ELECT JEAN JACOBS MAYOR

FISCAL MANAGEMENT A PRIORITY

WHO IS MINDING THE STORE?

I am known in the City of Kingston and have acquired the title of the "Taxpayers Watchdog" for many years, during my public service commitment to the City of Kingston. When I was the Board of Education President COMMUNITY was at the Top of the Organizational Chart. The BOE reports to the Community as elected officials.When you are a finance professional, you question each and every dollar that is spent because the City Governmental Officials are spending taxpayer’s money each time they vote on a proposition that contains cost. Unfortunately I could not attend the finance meeting last evening and I will report today as a taxpayer and a Mayoral Candidate to my public as it relates to the following issues.

The City of Kingston Approximate Fund Balance 2.7 Million. I stand corrected if this is not accurate but this is my estimate. City of Kingston Contingency Fund until the end of the 2011 is approximately $180,000. As a finance professional, I know that the Fund Balance must remain at a certain amount and cannot be depleted due to bond ratings.

Now we have a limited amount of cash reserve available until the end of the year so each and every time we spend taxpayer’s money we should be questioning even $10.00. I hold the present governmental officials accountable as it relates to spending taxpayers dollars and I have discussed this on many occasions during public comment before the common council. The contingency fund should remain at the current amount with careful consideration given to each and every dollar we spend over the next five months. This is called financial planning. All three candidates running for Mayor, that presently sit on the Common Council, should realize the importance of this.

Last evening all council members without even questioning the $10,000 to replace floors and redo bathrooms at the Everett Hodge Center voted for this. I would have been extremely verbal regarding this request for funding and prior to approving funding would have asked for an estimate and a time frame for completion. Ladies and Gentlemen I want to remind all of you that the Everett Hodge Center is a city owned building and the city has an obligation to maintain the building without exception. As taxpayers we must maintain our homes and we should hold the City of Kingston accountable to maintain buildings that their tax dollars are supporting.

Next order of business: City Clerk requests all with zero financial impact to the budget. I totally disagree with this. WHY: There are additional costs that were not in the original budget and careful consideration should be given when spending taxpayer's dollars. I would never have agreed to a Budget Transfer to cover the cost of a part time cleaner at the Hodge Center in the amount of $10,000. I request that you do the math prior to voting on this expense. What is the fiscal impact for the year 2011 and in the next year’s budget? These are the questions that should be asked by city representatives. The City of Kingston owns and operates the Everett Hodge Center and the City of Kingston should be maintaining their own building.

Currently based on my financial analysis the City of Kingston is in a serious financial deficit and the only way to sustain the exorbitant costs facing our city is to BOND. We have already bonded 100,000 for the Hodge Center and the Mayor is requesting approval for bonding additional funds up to $100,000 to cover tipping fees and additional costs for asbestos abatement. I can assure you that the bonding institutions will begin to question this if bonding continues as a pattern to sustain the financial stability of the City of Kingston.

As for the comment all with zero impact to the budget is a play on words. When you are a finance person you already realize that current budget has been unable to sustain additional expenses and therefore we must take from the contingency. This is poor financial planning. Presently the City of Kingston has been bonding for every project that has a high cost attached and therefore represents we are not living within our means and the amount in the contingency cannot possibly afford these additional costs and with the State 2% tax Cap that will be implemented, we are facing serious financial concerns.

In summary my financial observation defines a serious financial deficit and a 2012 budget preparation and projection I am sure will have an increase to the taxpayers. The only way out is to bond to create an additional surplus to meet the needs and maintain the city financially for the next several months.

Jean Jacobs

GOP Mayoral Candidate

City of Kingston

The City of Kingston needs a combination of expertise that includes professional management abilities, business expertise, financial proficiency, people skills, expert training and practical experience to head one of the largest business operations "The City of Kingston".