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Castelli Lauds Veto Of Pension Borrowing Bill

ALBANY – Assemblyman Robert J. Castelli (R, C – Goldens Bridge) of the 89th Assembly District, which includes Pound Ridge and Lewisboro, praised Governor Andrew Cuomo after he vetoed a bill that would have allowed school districts to issue new borrowing to cover short-term expenditures.

“I commend Governor Cuomo for putting a halt to legislation that would have compounded our state's fiscal problems by committing generational theft,” Castelli said.

Castelli said the bill, which he voted against, would have allowed school districts to borrow over $1 billion through bonds to cover current pension costs without voter approval. The bonds plus interest would be paid off over 15 years, forcing taxpayers in some cases to pay back significantly more than the amount originally borrowed.

“The people of the State of New York have made it clear that they will no longer tolerate the fiscal irresponsibility and reckless spending that has driven their property taxes through the roof,” said Cuomo, who resides in Castelli’s district. “Families across the state have been forced to cut back and live within their means and governments and school districts must do the same. New York has no future as the tax capital of the nation and this veto sends a strong message that we will not put today's tough decisions on tomorrow's taxpayers.”

In 2010, Castelli pledged to ban backdoor borrowing as part of the Westchester County Association’s “Call to Action” effort, as well as the Business Council of Westchester’s Enough Already NY campaign.

Castelli contends that the veto will protect taxpayers from tax increases in the future that would be needed to cover the costs of borrowing, and ensures that the recently passed two percent property tax cap will remain intact.

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