A Balanced Perspective On Finance

To the Editor:

I read candidate Ben Roberts’ Letter to the Editor [“IPN Offers Voters First BOF Choice,” Letter Hive, 9/11/09]. It demonstrated an “I Prefer Nastiness” tone and lack of understanding as to the function and purpose of the Board of Finance (BoF). Mr Roberts believes the BoF should be politicized. He is upset that BoF members are not personally attacking one another. Instead, the Democratic and Republican parties are vigorously advocating for their political candidates, however, much to their credit they are sticking to issues not “Nasty” personal insults. Instead of propounding constructive thoughts Mr Roberts attacks the reputation of the BoF which according to past surveys is one of the most respected and functional boards of the town.

 Mr Roberts showed up to a BoF meeting last Monday. He gave a speech. Members of the BoF explained to him that he confused the ten-year-long term political planning process that involved politically charged town boards, with the five-year CIP (Capital Improvement Plan) recommended by the BoF (advisory). The five-year CIP is a financial planning tool to fund the long term planning projects; it is not a political ten-year planning objective. As noted by experts, public finance planning after the five-year mark gravitates into the land of speculation due to multiple variables — interest rates, population, grand list size, voter intentions, student enrollments, etc.

For me, it’s a privilege to represent the people of Newtown on the BoF. I do not know who Mr Roberts refers to as “Old Guard,” I don’t picture myself that old, but even if so, I guess being “old” beats being “nouveau riche” such that people mantra “Tax and Spend, IPN.” I am proud of the BoF accomplishments over the years. The BoF started from scratch creating an Understanding of Purpose, Meeting Procedures, Capital Improvement Plan, and Budgetary Process with Reserve Funding. It was the BoF that advocated for “transparency” televising four budgetary meetings within 30 days. The board adopted a Debt Management Policy that caps debt service spending at ten percent of the average annual budget. This policy has been cited by Moody’s for preserving the AA2 bond rating despite other surrounding towns having their ratings degraded. Resultantly, Newtown continues to finance its long-term debt responsibly and such that it saves Newtown taxpayers millions of dollars.

I personally support a return of all the Board of Finance members. We work well together and provide a balanced perspective on the finances of Newtown. John Kortze has provided excellent leadership in effort to secure consensus on important matters.   

The most important issue coming is Fairfield Hills and school projects. I would hope the political boards will work cooperatively and not jump long awaited school projects. I know Fetzer/Hemingway openly avows such cooperation. I also support a voter initiative on the future plans for FFH consistent with The Newtown Bee Ink Drops. It’s time to take politics out of FFH. Please see www.TeamNewtown.org for a more comprehensive view of my ideas and beliefs.

Thank you.

Sincerely,

Jim Gaston

Democratic Candidate for the Board of Finance

18 Main Street, Newtown                                     September 15, 2009