Despite of the bad weather we’ve had these last weeks that has left the city technically buried in snow, new developments are pointing to a better future not without certain caution.
The recent announcement that Lawrence credit rating has received an upgrade by Moody’s Investors Service to A3, from Baa1, is good news at its best. This all started during the past administration when it was announced with bells and whistles that the city had received a Baa1 classification.
The translation of the previous paragraph is simple, when the credit rating is good, it opens the opportunity to borrow money. That is where we have to act with caution.
At the YMCA annual breakfast held on February 26th, 2015, Lt. Governor Karyn Polito made the announcement that the 2015/16 Baker administration’s budget carries a $1.5 Billion (with a B) deficit.
Knowing this and knowing that the city of Lawrence, so far, has spent $2M in removing snow this year, way much more than the $150,000 budgeted, we have to think that Mayor Rivera is going to have a hard time balancing our next budget, especially if the city can’t receive any monies from the State because of its deficit.
In his State of the City address, Mayor Rivera said that “Lawrence is strong”. Let’s celebrate together but don’t let it go to your head!
