Before the City's finances really hit the skids, all of our elected officials ought to be looking for a full restructuring of our present debt and future liabilities to assure that the most beneficial rates and terms are in place. This must include past one-shots, the Water Department, the Landfill fiasco -- everything. Then, with an idea of those present and future certainties in mind, fully re-vetted, they can proceed to cut to fit expenditures to revenues. Conservative estimates only for revenues, austerity numbers only for expenditures.
If the process were open and transparent and reported fully as it transpired, backdoor politicking would be avoided. The latter is the major impediment to budget cuts of this magnitude.
If the Mayor thinks he lacks sufficient political capital to do this, he should empower and appoint an emergency commission to do so. Alternatively, there are numerous skilled big money managers locally who could accomplish this task.
A similar process should be undertaken, at the same time, by the School District, including general personnel cuts, school closures, and permanent administrative staff reduction, with a view toward a substantial reduction in property taxes.
If, thereafter, State and Federal efforts to reduce property tax burdens are added to the mix, it would position the City, and the Region, more advantageously as the current recession deepens.
Are there enough adults left it the political class locally to get this done?
