WPCNR MR. & MRS. & MS. WHITE PLAINS VOICE. October 28, 2005: A writer takes a look at the White Plains financial situation and takes supporters of the financial condition of the city to task:
To WP Citizen, John Ioria, Lois Parka, Ian Lazerwitz, and Gary.
Instead of engaging in ad hominem arguments in support of Joe Delfino why not try to answer three recurring questions which Joe can't seem to answer for himself.
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1. After eight years of promoting "economic prosperity" with taxpayer's money, why has our tax base decreased in face of your claims that the administration has added more than $2 billion in construction in the city? Also, why did we have to sell city property, borrow money and confiscate Parking Authority funds to balance the budget. In previous administrations, building development created wealth for the city and taxes actually DECREASED.
2. Why did we give a developer $23.4 million to build a garage for the city center and then give him the garage? Any profits from the garage will reduce the developer's debt but not the bond to pay him the $23.4 million. Besides, the city has to pay for any "major maintenance" on the garage. I would say that's giving away the store, or taxpayer's money to be more exact! What would you say?
3. In January of 2005 Moody's Global Credit Research Report assigned a "negative outlook" to White Plains municipal bonds warning all buyers that White Plains has "three years of operating losses" and the city needed to restore structural balance to its finances.
The AA1 bond rating that the city presently enjoys was achieved during previous Administrations. The Delfino administration had nothing to do with the high fiscal standards enjoyed by White Plains. Don't you think Delfino owes Del Vecchio and Schulman a word of thanks for giving Joe such a solvent City? Or is he too busy giving away the taxpayer's spoils? Would you say that Moody's was in cahoots with Dennis Power?
John Moskowitz
