While Lexington and its residents may be doing better than average in coping with current economic conditions, nevertheless there are financial struggles and other hardships. Many in our town are dealing with job losses, pay cuts or freezes, minimal interest on savings, and no cost of living adjustment (COLA) for retirees for the first time since Social Security automatic increases began in 1975 .
Lexington is a wonderful community, but storm clouds are gathering. Over the years, property taxes have consistently risen well in excess of inflation. And this includes years where there was no override. For example, next year our taxes will be going up 5.4%. Isn’t it obvious that tax inflation of this magnitude will eventually price many out of our community? Yet our town government has been unable to arrest this trend. Why not?
I am declaring my candidacy for selectman because I believe my managerial and financial experience will help the Board deal with the many issues facing Lexington. My focus is on:
- controlling spiraling total compensation costs
- finding operational efficiencies
- holding the line on tax increases
- opening a new senior center
Recent analyses referring to pension and healthcare debates highlight trends where public sector compensation and benefits are outpacing, on average, the private sector taxpayers who fund the government. It is no longer accurate that the public sector’s superior benefits are a necessary offset to inferior salaries and wages.
Prior proactive Board actions have provided progress: the Stabilization Fund has grown from $27,243 in 2002 to over $6 million, and the Town has maintained an AAA bond rating, despite voices to the contrary. Financial pressures are bound to increase, so fiscal discipline is crucial. Tough decisions lie ahead.
Compensation expenses must be looked at in total, with healthcare a major contributor to rapidly rising costs. The state’s GIC (Group Insurance Commission) offers potential significant cost savings while maintaining quality. We must find ways to reach accommodation with our unions. The town cannot come away empty handed, as in so many previous negotiations.
Lexington’s demographic span includes 6,200 school children enjoying an excellent educational system, yet there are probably more senior citizens in total over the age of 65 in town with a widely recognized lack of a suitable senior center facility.
Even in financially precarious times, there are always those who will push for more spending, with overrides as a funding source. Every individual household has to budget, manage expenses, spend carefully, and live within its means. Local government should do the same.
Lexington faces significant economic and decision-making challenges. I believe I have the experience, skills, and interest to make a contribution.
-- Iang Jeon