Quincy Quarry News Weekly Fish Wrap: the Tax Man Cometh

Quincy Quarry News Weekly Fish Wrap: the Tax Man Cometh

– News about Quincy covered by Quincy Quarry News with commentary added.

[Seeking chum and chumps in the water
Image via Omnimedia

While many are likely still digging out from underneath the debris left behind from Christmas as well as dealing with exchanging gifts, the Koch Maladministration is in the process of piling on with its latest shakedown of local taxpayers.

Specifically, local property tax bills for 2023 are in the mail, if not already arriving to darken their recipients’ day.

So much for a Happy New Year …

Burn baby burn …
Image via cheatsheet.com

Quincy Mayor Tom “Spend Then Tax” Koch increased city spending by 7.7% from last year per his approved in June Fiscal Year 2023 budget, a rate off increase which as near as Quincy Quarry News can tell set a new record for increasing annual City of Quincy spending going away on both percentage as well dollar bases.

Further troubling, while Mayor Koch so set a local spending increase record this fiscal year, most other Massachusetts municipalities only increased their planned Fiscal Year 2023 budget spending by only around a third as much or thereabouts.

Enough already …
A file photo

At the same time, there is some good news that must be noted. 

Of a sort anyway.

A typical 2023 Quincy residential tax bill is expected to increase by only three percent.

How is this most curious financial prestidigitation possible?

By tapping various city reserves, including the taking down the City of Quincy’s Stabilization (read “Rainy Day”) Fund by $10.5 million as well as also draining a further $8.25 million from other reserves to mostly cover Mayor Koch’s $27 million Fiscal Year 2023 spending increase.

The same old same old yet again …
Image via the Margaret Street Church of Christ

In turn, such will leave the City of Quincy’s Stabilization Fund at roughly but a tenth to perhaps maybe but as much as a mere eighth of what is considered to be best practices by credit rating agencies, the Massachusetts Department of Revenue, and most especially Wall Street lenders.

So what also, apparently, for the fact that the City of Quincy’s credit rating was cut last year, not that the Koch Maladministration has duly updated its online posting of the City of Quincy’s downgraded credit rating.

LOOK OUT BELOW!!!
Image via Barrons.com

Granted, the Koch Machine’s mouthpiece said that the plan is to reimburse $6.5 million of the $10.5 million drawdown of the Stabilization Fund once the city’s “Free Cash”  as of the end of FY 2022 is certified by the Department of Revenue.

When, if not also if, the touted planned but partial replenishment of the Stabilization Fund might actually happen, the end result of doing so would be that the balance of the fund would only end up at around a quarter or so of what is considered to be a financially prudent.

(Shush)
A Warner Brothers image

Even worse, significant increases in debt service expense and payroll costs are coming given significant increases in interest rates as well as payroll costs care of new contracts with city employee union members will be hitting the fan via the impending as well as coming sooner than one might care to suffer come next year’s budget.

But not to worry for Tommy as the 2024 local property tax rates will not be set until after he surely expects to be reelected to yet other term in office a month earlier and thus be able to continue to swive both Quincy and the local taxpayers who are stuck with most of the bills.

View this post on Instagram

Visit Quincy Quarry Instagram Page

QQ Disclaimer