Gabriel Blows His Horn

Supervisor Gromack is questioned about the Town's debt by Thomas Nimick - April 17, 2012

"While I was still in prayer, Gabriel, the man I had seen in the earlier vision, came to me in swift flight about the time of the evening sacrifice" -
Daniel 9:21.

Question - Supervisor Gromack, you were talking about the financial condition of the Town.  There was one thing you did NOT address which Councilman Borelli DID address and that's the increasing indebtedness.  Could you tell us if there has been an overall increase in indebtedness in that same period you were talking about of the (Town's) minimal increase in budgets?

Translation from Hebrew:  Has the Town's debt increased?

“And the angel answering said unto him, I am Gabriel, that stand in the presence of God; and am sent to speak unto thee, and to shew thee these glad tidings” - Luke 1:19.

Reply - Mr Nimick, I can just state that over the years we have gone down - the controller, myself and others - to the bonding agencies, Standard and Poor's, Moody's - they review our books. They have again reaffirmed our triple A bond rating. They look at all the demographics and everything that makes up our profile and they have indicated that the level of bonding that we have been doing is certainly well within the safety zone of what a Town of our size and our demographics and our financial ability to pay is at and so again I think the sustaining of the triple A bond rating is testimony to that.

While I think we certainly have increased some of our bonding each year, we DO do bonding; we retire debt; we add debt. I think part of the reason why we are doing some more projects is, as I said earlier, when we go out to bid we are finding that in this last couple of years this has been exactly the best possible time to go out and get bids for projects. We are getting the lowest prices, the most competitive bids and the very lowest of interest rates so security reports say if you have important projects certainly its a buyers market and if ever there was a time to do them financially now is the best time to do some of these important projects that range from drainage projects to improvements to our facilities and a host of other projects. And as I said the numbers that we are still at are well under the  numbers and guidance that we receive from Standard & Poor's and as I said I think the proof is that independent agencies still rate us as Triple A where you see other municipalities being downgraded.

Translation from Greek:  Yes.

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Mike Hirsch April 19, 2012 at 10:01 PM


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