Monday, December 30, 2013

Milfords CAFR Figures Continue to Disappoint

FACTS DO NOT LIE! Milford Liberals rack up city debt, and erode the balance sheet the same as their predecessor Liberal Republicans. The Graph below demonstrates that when it comes to eroding the city balance Sheet, Mayor Ben Blake keeps topping all previous records held by Jim Richetelli. The city is not yet bankrupt because we still have a few more assets than liabilities, but we are now 75% of the way there with Blake "the tax and spend snake." I predicted some years ago that under the present trends the city would be in big trouble around the end of 2014 at the latest, because that is when (under the present trends) Milford would have depleted its entire asset base. Every good accountant will tell you that when you have more Liabilities than assets you have a negative net worth or in other words you are bankrupt. This makes borrowing more difficult and creditors grow concerned about a responsible plan whereby the city can balance not only its budget but its books. This often results in a massive spike in property taxes, credit downgrades and a decline in services. The future of Milford looks puzzling with this administration at the city helm. We may want to think about fixing this problem before it fixes us. The source of these reports are the annual CAFR's located on the city website and the town public library. 

To enlarge the graph click the Photo Click HERE for direct link to the 2013 CAFR Also a larger Image is available here