Mr. Stamford
The Authoritative Blog on Stamford Connecticut
Stamford Goes Further Into Debt
Author: Mr. Stamford24 Feb
Well since our fine city officials have been unable to properly budget and plan for capital expenditures, the town is going further into debt. See article from the Advocate here. One of the reasons a town like Greenwich can keep its taxes so low, half those of Stamford, is that they operate on a “pay as you go” basis and carry virtually no debt.
What exactly is so important that the city needs money today versus budgeting and saving to fix later? Improvements to the Police Department HQ? Give me a break.
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2 Responses for "Stamford Goes Further Into Debt"
The “today” projects are the ones that are tied to federal & state funding. There isn’t a lot Stamford could afford on its own. Major projects have matching funds, sometimes as high as 70-80% of the total project cost. The city needs to act while these funds are available. If the extra debt doesn’t hurt the bond rating and provides tangible benefit to business and living its not a bad move.
Yes, and they can spend $5MM on artificial turf for the soccer fields, but need to close one of the only 2 good schools in the district to save $5MM at the same time…I ranted about it here…
http://managermom.blogspot.com/2008/03/closing-of-school.html
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