Letter: Not kicking the can down the street
To the Editor:
The solid financial foundation of a community is a key factor for a town to be considered one of America’s best. I am Town Treasurer John Ponzio, and in the Herbst Administration we have faced many challenges that threatened our financial health and never “kicked the can down the street.”
The Town's Pension Plan was grossly underfunded from years of political wrangling so we (1) increased funding each year, (2) new employees will not enter the plan and will be eligible for a more corporate-like plan and (3) adopted a diversified investment strategy.
Another challenge we faced was the increased debt service required as a result of new and questionable sewer construction ($52 million) and “like-new” renovations to Trumbull High School ($66 million); projects begun under the prior administration. It was now time to pay for all this debt at the same time the economy was in recession. We refinance where possible, persuaded Wall Street to maintain our bond rating in a terrible economy and eliminated funding for unnecessary projects like a new pool.
My 30 years of involvement in various volunteer positions in town government coupled with the past four years as treasurer has allows me to assist Tim Herbst in bringing Trumbull back on the road to financial prosperity, with minimal tax increases, less government involvement in our lives and good financial management, as indicated by Standard & Poor’s in the most recent review of the Town's financial condition.
I am seeking reelection to continue this work and serve our community. I ask for your continued support on Nov. 5.
John L. Ponzio