Letter: Treasurer’s office has maximized return on town’s investments
To the Editor:
The Office of Trumbull Town Treasurer has the responsibility to manage and invest excess Town cash while being a key advisor on all financial affairs of the Town. Over the past 6 years as Trumbull’s Treasurer, maximizing a return on the Town’s Investments during difficult economic times has been both challenging and rewarding.
Working with local banks to more efficiently manage the Town’s cash position has seen significant reductions in the fees we pay for the services received. This reduces expenses for the Town while freeing up more funds for investment saving taxpayers over $1.5 million. An example of efficiency under my tenure as Treasurer has been to modernize the tax collection process by scanning all checks received which immediately deposits funds into town accounts thus earning interest an average of 2 days sooner than previous manual bank deposits. In addition beginning this year, taxpayers are now able to pay their tax and sewer use bills online through a portal on the town’s web site.
One of the most rewarding aspects of being Trumbull’s Treasurer for the past 6 years has been to work with the three powerful Wall Street Rating Agencies in an effort to secure the highest possible credit rating on the Town’s debt. This is critical to keeping our taxes as low as possible since the ratings received from these agencies directly correlate with the amount of interest we pay on our bonds and notes. With the “like new” renovations of Trumbull High, various sewer project and capital projects like the communications center at Police Headquarters, convincing these agencies that Trumbull’s financial house is in order while growing our Grand List and stabilizing the tax burden on our citizens was a priority of the Herbst Administration and my top responsibility as Treasurer. I am pleased to report that at a time when the creditworthiness of the Federal Government and the State of CT was problematic, and many Fairfield county towns had their credit rating on Wall Street’s watch list, Trumbull was able to increase its rating to just 1 notch below the coveted AAA. This is an accomplishment every citizen can be proud of and one that will save significant tax dollars for many years to come.
I have worked in finance and management for over 40 years in various capacities during my career and believe strongly that it takes a seasoned financial professional willing to put in the time necessary as Town Treasurer to help our town navigate these difficult economic times. Being Trumbull’s Treasurer has been one of the most rewarding experiences of my professional life. Working alongside First Selectman Tim Herbst and the Town’s financial team, we were able to have a favorable impact in keeping property taxes down in the Town I have lived in for over 36 years. I thank the citizens of Trumbull for this honor and opportunity and ask for your vote on Election Day November 3 to continue working on your behalf as Trumbull’s Treasurer for the next 2 years.
John L. Ponzio,
Incumbent Trumbull Town Treasurer