Financial Planning in Plainfield

There was a wealth of knowledge shared at this year’s NJ League of Municipalities Conference. The poor health of the economy brought hundreds of attendees to an early morning session entitled "Multi Year and Long Range Financial Planning". The session was informative, reminding elected officials and administrators of the basics of financial planning as well as highlighting increasingly popular methods of stretching taxpayer dollars.

A general consensus among the presenters was that a quality long-term budget forecasts 5-8 years out. It would be wise for Plainfield to plan that far out in advance. Of course, forecasting is only possible with meaningful historic data that has been analyzed appropriately. One of the first steps Plainfield must take is giving meaning to historic data. Understanding expenses and revenue streams aid in identifying financial opportunities and challenges.

During the week‘s many events, Governor Corzine proposed a temporary deferment of 50% of municipal payments into the state pension fund. The proposal requires legislative approval. However, if passed, New Jersey municipalities could opt to defer over $1 billion in pension fund payments. Governor Corzine emphasized that this would be a temporary deferment only and that payments would be made gradually by 2012 (original payment due + interest).

Such a deferment would certainly help Plainfield meet its immediate budget needs. However, other solutions still need to be explored. The Governor (and many others) emphasized shared equipment and services. Such methods have had a meaningful impact in surrounding communities. The Mayor and Council should be looking to extend or implement shared services agreements where logical.

In this “bail out plan” economy, we need to weigh every possible option in order to ease our financial woes. Getting a handle on Plainfield’s financial health must be made a priority if we are to move forward.

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A New Chapter in American History

Election night was one of the few nights I’ve heard my grandmother, so overwhelmed with emotion, cry the way she did. During our “Can you believe he just won?” phone conversation, I could barely understand my grandmother. She was sobbing tears of joy and disbelief. She recalled the hardships of growing up in Jim Crow South, raising children who would integrate the Arkansas school system and making the world’s best dinners for her grandchildren and their very diverse group of friends. She had already seen so much change already, but to see President-elect Obama and the new First Family stand victoriously on stage was not something that she expected to see in her lifetime.

This moment in time is a new chapter in America’s story. When my kids study Modern American History, they will ask me where I was and what I was doing when President Obama won the 2008 election. I will happily tell them that I was celebrating with family and friends in Plainfield, NJ where we were overwhelmingly pro-Obama and voted for change in our city.

Thank you to all the voters who supported me in this election and to all the voters who supported Obama. I look forward to bringing change to Plainfield just as Obama will bring change to our nation.

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