What's Bet
Dec 10, 2020 An inverse volatility exchange-traded fund (ETF) is a financial product that allows investors to bet on market stability without having to buy options. Cboe Volatility Index (VIX). Mar 02, 2021 Tarkington and BET Chair Michael Mason praised the school district for its work during the pandemic but said school spending must be discussed. “We know this is a very sensitive issue in the community,” Mason said. Looking at the fire department.
GREENWICH — With the first votes on the proposed municipal budget for 2021-22 just days away, the Board of Estimate and Taxation’s Budget Committee took a long look on Monday at which items might be changed in the $450.6 million spending plan.
At its annual “consolidation day,” the four-member committee discussed possible budget motions for its “decision day” on Thursday. The goal was for committee members to discuss their thinking before this week’s votes.
The Budget Committee has the power to cut or add money to the budget as well as place conditions on funding.
What's Better
One item that could see conditions is the proposed $18 million allocation to build a new Eastern Greenwich Civic Center. First Selectman Fred Camillo has said he is seeking a public-private partnership for construction, and the Budget Committee indicated it will look for assurances on the private funds.
“This is all something we’ve worked on for 12 or 14 years,” Budget Committee Chair Leslie Tarkington said of the project. “But in the private sector, you would look at this and say, ‘Gee, what can we do here?’… I’m not saying I’m not going to approve this, but I do think we need a strong condition that really clarifies the importance and role of the public-private partnership for a project like this that has grown in size substantially.”
What's Better Lcd Or Led
There could be motions to defer funding for plans favored by Camillo to start work on improving Roger Sherman Baldwin Park and relocating a Parks and Recreation Department building there as well as to add in money for an east-west bike path study.
Discussions will be held Thursday on all the motions, and continue on Friday if necessary.
The recommended budget will be sent to the full BET for review, with a vote set for April 1 vote. The Representative Town Meeting will vote on the final budget approval in May.
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Studying the school budget
The committee also discussed the operational budget for the Greenwich Public Schools, which could be a source of debate. The $170 million proposed school budget, as approved by the Board of Education, exceeds guidelines for spending approved by the BET.
Budget Committee member Leslie Moriarty, head of the BET’s Democratic caucus and a former chair of the Board of Education, said she did not want to see cuts in the school budget even though it exceeded the guidelines.
She praised the district for its efforts to find savings and noted the work of school officials last year when the BET scaled back their budget because of the economic impact of the COVID-19 pandemic.
“I don’t think now is the time to penalize schools and penalize the services they need to deliver,” Moriarty said. “We know there’s a special education study coming in that we would all like to see progress made on. That might have an impact on costs. I don’t think now is the time to reduce their budgets.”
Tarkington said the impact of the special education study on the budget is unknown.
“We don’t know if it will require additional funding or whether there will actually be savings,” Tarkington said. “They have increased their budget, but we don’t really know the results of the study. One thing we’re really not talking about is the trend of declining enrollment. It’s not the first year of declining enrollment, and we’re spending substantially more funds per student as a result of that.”
Tarkington and BET Chair Michael Mason praised the school district for its work during the pandemic but said school spending must be discussed.
“We know this is a very sensitive issue in the community,” Mason said.
Looking at the fire department
Budget Committee scrutinizes parts of Greenwich’s...
Discussion will also continue about funding for a possible command restructuring within the Greenwich Fire Department. The fire department requested adding in a new assistant fire chief position, which is estimated to cost $150,000 for the base salary and $59,000 for a vehicle.
The Greenwich Fire Department is also asking to retain the recruitment and retention officer, who works with the town’s volunteer firefighters. The original plan had been to eliminate that position to add the assistant fire chief post, but the fire department asked for both.
Budget Committee members debated the positions, particularly as the department begins a strategic planning process this week and reviews a consultant’s report on improving response times.
Committee member Jeff Ramer said the assistant fire chief’s position would be “at a not small salary” but he was leaning toward funding it, noting that both Fire Chief Joseph McHugh and Assistant Fire Chief Brian Koczak are new to their positions.
“One wants to give these people the things they feel they need they need to do the job properly,” Ramer said.
Tarkington expressed some doubts about the new position as well as the old one until the “whole organizational structure was put in place.”
“I’m struggling over changes in an organization until we know strategically where this is going,” Tarkington said. “Implementing aspects of (the consulting) study is critically important. ... The sooner that’s done the better off everyone is going to be.”
Board member Andy Duus said he would prefer to merge the duties of a new assistant fire chief with the duties of the recruitment and retention officer.
“That person wouldn’t necessarily have to be a trained fireperson but someone who has the data skills and management skills that would help the whole department,” Duus said. “I know that’s not the request right now but I feel this potentially could be an opportunity lost if we continue with the new assistant chief coming from the firefighting ranks.”
Ramer said it would be a “mistake with a capital M” to assume that the assistant fire chief could also handle the duties of the recruitment and retention officer.
kborsuk@greenwichtime.com