Board of Finance Public Hearing April 2, 2019

Board of Finance Public Hearing April 2, 2019

The Board of Finance has not taken the leading role in articulating the need for a Town budget that is fiscally responsible.

The Board of Finance has vacillated throughout their oversight of the budgets in what appears to be significant lack of understanding of their mission to forward a budget that is acceptable to the taxpayers.

These are the economic forces that the Board of Finance should consider.

The Cost of Living increase in Social Security is 2.8% with an additional reduction for Medicare, leaving a minimal increase in payments.

The State has financial liabilities that will impact the Town’s revenues.

Big Y has their property for sale.

The adjacent Wagner property has been vacant for years.

Andy’s supermarket has remained vacant for years

What is the timeline for construction of the solar panels now that the Siting Council approved the project?

The Simsbury Meadows Performing Arts, a private organization, is losing money with a flawed model that has continually been given a reduction of expenditures with waivers that is reflected in a loss of revenue for the Town.

The Headline in a recent Hartford Courant article states: Home Sales struggling – February slump another sobering sign of state’s economic ills.

The Silverman Group on The Hartford property has several mechanic liens on the land records and has slowed their development.

The supply of residential units exceeds the demand that will eventually lower price points with a migration of population and lower assessments.

Simsbury has the highest Mill Rate in the Valley decreasing our competitiveness.

With the decrease in student population the schools should be reconfigured to have Elementary Schools with Kindergarten to 2nd grade, 3rd grade to 5th and 6,7 and 8th grade at the Junior High with 9-12 at the High School. This would eliminate at least one school and lower overhead costs.

The Board of Finance must make the hard choices that reflect the economic reality of less revenue to the Town and not” kick the can down the road”. The proposed budgets are unacceptable without any forward-thinking ideas implemented.

The last property assessment reflects decreased taxes in homes above $400,000 and an increase of taxes in homes below that amount. The burden of increased taxes is on the back of the least than can afford it.

The economy is heading for a recession and the Board of Finance just doesn’t get it by increasing long-term debt.

The mitigating circumstances in the Board of Selectmen budget should be remedied with cuts in line items and Capital budgets should be reduced to minimize years of debt.

Now is not the time to increase spending 4.26%.

With all these competing forces it is up to the Board of Finance to bring a fiscally responsible budget to the Simsbury taxpayers. Do your job!