Yorktown is in Good Fiscal Shape After Gilbert’s Stewardship
Thanks Supervisor Gilbert!
The Town of Yorktown does not have an immediate financial worry because former town supervisor Lanny Gilbert left Yorktown with an $11 million surplus, a surplus built from strong fiscal management and additional payments he negotiated with Enbridge and other sources.
According to the Brookings Institution, states and localities have already laid off 1.5 million government workers as a result of COVID-19-related budget shortfalls.
But because of recent job hirings, the plight of states and localities was overlooked. After a shutdown, it’s logical to expect an early bounce-back of workers just to ensure minimal operation of businesses.
Whenever there’s a recession, or worse, job losses in the private sector lead to reduced spending and foreclosures, unless the federal government passes a rescue package.
The loss of private sector jobs results in reduced sales tax and real estate tax collections, the lifeblood of town budgets. And since towns cannot borrow to meet payroll expenses, more layoffs are forthcoming. This time the layoffs will be government workers such as police, teachers and others.
Already the National League of Cities reported that more than 700 cities have halted plans to improve roadways, buy new equipment, complete upgrades to water systems and other critical infrastructure.
This is not speculation. This occurred previously during the Great Recession. And, New York City just announced that about 22,000 city workers face layoffs by October.
However, Yorktown does not have an immediate worry because former supervisor Lanny Gilbert left Yorktown with an $11 million surplus. We shouldn’t have to cut jobs and infrastructure if the surplus is managed properly throughout the crisis.
Once again, thank you Supervisor Gilbert!
Constance Grover
Yorktown
