Wednesday, April 01, 2015
NorCo Council Officially Establishes a Rainy Day Fund
Before this measure was adopted, Budget Administrator Doran Hammann was asked what he thought. Hammann told Council that this fund is something "rating agencies would look at" when the County decided to float its next bond for capital improvements. "The bond rating is very critical to the price you pay," he observed. "I see no problems with moving forward."
"I don't see why we raise taxes and put it in a piggy bank," complained Ken Kraft.
"It's not a piggy bank," responded Glenn Geissinger. "I don't want our infrastructure to fail," he said, meaning the bridges and other capital improvements that are needed down the road, including $15 million in repairs at Gracedale.
Lamont McClure derided the notion of raid=sing taxes and adopting this measure "to please Wall Street and please accountants. He stated the fund balance is currently approaching $30 million.
As originally drafted, this fund would be in what Phillips called a "lockbox" that could only be opened by a 2/3 vote of county Council. Lamont McClure proposed giving the key to a bare majority, warning that a minority could thwart the will of council. That reasoning swayed Glenn Geissinger, who provided the fifth vote to an amendment supported by McClure, Kraft, Scott Parsons and Bob Werner.
Democrats Scott Parsons and Bob Werner joined four republicans in establishing this fund. "It is he right thing to do," Parsons simply explained. McClure and Kraft were the sole holdouts.
Peg Ferraro, fighting an illness, was absent. .