Aug 2, 2011 6:43 PM
An advisory committee has recommended that Southampton Town adopt an aggressive plan to borrow and spend $125 million over the next four years to preserve as much as 2,000 acres of dwindling open space and farmland, using future Community Preservation Fund revenues.
At a work session on Friday, the Town Board appeared guardedly in favor of considering the proposal, though there were some concerns that the additional borrowing could adversely impact the town’s bond rating at a time when finances are expected to be tight. But both Tamara Wright, the town comptroller, who said she had discussed just such a scenario with officials from bond rating companies, and Bob Anrig, chairman of the town’s CPF advisory committee, assured the board members that the borrowing wasn’t likely to lower the town’s rating.
Mr.... more
At a work session on Friday, the Town Board appeared guardedly in favor of considering the proposal, though there were some concerns that the additional borrowing could adversely impact the town’s bond rating at a time when finances are expected to be tight. But both Tamara Wright, the town comptroller, who said she had discussed just such a scenario with officials from bond rating companies, and Bob Anrig, chairman of the town’s CPF advisory committee, assured the board members that the borrowing wasn’t likely to lower the town’s rating.
Mr.... more
These guys never ever learn, are financial illiterates, whose first reaction is always that of an economic simpleton. Imagine yourself as a man with no money, constantly in trouble, just ran up many years of deficits and kept on borrowing money presenting false financial statements to get the loans.
Imagine this man finally gets exposed that instead of having a pile of money (or Fund Balances) he had really been cooking his financial statements with his accountant to hide massive ...more losses and deficits. Because the man has a sugar mommy (the taxpayer willing to fund all his profligacy) that agreed to guarantee even more loans to partially reduce the deficits.
He now goes to the bank again and asks his sugar mommy to guarantee more loans because he saw well priced real estate land he would like to buy (that he can't presently afford) without having cured those massive deficits and now has a financial crisis to face (tax cap) and you can understand the hideous financial acumen and priorities of these public servants who reside in La La land always glad to take tens of millions of new debt like some coke addict that simply has to get his hands on some BLOW!
TO THE TOWN BOARD: BEFORE YOU DECIDE TO COMMIT THE TOWN AND ITS TAXPAYERS TO MORE AND MORE DEBT, FIX YOUR FINANCIAL AFFAIRS FIRST AND ACT LIKE YOU HAVE SOME SENSE LEFT!