Councilors Gaffney, Lukes, Rosen, Bergman, Carlson and King lets return $3,000,000 to the taxpayers again this year

Last year (FY17)  you six made the right decision regarding North High and you saved the taxpayers $3,000,000.   You know that you did the right thing when this year $3,000,000 was not asked for again for North High, but only $470,000 in FY18.   Check out budget and page 279.      You can say “lowest residential” all you want, but it means nothing unless you take votes like this.  This North High vote last year saved the taxpayers $3,000,000 in FY17.     If the vote was wrong , the budget this year would have had tried to increase it back to $3,000,000??  

Tonight City Council faces a similar to last year’s North High vote on the the City of Worcester Self-Insurance Trust fund.    Although we had initial concerns about claim run off, we realize now that the $22,120,553 fund balance in the “Internal Service Fund” listed on page 37 of the Comprehensive Financial Report accounted for all run off.     If you look closer, as of 6/30/16 the internal service fund had a cash position of $29,418,342, from that approximately $7,500,000 is “reserved for runoff” leaving a balance of $22,150,553.

Additionally, the statute that allows the City to self insure does not require a level of reserve , so it comes down to what is a safe versus excessive amount to leave in the fund.    The Worcester Herald feels a $22,000,000 fund balance is excessive and returning $3,000,000 back to the taxpayers, leaving a fund a balance of $19,000,000 is safe.      

Lets hope 6 Councilors feel the same way tonight, like they did last year with North High, and support the “lowest residential” with a vote to cut this fund by $3,000,000 and return $3,000,0000 again this year  to the taxpayers.     We will report tomorrow how these Councilors voted.  

Let’s shift $3.5 million and use that money to lower tax rates. After all, it is your money, you earned it!https://t.co/Cf8hgXrhMx

— Michael Gaffney (@mgaffneycc) May 18, 2017

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