You may not have heard it, but a hammer rang out in Hartford this week. The state Bond Commission met this week and approved $189 million in new borrowing to fund a slew of projects across the state. We find this noteworthy given the fact that last year’s budget, which ended June 30, two weeks ago, was $700 million in the red. Our current budget has projected a nearly $1 billion deficit that has yet to be addressed. Why are we taking on more debt when we cannot even balance our budget? Further adding to our head-scratching is that the Bond Commission anticipates borrowing a total of $2 billion this year to fund projects.
The Bond Commission plays an important and vital role in state government. It is the vehicle by which towns and cities can receive money to address transportation projects, such as repairing bridges and roadways. It is also used to fund school building projects, hospitals and public safety improvements. Nobody is arguing that these are not important and worthy investments. They help our state function properly and can even, when done properly, aid in economic development.
The challenge, as we see it, is that the Bond Commission, which is chaired by the governor, has become more of a bottomless piggy bank than a debt instrument. This most recent round of borrowing includes funding for two statues—one of a basketball coach in Hartford and the other commemorating the 65th Regiment Infantry in New Britain. Other questionable projects receiving funds are the Connecticut Tennis Center in New Haven and—this one we found amusing—$1 million to build a venue to house the world largest mural in Winsted. Really? Where is the mural now? Can’t it just stay where it is?
At a press conference on Tuesday the governor said the projects were “part of a long-term revitalization strategy” and will “enhance our competitiveness long-term.” We do not believe building a venue for the world’s largest mural will make us more competitive.
As Greenwich residents, we should be very concerned about the ongoing condition of our state’s financial house. We are told that Greenwich sends approximately $1 billion through direct and indirect tax revenue to Hartford each year. What is happening with our money? It is time for Hartford to realize they cannot expect Greenwich to keep funding projects that are more appropriate to the private sector.
We encourage our representatives in Hartford, who are already at the forefront of fiscal conservatism, to call for a bipartisan economic summit. Invite economic academics, business leaders from our state’s largest companies, and yes, even a few politicians to meet publicly and discuss honestly our state’s financial morass. We need to study and come to a complete understand of our financial reality and how we are going to pay back the money we borrow. A bank will not give us a mortgage for a home without knowing how we are going to pay for it. The state should not borrow any money for questionable projects without knowing how they are going to not just cover the interest, but pay back the principal.
It is time for us, as Greenwich residents, to realize that what is happening in Hartford is not acceptable. Connecticut is ranked number one as the state with the most debt. For the sake of our children and grandchildren, let’s turn that around. We live in amazing state, one that is well worth fighting for. Let’s fight together to get our financial house in order. After all, a growing economy, lowering our debt, and improving our business climate are the key elements to helping our state, and our community, thrive.
