Give Us Our Money Back

To the Editor:

Truly appreciate when our public officials are frugal, and end up with a surplus. I realize that the $970,000 town surplus was mainly due to unexpected revenue — and I appreciate that you didn’t simply spend it. Thank you, Newtown Republicans!

Now please give me my money back.

This surplus means that last year, each Newtown household was overtaxed by at least $100. By default, our political leaders have decided to keep that money to increase our fund balance. According to the recent Bee article, the size of our fund balance is the most important factor in maintaining or improving our bond rating (we are currently rated in the top ten percent of Connecticut communities). Also according to that article, the cost of being downgraded would be about $100,000 per year (at today’s rates), and the benefit of being upgraded would be about $60,000 per year. It’s also been made crystal clear that Newtown is not at risk of being downgraded, and is very unlikely to be upgraded. So help me understand the math — to avoid a very unlikely extra annual cost of $100,000 at some in the future, you are going to keep the $970,000 you overtaxed us? In addition to the large fund balance you already have in place?

Please use that surplus to reduce our taxes in this next budget cycle. Newtowners would like the opportunity to decide how to spend our own money. Or, engage with us and explain why this is such a good deal, because I simply don’t get it. This is what I believe — our political leaders are so focused on being frugal that they don’t realize they’re hitting diminishing returns, and are actually taking money out of our pockets for no fiscally sound reason. As the math teacher would say, please do the math, and show your work.

Tom Bittman

17 Rose Lane, Sandy Hook                                   September 28, 2012