I agree with Senator Jeff Klein in saying I am not interested in putting collective bargaining in jeopardy within New York, or anywhere, at any time. Our unions’ purpose is to protect our employees and keep them safe. They must be allowed to continue their mission. The current paradigm for the Transitional Financing Authority is proposed to bond out debt for our sales tax revenue in Yonkers. I don’t believe in the necessity to create such authority. I do believe efficiencies can be found within our current municipal budget to make up for the gap we are currently experiencing. Having said that, our current administration feels that they are compelled to create such authority.
Since the compulsion is to make a TFA, a Water Authority that can bond out its own debt is a more sensible fix. Our city has a limited amount of debt obligation it is able to bond out. However, creating an authority able to issue its own debt, separate from the city’s, advances us the capital needed to save the employees of Yonkers.
If we use the TFA model proposed by our current administration, our bonds will be far more risky and less attractive to investors. Because the future of our economy is difficult to quantify, estimating a revenue on sales tax is like taking a leap into a projected unknown. And frankly, in this economy, we need to minimize the risks we are willing to take. Speculating on said revenue stream is little more than that–speculation.
Our water consumption, however, and the revenue from it, has been far more stable. A TFA Water Authority bond will entice more investors to buy because of the lowered risk. Make no mistake about it, I do not feel that our city actually needs to take our more debt. I feel efficiencies we all believe our government is capable of, can be found within our municipal budget. But if this administration feels a TFA is our only means for borrowing more money against our future, let us minimize our risk and not again get locked into a bad decision. Let us make the best decisions for our great city. Our decisions today, affect the generations to come and should be done very thoughtfully, while minimizing risk to Yonkers residents.
Katherine "Kat" Brezler's candidacy is focused on representing Yonkers' 5th Council District. She is running under the Democrat Party line.