Michael B. Guarco, Jr., Chair, Board of Finance | Page 4

Town/Govt

Budget challenges in a very untraditional year

By Michael B. Guarco, Jr., Chair, Board of Finance | January 30, 2021

While mid-January is traditionally the time when the Three Boards—Selectmen, Education and Finance—come together to collectively review budget projections for the next fiscal year of FY22, pandemic restrictions preclude the 18 members of these boards from physically meeting. Instead, the two operating boards have forwarded to the Board of Finance the look-aheads at next year—the Plus One budget forecast—as prepared by their respective administrators.

Town/Govt

There’s no Magic Money Tree

By Michael B. Guarco, Jr., Chair, Board of Finance | September 26, 2020

In the last Drummer a fragment of the Democratic Town Committee took issue with my shot across the bow in the prior issue that indicated that the boards need to be focusing on flatter operating budgets and contract implications for FY22.

Town/Govt

Preparing for when the other shoe drops …

By Michael B. Guarco, Jr., Chair, Board of Finance | June 27, 2020

Life has been very different—if not surreal—for all of us through this initial pass of the pandemic. It locked us down in our homes to varying degrees, is impacting our family incomes just as erratically with some making more not working than when they were working, while others have seen their income reduced or totally dried up.

Op-Ed

Getting a grip on state spending

By Michael B. Guarco, Jr., Chair, Board of Finance | November 1, 2018

A democracy can only exist until a majority of voters discover that they can vote themselves largess out of the public treasury… with the result of collapsing as victim to loose fiscal policy.

Op-Ed

State facing $2 billion annual structural deficits next two years

By Michael B. Guarco, Jr., Chair, Board of Finance | October 1, 2018

No matter who becomes our next governor or which party controls the legislature at the state capitol in Hartford, they will have their work cut out for them. While the bipartisan two-year state budget passed last year made some progress in helping to flatten the cost curve going forward, it is still the case that there are anticipated structural deficits of $2 billion and $2.6 billion respectively in the upcoming two fiscal years that will significantly test the mettle of state legislators and the executive branch.

Town/Govt

FY19 operating budget guidelines set

Michael B. Guarco, Jr., Chair, Board of Finance | March 1, 2018

In mid-February the Board of Finance set the expense limits it looks to see from the two operating boards—Selectmen and Education. Throughout this last November, December and January, their administrations had formulated the Plus One budget projections for the upcoming Fiscal Year 2019 which runs from July 1, 2018 through June 30, 2019.