I’m running for the Board of Finance because I believe my long involvement in serving on town boards and commissions, and my professional experience in finance and technology, will be important as decisions are made on the yearly town budget and plans for future capital projects.
Planning: I will urge the Board of Finance to update and improve the Board’s long range financial plan.
Capital projects: Not enough public input has been received from residents on potential capital projects. Gathering input has been difficult with Covid restrictions but the bottom line is that the more public input is necessary.
Fund balance: Compared to almost every other town in Connecticut, Suffield has a very healthy fund balance (or “rainy day” fund). The fund balance is the money raised by the town through taxes and fees that has not been approved for use in the yearly budget approved by voters. Typically, Connecticut towns average a fund balance of about 8-10% of their yearly budget. For Suffield, that would be about $5m. Instead we have around $10m.
Having such a high fund balance means that taxpayers have been asked to pay too much in taxes. Having too much money in the fund balance means we are actually losing money every year as inflation reduces its value. There are strict limits set by the state on how that money can be invested – and in recent years the town has earned about 0.5%/yr on all that money – while the stock market has gone up a huge amount. Extra money in the fund balance should be used to reduce taxes or for needed capital projects. Using it for capital projects means that we can get them completed for less money – and without borrowing. A high fund balance is a target for labor negotiations and also indicates to the state that grants to Suffield can be cut with few consequences.
Summary: I’ve been attending Board of Finance meetings regularly for 15+ years now. I know the members of the Board and I know the town’s finances. I’m anxious to put my background and experience to use to continue to serve the residents of Suffield.
Background and Experience: Suffield First Selectman from 2009-2011. During that time, tax increases were the lowest in the last 15 years. Worked for Phoenix Insurance in Hartford and Enfield for nearly twenty years in the finance department and as a senior technology manager. Previous positions in business automation, computer consulting, as a science writer and as a communications expert in Antarctica.
Served on the Board of Finance, Planning and Zoning Commission, Emergency Management Office and as chairman of the Advisory Commission on Capital Expenditures. Elected to the boards of two national non-profit technology education associations for 30+ years. Current member of the Suffield Observer editorial board.
BA in Psychology and Masters degree in Political Science from Sonoma State University, post-graduate courses in advanced statistics at the University of Michigan.
Married to Kacy Colston who volunteers with the Friends of the Farm at Hilltop and is chairman of the Suffield 350th Anniversary Committee. We built our house on Warnertown Road in 1989. Favorite spare-time activities include travel, amateur radio and do-it-yourself projects.
Any Questions? Contact me via e-mail at firstname.lastname@example.org or call me at 860-668-5444.
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