More trouble on the horizon?
The town of Ridgefield is facing tough times with a $1.1 million deficit and layoffs looming, First Selectman Rudy Marconi told a crowd of 25 attending his State of the Town address Thursday morning.
While only seven foreclosures have been recorded in the town in 2008-09 so far, there was still was a $2.2 million hit to the town employees pension fund, of which $1 million was recovered.
With layoffs coming at IBM and more layoffs anticipated in the second quarter from General Electric, Marconi is concerned that Ridgefield residents may be affected by job loss.
Conveyance taxes are down to $15 million from the usual $45 million seen in a healthy economy. And it looks like Fairfield County make take a harder hit from state cuts in ECS (Education Cost Sharing) reimbursements than the rest of the state, Marconi said.
Okay, lets recap what's happening in the Danbury area...
- 1. The state deficit figure has gone up from 350 million to aprox 1 BILLION dollars!
- 2. Bethel is out 909,000 dollars in revenue this fiscal year.
- 3. There are still many unanswered questions regarding the city's pension that is raising serious alarm bells among those who understand the pension process.
- 4. There are still many questions surrounding the mayor's unilateral decision to ram 2.5 million dollars in questionable bonding proposals down the throats of the taxpayer's of the city without their approval.
- 5. The New London Day notes that the relentless winter weather costs is requiring towns and cities to spend more than expected.
Just use logic here. Faced with these factors, shouldn't politicians and the press ask more questions about the city's financial shape? Why the silence? Where is the fact checking against what the mayor and director of finance stated so far about the shape of the city?
Are we to believe that the seventh largest city is simply doing "okay" or is there more to the city's financial story than meets the eye?
...food for thought.