A Black Rock community forum took place Tuesday night featuring City Council members Kate Bukovsky and Scott Burns hearing additional calls for a state oversight board to monitor city finances. The meeting was attended by State Rep. Steve Stafstrom and City Finance Director Ken Flatto. The video above was posted on the YouTube channel of Citizens Working For A Better Bridgeport.
Addressing calls for an oversight board that would require state authorization, Stafstrom says such a move needs the support of the mayor and the unified voice of the city’s entire legislative delegation. The state legislature does not go back into session until January. Stafstrom suggested in the short term for Mayor Joe Ganim to impanel a blue ribbon commission of experts from around the state to do a “deep dive into long-term debt” and present a report to the City Council showing exactly what the city owes and determine if there’s an opportunity to restructure that debt. “It would be a lot quicker to getting to the heart of the issue than a financial review board.”
The video feed opens with two-time mayoral candidate Mary-Jane Foster urging residents to be a presence at the August 1 City Council meeting.
MJF translation. Anything the administration and elected officials say tonight is BS. Join CW4BB to stop this city and their tax and spend of your money. Flatto, voter turnout 20% in Bridgeport, already surrendered right to vote, and YES if 29% tax hike = voting rights, gladly relinquish the rubber stamp yes vote. Blue Ribbon committee, seriously believe this would protect bond council more than taxpayers.
Jennifer, why should anyone sign a petition or join CW4BB when there is nothing on this site that tells anyone about CW4BB?
Because MJF told them to!
Who the F*** is MJF?????????
Said the man who admitted he cannot remember who he voted for mayor last election.
Ha ha ha. MJF and DW who have their houses on sale and planning to get out. I’m not following any lemmings.
Or this on the web site landing page:
We are a newly formed non-partisan coalition of concerned citizens in Bridgeport that represent all sections of the Park City. Citizens Working for a Better Bridgeport is dedicated to improving the city through constructive community activism. The coalition is especially concerned with The City of Bridgeport’s governance practices, financial condition, education system, economic development and public services.
The group’s initial areas of interest are:
Support the passage of HR 5724 in order to align the City of Bridgeport’s governance structure with best practices and eliminate clear conflicts of interest on the City Council.
Provide input on the City of Bridgeport’s proposed budget and OPPOSE any increase in total property taxes.
Encourage and support the development and adoption of a comprehensive City Charter revision that includes governance, education, financial, and other reforms that will help to create a better future in the City.
There truly is something special about Bridgeport … something that makes it unforgettable, provokes intense pride, and creates a sense of hope for a better future. That something about Bridgeport is the people who live here.
Jennifer Buchanan, MOST RESPECTFULLY, if you care so much about the City of Bridgeport, PLEASE MOVE BACK. YOU ABANDONED BRIDGEPORT AND MOVED TO THE STATE OF MIKE SPENCE (and Donald Trump). Frankly, I am really disturbed at getting directions from the State of Indiana.
I was driven out of Bridgeport and CT because of their taxes. As an active member of CW4BB I still have a stake in the community. If you are not part of the solution, you are part of the problem. Are you related to Andy Fardy?
And I am not joining CW4BB to kiss Dave Walker’s ass. I completely disagree with Dave Walker’s big-picture answer, which is some type of weird.
No ass-kissing allowed at CW4BB, and yes, what a horrible horrible mission statement they have.
Frank Gyure,
What precisely do you disagree with David Walker on, regarding the urgent need to deal with Bridgeport’s financial long-term challenges now, before the city goes bankrupt?
Walker is a Bridgeport resident, was U.S. Comptroller General during the Clinton and Bush administrations, recently co-chaired the Institute of Medicine’s End of Life Panel, and serves on the board of AARP. He is employed currently as a senior strategic advisor to PriceWaterhouseCoopers (PWC). Did you watch his video on BetterBridgeport.com?
I’m a Democrat and a volunteer member of the recently re-started Citizens Working for a Better Bridgeport. And so is Mary-Jane Foster, whose taxes on her house have increased more than threefold in 12 years.
Are you suggesting David Walker has got a nefarious plot to destroy Bridgeport? How? By what legal mechanism? Ron Mackey, what say you?
Walker does not advocate for bankruptcy. He’d like to get to some real solutions before bankruptcy becomes the only option.
Now with more than two times the unfunded financial liabilities of Detroit per capita, Bridgeport is heading for bankruptcy. And the State (its financial parent), which allowed for the delay of revaluation, at the very least should bring in non-conflicted, nationally recognized experts to shore up the finances of Bridgeport and Waterbury, two examples, before either goes bankrupt. One of those should be Bridgeport resident David Walker.
The “us versus them” pivot you seem to be embracing plays right into the hands of the worst of the political chicanery and monoculture in our city and state, and keeps the rotten status quo in place. The Demos (don’t spell it out, Lennie; Demos is what they are) you’ve been railing against here and elsewhere, I’m betting, love your “truthy” thinking, Frank.
Through informal talks I’ve had with them because they know me and trust I don’t want my mother’s CT teacher’s pension to be stripped from her, which she earned by teaching in CT public schools for 37 years, some union activists in our state do understand, even if reluctantly, that there may be common ground here with Mr. Walker that needs to be explored without delay. And yes, just today, I found they laughed at the suggestion for a “blue ribbon” panel put together by some of the same Bridgeport politicos–“it’s going to take the support of the Mayor … City Council”–who got us into this position in the first place.
Finally, I don’t think Ms. Boteler (starts at around 7:20) needed a primer on property evals from our state rep. She and her family are being bled financially by our city. They are in crisis. They need real help NOW! Compassion and concrete help, please.
Pete Spain, due to the respect I have for you, I will not go back and forth with you about Dave Walker. Just let me say this, from the very first time Dave started to post on OIB he was talking about doing away with firefighters and police pensions without truly knowing the history of Bridgeport, that was his entry into OIB. Here is someone who hasn’t been here long enough to know anybody and he wants to take hard-working people who put their life on the line every time they put on their uniform to serve Bridgeport. Enough, Pete.
Yadda yadda yadda.
What charter changes are those?
Getting back to Steve Stafstrom.
I will assume Steve was speaking out of desperation trying to come up with a concrete idea. But: An employee of the law firm that serves as city’s Bond Counsel, whose uncle serves as head of that practice of law in the firm, is recommending the city form a blue ribbon committee to look at our long-term debt to determine if some of it should be restructured.
If we restructure that debt, his employer would make money underwriting that debt a second time.
Pull-ease.
I’ve got a better idea. Cease all bonding for a minimum of a two-year period unless for emergency infrastructure repairs that would otherwise put the public at risk.
How’s that for openers, Steve?
WRONG ANSWER, Bob Walsh. Ganim is sinking and sinking fast. Ganim is being thrown overboard and the sharks are circling.
Attaboy, Bob!
Troll, do you oppose the restructuring of debt? Or do you oppose Pullman doing the debt restructuring work?
Good question, Lennie. Meyer was dumbfounded when bonding was sent out to bid and Pullman won the bid on merit and pricing. It’s no secret Mario wants the Stafstroms dead and buried, politically speaking.
First, I am quite serious about ceasing bonding for a two-year period. That would force some discipline on the city to take a more judicious look at what we are bonding and why.
Second, I believe the city should include language in the Bond Counsel contract that would require the waiving of any fees that would otherwise be incurred as a result of restructuring.
Third, for all proposed use of bonded debt there would be a detailed explanation of what is to be included in the proposed capital improvement. Not a vague description but very specific use of funds. The city should not submit to the council and the council should not accept citywide beautification projects but specific locations and description of the work to be done.
And finally, the language Pullman & Comley always slips into bond authorizations that says the mayor will decide the use of excess funds must be forbidden. This allows the mayor to assume powers that in the City Charter are given to the City Council.
If we want to address long-term debt, let’s start there.
Yes!
Jennifer Buchanan. Please stay in Indiana. You made your decision. Deal with the issues in Indiana and leave us alone.
Frank, do not force me to return to Bridgeport and show you the true expression of Hoosier Hospitality.
That’s no way to talk to our Queen, Gyure!
Bubba, as you know I caught John Stafstrom being sneaky again. The silly boy meant to send a text to Tom McCarthy telling him he was sending help to his campaign efforts and actually named two individuals living in the Brooklyn area that would be approached by a Rabbi. Instead of hitting the Tom McCarthy contact, he mistakenly sent it to Tom Swain, Marilyn Moore’s advisor. Needless to say it gave all the Moore supporters a good laugh and smart-ass J. Stafstrom got caught with his proverbial pants down. My point is this, while at this point I like and admire Steve Stafstrom, his uncle John will be the death of his political career. The last thing Steve should have suggested was a solution that would probably require more bonding. Steve, we’re not stupid people, your uncle was shunned because of his love of money, I believe you really are into being a public servant, as well as climbing the political ladder. Be very careful, you’re young with the potential of a political career in the future, your uncle is, shall we say, in the beginning of the last chapter of his everything. You’re good this time around, but Bridgeport’s politics is very unpredictable, proven by the election of Joe Ganim, be very careful what you say on the record. It could come back to bite you at some point.
Okay. I will speak to Steve Stafstrom and he needs to make decisions.
I like and admire Steve Stafstrom. Time to make decisions.
Good share, Lisa. Bridgeport, where everyone knows something, but no one knows everything. Keep sharing. One of the best things about the Stafstroms is they look like they came straight out of central casting for Get Me Someone Who Looks Electable. I have no shame in admitting I have swooned over them both in my political youth.
Bubba Grump should have Marilyn and Ed include that in their primary platforms.
The restructuring of debt simply spreads the current debt over a new extended period of time creating more administrative expenses and fees and increases the cost of borrowing. Restructuring may make sense in unique circumstances where the interest rates are significantly lower. Otherwise it is simply a gimmick that will cost the city more in the long run.
When I was on the council I had proposed a Truth In Bonding Ordinance that would have required with every bond resolution the total cost of the bond, with all fees broken out and the cost of the bonding spread out over the life of the loan and layered in over all outstanding bonded debt.
This was shot down by the administration and counsel as impossible to calculate because some of the costs would not be known at the time. I agreed to a best-faith effort to estimate the costs and to report back to the council the actual when known.
The city continued to fight the ordinance.
I said the city was BANKRUPT months ago. No one listened to me.
And why should anyone listen to you?
Or, what expertise do you have regarding city finance and budget should we know about when considering your opinions.
Stay in Indiana, the land of Mike Pence.
Why should anyone listen to you?
Ron Mackey. You want to protect your pension payments you are receiving now, I don’t blame you, but we need to get to a point where EVERYTHING is on the table and we make decisions on all the crap in the city of Bridgeport.
Mary Moran said that 35 years ago and nobody listened to her.
She was also wrong.
Phil Smith, was she REALLY wrong? MAYBE NOT. The City OF BRIDGEPORT CANNOT SELF-FINANCE ITSELF. WHENEVER ANY ENTITY CAN NO LONGER PAY ITS BILLS, THAT IS CALLED BANKRUPTCY.
Phil, I’m all ears. Tell me why she was wrong.
Lisa,
A federal judge determined the city did not qualify for bankruptcy because it was not unable to pay its debts as a became do.
It was 25 years ago!
Steve, you’re right. I was one who didn’t listen to her, I was misguided. Mary Moran in some ways was way beyond her time. Today we call that “thinking out of the box.”
Lisa Parziale, you are absolutely right and all of us are starting to come to the same conclusion Mary Moran made.
Lisa, maybe you can reconsider your vote? Perhaps it can be added to the consent calendar? No one will notice. All in favor? Aye. Motion to adjourn.
Tom, that was good.
THIS IS A STATE OF CONNECTICUT PROBLEM, BOTTOM LINE.
Until the federal government has to ante up with other states’ tax dollars. Indiana has a one billion dollar surplus and we would respectfully like it to stay here, out of the coffers of Corrupticut.
Jennifer Buchanan. Take your ONE BILLION DOLLARS and try to turn around GARY INDIANA. OHHH, excuuuse me. GARY INDIANA is mostly African American, no money going over there, keep the money flowing to Indianapolis.
You said the Magic Word! Gary Indiana!!!
m.youtube.com/watch?v=xjP2O9Qe4Ek
You always make me either better informed or laugh.
ALL THIS BS. THIS IS A STATE OF CONNECTICUT PROBLEM. The suburban legislators, BOTH REPUBLICAN AND DEMOCRAT, have created TWO states of Connecticut. The HAVES AND THE HAVE-NOTS. And the sh** is starting to hit the fan.
Frank, sometimes you get lucky and say something right, well this is one of those times.
Frank,
I agree with you, Connecticut is a land of disparity. I also agree the state needs to do more to help Bridgeport. That includes a more equitable education funding formula and more equitable residential property tax treatment as compared to Hartford. At the same time, Bridgeport has been mismanaged for many years, including under Ganim’s first term. Bridgeport needs to restructure its finances and take steps to improve its competitive posture. The current Mayor and City Council have not demonstrated an ability or willingness to do so. As a result, we need an independent Financial Control Board to get the job done. Having a Blue Ribbon panel appointed ASAP by the Mayor as a supplement to rather than a substitute for such a Board is fine. However, to date the Mayor has not proven to be a man of his word regarding taxes or his desire for input on what needs to be done.
That is undeniably a significant part of the problem.
Mackey, even a broken clock is right twice a day.
Bob Walsh is on target regarding bonding.
The Financial Review Board nearly eliminated bonding during its reign.
The FRB also imposed the use of GAAP (Generally Accepted Accounting Practices) with revenue recorded when received (cash) and payments amortized in the budget.
Long-term debt is more than bonding. As Dave Walker has reminded us, the long-term obligations for government employee pensions and post-retirement health care will be the real challenge.
Ron,
With all due respect, you are living in a dream world! It is true I have only lived in Bridgeport for 6-1/2 years but I have more experience and knowledge about public finance, government transformation, and financial restructuring than Mayor Ganim, his Finance Director, and the entire City Council combined. I have significant international and domestic experience spanning many countries, states and municipalities. You don’t know how good or bad the situation is until you have the experience and ability to compare it to others. The cold and hard truth is labor leaders and career politicians entered into pension and health care labor agreements in Bridgeport and Connecticut that are unreasonable, unaffordable, unsustainable and unfunded. And now the financial bomb is about to blow! I believe we need to eliminate pension abuses AND honor legitimate pension promises. I believe we need to restructure the City’s health care plan, especially the retiree health care plan, to make it reasonable, affordable, sustainable, and equitable to all parties, including the taxpayers who have to pay the bills. I would like to do it outside of bankruptcy because it is preferable and in the state’s, City’s and even your interest to do so. Candidly, it’s time for you to quit complaining, finger-pointing and do something! Will you do so and come to the 8/1 meeting?
Dave, really. Do you know how much it costs a retired firefighter and cop for their health care and especially their medication and how fast they go over their limits and then pay out of their pocket?
Ron,
I know Bridgeport and Waterbury’s retiree health care plans represent the two most outrageous and unfunded plans per capita of any I have seen in the country. I know they are unreasonable, unaffordable, unsustainable and unfunded. I also know what will happen to them in bankruptcy. I have direct experience in researching and consulting on this issue. It is evident City leadership and you do not. Will you be at the 8/1 meeting?
Dave,
With all due respect it appears as if you are talking out both sides of your mouth. In one instance you are saying we should honor pension promises and in another you are advocating we change the health care plan for retirees supposedly to make it reasonable, affordable, sustainable and equitable. How are those things accomplished without breaking the promises made to retirees when we were told to give 8% of our salary to pay the bills of Bridgeport and for that sacrifice we would be given a lifetime pension? Dave, I’m a realist and you can’t honor your promises and change the process, for if you change the process you are not honoring your promises. I hear a lot of Donald Trump in your policy changes, you are saying what would be great for the City of Bridgeport, but you aren’t offering a definitive path to get there.
You say we need to eliminate pension abuses, but you fail to expound on what those pension abuses may be and who’s at fault for said abuses. It surely isn’t the unions because when we were firefighters other firefighters negotiated our contracts against the experts Bridgeport brought to handle their negotiations. People like David Dunn, who had absolutely no expertise in union negotiating was the chief negotiator for the city of Bridgeport and now you are asking for the retirees to bite the bullet when you still have David Dunn working on behalf of Bridgeport. Dave, you need to further understand there are two separate pensioners in the BFD, those in pension Plan A, like myself, Ron and Andy, which pays us a percentage of our base pay that doesn’t include overtime and Plan B, which lets firefighters retire with any of their best three earning years over their career with overtime included. Both these pensions were negotiated by the people you voted for to do what’s in the best interest of Bridgeport and its residents and when they did you are asking for a do-over because you now feel your elected officials didn’t do a good enough job. As I’ve said before, when you start the talk of bankruptcy by federal guideline, Nothing Is off the Table Including Pensions and that would be an affront to all those firefighterswho jeopardized their lives running into fires to save the lives of Bridgeport residents, to those firefighters who were hurt on the job like myself, who hurt my back, which required one surgery and possibly another down the road. It appears as if your taxes are more important than the promises made to us by the City of Bridgeport for putting our lives on the line for the city with which you’ve only been a resident for 6-1/2 years, damned shame.
If Bridgeport’s employee (retired) that means they are stealing the money the pensioners have been paying for their retirement health care. Nobodyy including Walker has this figure. They do not have the number of retirees there are under plan A. How many and How many widows they don’t know what retiree health benefits cost the city every year. They don’t know what our past service liability is for police and fire. Past service liability is how much would it cost the city if everybody retired at the same time and wanted to collect in full at the same time.
All these people led by Walker are after police and firefighters and they really don’t have all the figures, yet they are making us the target. Screw them, they are blowing smoke.
Andy, then there are the widows of these police and firefighters who only receive 25% of their husband’s pension and they need their children to help them make ends meet. Forget about those who have to buy cancer medication because they would need a full-time job just to break even.
Who gives a damn? Stop blowing smoke. Why do you have to keep reminding us of your qualifications? BFD.
Sell off city assets?
That is what happens in bankruptcies. But if you have a voluntary bankruptcy then the city won’t have to do that.
Let’s privatize St. Mary’s By The Sea. Turn it into a private beach club. Members only.
Let’s sell off Ellsworth Field. Let some condo developer turn that into a taxable asset.
Bob, that sounds good to me.
But Ron, that is why they are advocating a “voluntary bankruptcy.” They (Dave Walker) gets to pick and choose what debts to ignore and avoid completely any talk of selling assets.
Bob, oh yes, I see that. It’s the Trojan Horse approach, they work up those in Black Rock to do something, anything. Has Dave Walker ever seen or read the Jacob Ukeles Management Report?
Ron,
Maybe you can explain exactly what pension and health care benefits firefighters received after 25 years on the job and whether they are eligible for Social Security and Medicare.
If you have worked no other job for 40 quarters you do not receive social security or Medicare. Now if you accumulated enough quarters you are penalized by Social Security for having a city pension. In my case it was $500 a month I am being penalized.
Phil, I will talk about those who are on Pension A who have retired before the state took over the pension. Plan members paid 8% of their weekly pay. They can retire after 20 years of service and they will receive 2-1/5% of their pay at the time of their retirement and the same for every year after up to 30 years of service. Their widows will receive 25% of their husband’s retirement pay.
Phil, Part: with 20 years of service in Pension Plan A they would receive 50% of their pay and 2-1/2% every year after up to 30 years and they max out at 75% of their pay. This for those who retired before the state took over. Now remember, 8% of their weekly pay goes into the city’s general fund.
Pension Plan B, they pay 6% of their weekly pay into a private pension fund. You must have 25 years of service to retire and to get 50% of their pay and 2% a year for each additional year of service, it maxes out at 70% for 35 years of service. Widows receive the same 25% of their spouse’s pay.
Long after their useful careers are over, some people on this blog advocate for The Nanny State. That’s where risk isn’t eliminated but rather transferred from the individual to the city or state. It’s a place where civil servants are never expected to pay out of pocket and all their spending is discretionary. Risk-free living at taxpayer expense is protected by law. Control boards are about changing the law. I’m talking about a Trojan Horse with a siren and a blinking light.
Several States are taking a serious look legislatively at underfunded pensions and post-retirement benefits. Connecticut is not among them. The remedies are very unpopular. Organized labor (government employees) is leading the fight for municipalities and states to continue entering into agreements that are not sustainable, in other words, making promises they cannot keep.
Whether you are a retired firefighter or retired cafeteria worker, contracts that call for defined benefit pensions are viewed the same in labor law.
Corporate America learned in recent decades it could not make promises it could not keep and remain in business.
The Federal judge who ruled Bridgeport could not file Chapter 9 municipal bankruptcy because 1) It had assets it could sell (parkland, buildings) and 2) It had the ability to raise revenue by simply raising taxes.
Could a movement in Bridgeport bring about changes resulting in retirement plans based on combined contributions rather than defined benefits as most businesses have done? Not likely. Not as long as there is a ‘progressive’ Democrat party governor and legislature that pander to government employee unions to receive their support in elections.
Can adjustments be made to retirement plans to make them sustainable? How about excluding overtime earnings from the three years of highest earnings as specified in MERF for municipal employees and the State employees retirement plan? How about an average of the highest five years of earnings? Ten years? The numbers need to be crunched in Connecticut, but what Democrat would have the courage to support doing so?
Tom, your suggestions make sense, but are tough decisions for the Democrats to make. They won’t!!!
Tom White, New York and other states use that formula but with overtime. The entry-level employees have a longer waiting period in their first three years of pay increases.
DD, it seems it is you talking out of both sides of your mouth. You took your pension and moved to the Valley!
No QD, I left nine years before I retired because I had to get my son who was nine years old at the time out of the failing school system which is known as Bridgeport. QD, I also came up with the concept and idea that was used by Don Clemons to get preference points for Bridgeport residents, while living outside the city.
Back to this post’s topic: find someone who can produce GROWTH WITHOUT DEBT and you will solve the debt problem while making today’s bond counsels obsolete.
(wink)
How much is paid every year to police and firefighters and their widows? Does anyone know? How much is paid by retirees for their health care and where does the money go? Everyone wants yesterday’s heroes to walk away. I will tell you this, you will see a fight you won’t win and you won’t believe. Hey Walker, why would the city grant higher pension benefits to present employees and how do they then claim pensions are bankrupting them? It’s all bullshit.
Keep the Pension Promise
youtu.be/fQcAosZe3G0