LETTERS: Six Wallingford councislors are failing to learn from history



Short-sighted

Editor:

What are Wallingford Town Councilors Carmody, Fishbein, Marrone, Tatta, Testa, and Zandri thinking? Apparently only Councilors Allinson, Cervoni and Laffin have their heads on straight.

Record-Journal 5/5/22 (“Council proposes budget changes”): “Comptroller Timothy Sena said credit rating agencies have already expressed concerns about the amount of reserves the town has relative to its spending, which could impact the interest rates on future bonding. ‘We … have a police station that’s going to need to be bonded, possibly a pool,’ he said. ‘Interest rates are going up and right now currently we don’t even have 10 percent in unreserved fund balance...which is what they like to see. Right now we’re looking at a $180 million budget, our fund balance should be around $18 million undesignated and we’re at $14 (million) and this is taking $1.5 million more out of that.’”

Record-Journal 5/5/22 (“Fed raises key rate by a half-point in bid to tame inflation”): “The Fed also announced that it will start reducing its huge $9 trillion balance sheet… will have the effect of further raising borrowing costs throughout the economy.”

Record-Journal 3/22/19 (“Wallingford’s bond rating downgraded”): “Moody's Investors Service downgraded the town’s rating from its highest ranking, according to a report issued earlier this month. The town had held a Aaa rating for several years, but Moody’s assigned the town an Aa1 rating to the town’s $16.7 million general obligation bond issue of 2019...One of the big reasons for the recent downgrade, according to Moody’s, was the town’s two operating deficits in a row, which means the town was dipping into reserves instead of building them up.”

Six Wallingford councilors, failing to learn from history and further risking the town’s bond rating, just to save the average household $25 a year? Irresponsible, short-sighted political pandering!

Patricia J. Kohl, Wallingford



Advertisement

More From This Section

Advertisement