That title might be misleading , I don't think anything the Segarra Administration does can be called management.
I would ask if any of my readers know of a bank or lending institution would allow anyone to sell their home and not pay off the mortgage but instead pocket the money. That is essentially what the City of Hartford did today. The State Bond Commission today approved the ill conceived sale of the Church Street garage by the City of Hartford to the State of Connecticut.
The sale apparently is for $14 million dollars, but no mention of the $7 million dollars in remaining debt still outstanding on the bonds originally sold for the garage. Will the debt be paid off with the proceeds or will we continue to pay interest on the $7 million for years to come. The smart thing to do would be to pay off the debt, but when is Mayor Segarra known to do the smart thing as it comes to the finances of the City.
It is probably more important to be able to say that the budget is balanced for Segarra in an election year than it is to saddle the taxpayers with $7 million dollars in non producing debt.
I think Ronald Reagan used to call it voo-doo economics, it is all smoke and mirrors
-
21 comments:
What exactly do you expect from Segarra? The guy is clueless about finance, he don't know ANYTHING about finance!
Every year its another gimmick to balance the budget. Sell a city asset, stiff the city's pension contribution, now stealing from the BOE OPEB fund. In financial circles this method of budgeting is a step away from junk bond status.
7:37PM
The Council allows it and condones it
Remember Pedro in an interview last year telling us how important rating is
I'm waiting for the outrage from the two-percenters who live downtown, and who have--for the most part--supported Segarra and all of his f**ked-up ideas and sleazy maneuvers. This just a little while ago from David Panagore re: the garage sale: David B. Panagore One step closer to closing this years city budget gap and one step closer for the state on the XL improvements.
Actually our Mayor does know quite a bit about creative fanancing... and it seems to have worked year after year! Unfortunately it will eventually be paid - at the expense of the tax payers of Hartford with a bit of INTEREST! Politics is the art of creativive financing at the expense of of the taxpayer for the benifit of the CONTRIBUTORS!
The city treasurer is complicit in these budget shenanigans as much as mayor and council. He was willing to postpone pension contribution. And this "debt restructuring" in proposed budget is a fancy name for postponing principal payments on existing debt. Why not call it what it really is?
this is new information to me. From the first my understanding was this $$ was for the current budget. I worked for the council last year for a few weeks during the budget process and I worked on this transaction. Normally you pay off existing debt, that’s just what you should do. If you can’t well, bad moves in finally stressed communities are common, just because they are doesn’t it any better.
You may recall four years ago, I recommended a long term lease of the parking only for transformative development or using the interest for the opening budget. It did not go forward, back then when we had more elbow room and $100m was not a bad estimate. I wanted then, that either you get the value out in one big bindle or you’ll selling them in small bites for less. To anonymous you’ve named me for odd reason to draw me out ? well, hello whoever you are.
Segarra should just gracefully bow out of the election now. Killian has had my vote since he expressed an interest in running. I've spoken to a lot of people who agree with me. He understands the needs of the residents.
Segarra just does not "get it". He has never understood what we want.
Panagore, you were a clown when I dealt with you regarding the 99% protests/campground, and you still are... You can't even compose a simple response... Go away please, city doesn't need you anymore...
Killian understands the needs of Hartford residents. Killian understands the serious problems facing Hartford. Killian knows how to solve these problems.
Bring back david panagore!!!!! At least he liked burgers better then caviar.
Why not bring back Sandy Kee-Borges with or without Waller, the devil herself in Hartford, a great tourist attraction
Can anyone explain to me how is it possible that quiet a few residents at the Linden on Main St. and 1 Gold St. contribute to Segarra's campaign, much more than the average property or residential building in Hartford.
So who is gonna pay for the millions of dollars in the civil liability because of the reckless actions of Officer Dudley? I guess he will just be hidden away with a special positon, maybe even a gold detective badge like thorpe , since most individuals that screw up around here get rewarded.
Stack is lawyered up and ready for a showdown.. Will chief rovella drop the hammer on this racist poor excuse for a law enforcement officer?
Kee Borges will be busy soon responding to an FBI investigation
So does anyone know what happened to all the bullets that Crabtree took?
Does anyone find it strange that all the bullets an shell casings that were found at the shoot out at sunset cafe were the exact same brand of bullets Crabtree ordered???
Officer Dudley was found not guilty by a jury of his peers Officers Contreras an Moldanaldo who both been in serious car accidents causing serious injuries an the city millions who files have more discipline an write ups in them more than Dudley I might add are still on the force I find it interesting no one mentions them is it because of race? You tell me seems there's a culture in this department that does not favor black officers just an observation
Just like maldo and jose, dudley will not be operating any city vehicle for a very very long time. It has zero to do with any court decision. Its mainly a huge liability on the city. Plus the city will be writing a huge civil check for millions. And last to the last comment author, i understand that you want to try and stir up the racial thing but here you go ,, several white officers have crashed cruisers. Have you forgotten freeto pretending to be the fall guy on I -91, he took a 30 day rip and was lucky he or anyone else was killed. But yes. Lets blame it on color, no one instructed dudley to drive like a maniac on mids. Ask around on mids. Everyone knew he drove like that so dont try and paint some obtuse image of race in the dept, if anything does exist i will say it is reverse. I bet you would cry for thorpe if he did not get detective too ....
Post a Comment