14 April 2009

Application Denied

They've done it again. Saved our tax dollars, that is. By rejecting Governor Corzine's offer to enter into a new state pension borrowing program, the Hillsborough Township Committee has saved our town $800,000 in interest payments on a $795,000 loan over the next 15 years.

The option to pay only 50% of this year's pension obligation with up-front tax dollars while taking a loan to pay the balance was never worth considering - although I am sure the committee gave it a good look to be sure. How is it ever possible to solve a fiscal problem by doing the same things that got you in trouble in the first place? It's like borrowing on one credit card to pay another - it never works.

Sorry Jon, this application is denied!

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