The following letter was published in this week’s issue of the Gazette.
To the editor:
Supervisor Linda Puglisi has managed quite a feat. The upgrade in the bond rating for the Town of Cortlandt is even more impressive than it seems. Ms. Puglisi has been laying a strong fiscal foundation for the town long before the news that Indian Point will be closing. That foundation is going to be tested in the coming years, and it is a message to other municipalities to prepare for the unexpected. In the current low interest rate environment, we have heard other politicians say that we should borrow as much as we can.
“As Croton merrily builds a $5 million dollar Dept. of Public Works facility, blows thru a $1 million endowment and prepares to spend an additional $500,000 on a Dept. of Recreation facility, and construct a magnificent $4,260,000 Police Palace, we might look to the decades-long fiscal restraint practiced by our neighbors to the north.”
As Croton merrily builds a $5 million dollar Dept. of Public Works facility, blows thru a $1 million endowment and prepares to spend an additional $500,000 on a Dept. of Recreation facility, and construct a magnificent $4,260,000 Police Palace, we might look to the decades-long fiscal restraint practiced by our neighbors to the north.
Ratings agencies do look at current conditions, but more important are the projected conditions. In many other municipalities, the imminent loss of the major taxpayer would result in at best a stable rating and more likely a negative watch. In the case of Cortlandt, Moody’s has decided to upgrade the rating. That is an astonishing achievement for Ms. Puglisi.
Cortlandt is facing some tough times ahead. It is fortunate that Cortlandt has Ms. Puglisi at the helm, and I heartily congratulate her on attaining a bond upgrade. Moody’s has given Ms. Puglisi a vote of confidence, and her track record suggests that she will live up to expectations.
Paul Steinberg