A mayor is our full-time manager of operations and spending; he proposes how the money is spent, and signs the contracts. The same year our mayor was elected, the Dept. of Revenue told Malden to hire a Chief Financial Officer (CFO) to prevent theft and waste. Our mayor soon created and funded many new positions, including a photographer, but not a CFO. Eight years later, there have been three more thefts, yet there have been no convictions related to these thefts, including one caught in the act. In 2019, Inspector General wrapped-up its investigation and concluded [drum roll please] …that Malden needs a CFO.
According to a recent audit of Malden’s public finances, “interest earned on bank deposits have not kept pace with inflation” earning “far less than 1%.” As a result, “The City generated about $150,000 in interest income during fiscal year 2018; this could easily be increased to over $500,000.” This loss is significant, especially over 8 years. The buck stops with our collective money-manager: our mayor.
I will be a different kind of mayor. The photo campaign, finger-pointing, and excuses will end, and responsible management will begin. I will involve residents in the direction of our city, and always honor their values. I will read every contract, watch every dollar, and target the type of growth that will make us proud.