After dragging its feet the past few months, Northampton County Council last night unanimously adopted a $16 million bond ordinance. Half of the money will go for juvenile justice center expansion ($5.5 million), parking deck repairs ($1.5 million) and bridge reconstruction ($1 million). The remaining half will refinance $8 million in existing debt. Council member Diane Neiper was absent, but the remaining members all support the bond. "It's amazing how successful this bond has become in the last two weeks," was Ron Angle's pithy observation following the vote.Just two weeks ago, this bond was no sure thing.
Council member Charles Dertinger refused to accept realistic cost estimates that were actually prepared by engineers. He warned actual costs would be much higher. But Dertinger was mistaken. Public bids have since come in for these projects, and it turns out they are slightly lower than the cost estimates. Last night, Dertinger was unusually quiet.
Lamont McClure, usually a Stoffa critic, suddenly became downright complimentary. He was particularly impressed by Stoffa's pledge that eighty per cent of the labor would come from the Lehigh Valley.
But perhaps the best sign of Stoffa's financial stewardship comes from Standard & Poor's decision, made Wednesday, to raise Northampton County's bond rating from "AA-" to "AA." According to these credit analysts, "[t]he county's financial position continues to improve due to conservative budgeting and better-than-expected revenues." ... "We expect the county's management team will continue its strong financial performance and maintain its very strong financial position." The County's Financial advisor told council last night, "There are very few credits this strong in the Commonwealth."
Since coming aboard, Stoffa has insisted on a healthy cash reserve, with more than a little help from the Northampton County Bulldog, Ron Angle. Unlike Allentown's Mayor Pawlowski, Stoffa has also strived to be realistic about revenue projections.
As a result, Northampton's new AA rating is higher than Lehigh County.
This increased bond rating is also a credit to Northampton County's very quiet Fiscal Affairs Director, Vic Mazziotti. When I told you he has found ways to save taxpayers nearly $10 million annually, that was no election spin.
The icing on the cake is the Internet Auction that took place on Thursday. The winning bid was a 3.50 interest rate. The county will save over $500,000 on the bonds it is refinancing, or seven percent of what would otherwise be paid. In addition, the county saves another $394,000 on the amount it had set aside to pay for debt service on the bond this year.
Charles Dertinger had previously complained, "We have an administration that can't build a birdhouse." Looks like John Stoffa builds a pretty good birdhouse after all.
It's amazing what is done in Norco despite County Council. If I didn't know better I'd think Council were plants placed there to hurt the County to the gain of some outside entity. I mean, they're not there for the $7k a year and they're not there cause they care about the County. Why are they on Council?
ReplyDeleteWhy a Bond for a bridge?
ReplyDeleteBecause it is a reconstruction of a bridge ineligible for fundig under the liquid fuels tax. Most capital improvements are best funded by bonds if there is no other source of funds.
ReplyDelete"better than expected revenues"....where'd they come from?
ReplyDeleteSeveral years of spend-thwarting argument and paralyzing gridlock have apparently served NorCo citizens well.
ReplyDeleteBetter than expected revenues come as a result of several things. First, county budgeters refuse to play the games we saw in Allentown and do not inflate revenues. Second, Vic Mazziotti streamlined aseessment procedures to enable them to assess property more quickly when improvements are made. He estimates this adds $1 MM annually.
ReplyDeleteStoffa has some very good people in his cabinet. It's amazing what can happen when you choose performance over party politics.
This is all wonderful. I guess that means we won't see the $130million plus Bond Issue next year from team Stoffa. They have saved so much money plus the over $60 million he got from Reibman. Plus his tax increase.
ReplyDeleteNo big Bond Issue, good for the Stoffa team.
Bernie- will you be issuing a response to Sir Charles' editorial in this morning's Call defending his obstinence regarding the NC bond issue? What spin!
ReplyDeleteThank God for Mr. Dertinger. At least he knew what he was doing. Stoffa would have cost us millions due to his incompetence.
ReplyDeleteThis is all Stoffa gets.
ReplyDeleteGod Bless Faithful Councilman Dertinger. Without him, this Bond could have easily cost twice as much. Good Job Charlie !
ReplyDeleteAnon 3:24,
ReplyDeleteI did see what Dertinger's attempt at creative writing, an attempt to give himself some political cover. When word hits about the subpoenas that have gone out in the Severson case, more Long Dems will be looking for rocks to crawl under.
Dertinger is the greatest county council member to have ever served in the history of the Home Rule Charter. We are so lucky to have him. How will the County ever survive when he finally leaves 30 years from now ?
ReplyDeleteCharlie Dertinger is 40 years old. He is likely to be on Council for the next 30 to 40 years. He will be making a impact long after the likes of Boonie and Rong Angle's are long gone.
ReplyDeleteDertinger first will have to take the consequences for his decision, along w/ Chailrman for life Joe Long, to use Severson. He will have to explain all that to the AG.
ReplyDeleteDertinger is on county council, waiting for Grucela to retire so he can run for his seat. But first he has to get reelected. He has onlyt won one election. He is an obnoxious person who turns people off with his pompous "good day" remarks and bullshit like that.
I expect to see him lose in November, especially once the campaign gets started and people see what a hack he has been.
CHARLES! is a JERK! I think it's great that the Norco LongDems still love him. I am one of the many people I know not voting for CHARLES! this year and I cannot wait until those shiny little postcards are mailed out from some mailhouse in Lehigh County endorsing CHARLES! It'll be as succcessful as REIBMAN! and MCHALE! and BENNETT! and DERTINGER FOR CONGRESS! and DUKAKIS! and MONDALE!
ReplyDeleteDeringer will be re-elected whether you like it or not. He will win because as in Stoffa's win, incumbants don't lose in off year elections unless there is some huge issue.
ReplyDeleteThere is no issue that will change the anticipated 17% turnout this fall. We are stuck with both Stoffa and Dertinger. They are the perfect bookends to show how government can not function.
Your view is the common one, but a growing number of us think he's vulnerable. First, he really is an asshole, as manifested by his most recent demand that council members apologize to him for his failure to appear at a recent meeting of the LV Health Comm'n. The more that people get to see him, the more they will notice that. Second, now that Stoffa is safely elected, good government forces from both parties can unite in taking out Long Dems like Dertinger, who promotes secrecy and back room dealing.
ReplyDeletePeople who hear him say that he only has an obligation to listen to real estate owners are going to be turned off. People who hear him calling another council member a low hanging fruit are going to be upset. People who hear him claim that the real work of government is done in back rooms, and he has made this claim on tape, are not going to vote for him. We simply need to raise the money needed to get the message out about this LV resident w/ a NY accent.
I'll be really surprised if Dertinger is re-elected this year.
ReplyDeleteLV resident with a NY accent. Share bigotry with Angle much.
ReplyDeleteI hear in two years an ad will be taken out on Angle listing his rap sheet. That will be interesting.
Not bigotry, but a disdain for carpetbaggers. He still works in the city, spends most of his time there and is obnoxious enough to think he represents the Lehigh Valley. Let him run for office there.
ReplyDeleteGreat news!!! Just last year we were told on this blog that the parking deck needed to be replaced for the tune of 20 or 30 million dollars because it was going to collapse! That would have only have been $100,000+ per parking space, What a deal. What a miracle that it only needs repair for the tune of 1.5 million. Makes you think a bit doesn't it?? Henry
ReplyDeleteMakes me think about how old County insider JH figured how to make a buch on this project.
ReplyDelete