero says he won’t vote a city budget out of the finance committee unless it contains a 0 percent increase. This is either a cynical, say-anything attempt to appease taxpayers in an election year, or it is evidence that he doesn’t understand budgets.
First, he needs to recognize that contractually mandated costs have risen, while state funding has remained flat. Additionally, property assessment appeals have resulted in a smaller grand list. Hence, even a flat-funded city budget would result in a higher mill rate.
Second, funding for our public library is also an investment in the education of our children. The funding in my proposed budget will allow the Public Library of New London to hire a children’s librarian and focus on community outreach to parents so that our children enter school ready to read and learn.
Third, even if City Council flat funds the library, eliminates the water taxis, doesn’t market our Connecticut Coast Guard Summer events, and eliminates every proposed new hire, including a school resource officer and building maintenance staff, we’d still be a long way from no increase. In fact, the City Council would still need to find more than an additional $1 million worth of cuts.
Four years ago, then-city councilor and mayoral candidate Passero used the same fuzzy math and voodoo economics to justify a 0 percent budget increase in an election year. Our city nearly crashed financially as a result, and it will take years before we fully recover. This isn’t a history that we can afford to repeat.
I do find it ironic that Mr. Passero says my budget is not an honest document. I think most people realize that if I was going to present a dishonest budget, it wouldn’t include a 12 percent tax increase.
I don’t like tax increases, and I think it would be good for the city for me to remain as mayor. I will not, however, lie to the voters about the true cost of services, and I will not sign a budget with inflated revenue estimates. Our financial recovery is too important, and too tenuous, to jeopardize with election-year pandering.
Daryl Justin Finizio is the mayor of New London.
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