WPCNR QUILL & EYESHADE. July 14, 2005: With roughly $2.5 Million in City Bonds authorized by the Common Council in the last two months to fund capitol projects, city hall is considering putting out the bonds to market. If they wish to enjoy the best interest rates available, the city needs to have the issues rated again by Moodys Investors Service. The last time the city went to bond in January, Moody's dropped the city bond rating to Aa-1 Negative, and told the city to bring expenses in line with revenues. Contingent on bringing expenses more in line with revenues was continued robust sales tax collections, of which the final figures for the last quarter of 2004-05 (ended June 30) are due any day now, if they have not already been obtained.

Ann Reasoner, Budget Director, standing in center of photo at the City Budget Meetings in April, 2005. Photo, WPCNR News Archive.

WPCNR's query as to what the final sales tax collections were for June has not been answered by either Ann Reasoner, the city Budget Director, or Mr. Wood, the city executive officer. Not even a preliminary end of fiscal year status report has been delivered to the Common Council, to WPCNR knowledge.  The Common Council which one would presume would be most interested in the city budget condition at  several public meetings has failed to even raise the question of "how are we doin".

A WPCNR call to the Executive Officer Paul Wood yesterday inquiring when the city was going to go out for the new bonds, whether they would try private placement (calling for higher interest rates), or whether they were going to invite Moody's back for another dog-and-pony show by White Plains officials to convince Moody's to raise the bond rating, or "keep it where it is" have not been returned. A WPCNR call to the Budget Director Ann Reasoner's office asking if the city sales tax figures were in yet for the last quarter of 2004-2005, was not returned and WPCNR was informed that all my inquiries had to be directed to the Mayor's Office. So we're directing, but they are not returning calls in a timely and earnest manner.