Bonding has to stop!

I am Sam Belsito, a Republican candidate running for Tolland Town Council.  I am honored to run for Town Council and pledge to always “Put Tolland Citizens First”.  As a resident of Tolland since 1969, I guess you would say,” I really like this place”.  But there are a few things that could be changed, one thing would be bonding.

As most of you know the Federal Government and the State Government keep on spending and borrowing like drunken sailors.  In the Town of Tolland we are also on the path to spending and borrowing as a routine way for government to do business.  Paying high taxes is just not enough:  the town borrows millions to supplement its spending capabilities.  The administration just looks into the taxpayers “horn of money” and takes more with no consideration for the Citizens of Tolland.

In the past 4 years, I have made presentations to the Town Council to cut back or eliminate all bonding.  At the present time the Town of Tolland has $53 million in outstanding bonds.  The town also pays approximately $5 million in debt service each year.  Our current budget is $50 million +/-, if you take the $5 million debt service per year, over ten years each Tolland Citizen will have paid an extra year in taxes.  For every ten years of taxes you paid, it was really 11 years.

My plan is to eliminate most borrowing, if not all borrowing going forward.  There will be a difficult period the first 5 years, because borrowing will have to be curtailed or cease.  After the first 5 years, the debt service will decrease by $1 million +/-.  In order to bring our capital expenditures to a required level, the 3% for debt services will remain in the budget for an additional 5 years.  After the 10th year or before with improvement in efficiency and using a portion of the $5 million held in reserved for bonding, the Town of Tolland should be able to pay down the principal at a rapid rate.  At the same time we may be able to hold or lower taxes and the town will have purchased all needed capital improvements.   

If elected, I pledge that I will work to reduce the debt owed by the taxpayers and put Tolland on the road to financial independence.  I want to remove the burden of bonding that is being put around the necks of future generations and putting a strain on each an every household.  The Town of Tolland should not follow in the tracks of the Federal Government or the State Government.  They both have out of control spending, borrowing and taxing.  It is time to use some common sense!

I will always put Tolland Citizens First.

Straight Honest Questions---Straight Honest Answers

Sam Belsito Republican Candidate for Town Council