Darien 2023 Election Profile: James Palen For Board Of Finance

DARIEN, CT — Election Day on Nov. 7 is fast approaching, and there are a number of key races on the ballot in Darien.

Patch reached out to candidates for local office to get more information on their campaigns and the issues that are facing the town.

Name

James Palen

How old will you be as of Election Day?

51

What city or town do you live in?

Darien, CT

What office are you seeking?

Board of Finance

Please give us your party affiliation.

Republican

Education.

Bachelor of Arts, Economics and Mathematics, Ithaca College; Master of Arts, Economics, Georgia State University

What is your occupation?

Investment Banking (27 years)

Do you have a family? If so, please tell us about them.

Hallie (wife) and 3 children, all of whom have attended Darien Public Schools.

Does anyone in your family work in politics or government?

No

Have you ever held a public office, whether appointive or elective?

Yes, currently serve as the Chairman of the Darien Board of Finance which I have served on for 8 years; Previously served as the Chairman of the Budget & Finance Committee of the Darien Representative Town Meeting which I served on for approximately 8 years;

Now we'd like to ask a few questions about your reasons for running and your general views on politics and government. First, why are you seeking this office?

I am seeking election to my third 4-year term on Darien's Board of Finance in order to continue serving my community in a manner in which I can leverage my professional skills to help lead our Town's decisions related to budgeting, financing and taxation. My background originally included municipal investment banking where I advised state and local issuers on the structuring of tax-exempt debt and structured investment solutions is directly applicable to the Board of Finances responsibilities. My current role in corporate investment banking allows me to leverage more than two decades of advising clients on complex transactions, long-term planning and financial modeling, all of which help me in my role on the Board of Finance.

Please complete this statement: The single most pressing issue facing my constituents is ____, and this is what I intend to do about it.

The single most pressing issue facing my constituents is our Town's need to balance the growing cost of delivering our town and school services and the related need to invest in our facilities and open spaces with the need to maintain a fiscally responsible and sustainable tax structure that makes Darien one of the most desirable communities in which to invest in a home, raise a family and educate our children.

What are the major differences between you and the other candidates seeking this post?

I am fortunate to serve on the Board of Finance with other elected officials (including those seeking re-election) who all bring passion, hard work and integrity to their positions year after year. While there are differences in our professional backgrounds that contribute to diverse and thoughtful discussions, our common goals, desire to collaborate and respect for each other are very much aligned.

What accomplishments in your past would you cite as evidence you can handle this job?

In 2022, when Darien began to pursue the acquisition of Great Island, I was asked to assist our Town's leadership in evaluating the financial impact to our budget, taxes, bonding capacity and credit ratings. The project required working very closely with our First Selectman and our staff to develop a long-term financial model, evaluate tax-exempt financing strategies and strategies for best-in-class transaction execution -- all of which was required under a tight timeline.

During my past 8 years on the Board of Finance, I have worked to analyze our bonding strategy and recommend certain changes to the structure of our debt service that ultimately allowed us to finance much-needed projects such as the new Ox Ridge Elementary School, the purchase of Great Island and the renovation of three other elementary schools within a short window without having a material impact on our tax rate.

What is the best advice anyone ever gave you?

One of the best skills you can have is being a good listener because it makes you a good leader.

Is there anything else you would like voters to know about yourself and your positions?

I like boating and recently began playing pickleball. My current golf handicap is a direct result of my past 16 years of public service.