Board of Finance Meeting May 17, 2022
I would like to thank the Board of Finance for adding Public Audience to their agenda.
With an unsettled economy, everyone should be able to bring their concerns regarding the budget and the effect on their daily lives to our elected representatives.
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The ARPA Act (American Rescue Plan Act) has infused $3.765 million of “free money” into Simsbury’s General Fund.
Free money is never free. There is always a cost to benefits derived from the expenditures.
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The Flower Bridge Design Work, Pickleball Courts, Replacements for Tarrifville Park Pavilion, Backstop, Weatogue Backstop, Curtiss to Tarrifville Survey Trail, Dredging Town Forest Pond, BOE-HAVAC climate control upgrades, Library Variable Air Volume Control, Simsbury Farms Playground, Police Service Dog, BOE 2 Social Workers, 1 Social Worker Youth Services are included in ARPA expenditures.
Many of the costs associated with the projects have long-term spending that will increase future budgets.
The Board of Finance should not accept any Capital Expenditures without an analysis of future costs.
Many of the approved costs for the Latimer Lane School will be insufficient.
The Board of Education should supply the Board of Finance with several scenarios for the short-falls in funding.
One of scenarios should include placing a hold on the project.
It appears that the management of Aspen Green, 20 Hopmeadow Street, is raising rents by $200 a month with additional costs to the renter for gas, electricity and an additional charge for water.
These increases will be forthcoming for all rental units in Simsbury, creating a financial burden on the residents.
The reevaluation of homes this year will reflect a bubble of increased values that are not sustainable. Many people will be burdened with increased taxes on present value. These bubbles in the economy should be evaluated by the Board of Finance as the Town’s taxing authority.
With the prices of all goods and services increasing, mortgage rates increasing, the stock market losing ground daily and recession imminent with wages not keeping up with inflation, the Board of Finance should review all present and future expenditures to alleviate the tax burden on the residents and businesses.
