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 http://milford.patch.com/groups/opinion/p/milfords-march-toward-bankruptcy-unabated-in-2013
