This is a reader-submitted piece by Miguel Jose Matos, Hartford resident of twenty years. This fits in with our Suggestion Box series and addresses the recent pledge of $50 million over five years to the City of Hartford by Aetna, The Hartford, and Travelers.
Three of our local corporations have stepped up as committed partners to back Hartford to the tune of $50 million dollars over five years, if the City can get its financial house under control and come up with a workable plan for a viable future.
Funding the money hinges on the City putting forth a comprehensive and sustainable set of solutions for Hartford. The key piece of language in the corporate announcement was to be “part of” a plan, this was the clue. But based on media reports, the “when and how” have not been clearly spelled out, so it’s a great carrot but as yet no one is sure how long the stick is, and what will it take for our community to come together. A little over three million a year from each company is a great start.
“Push the corporate folk to drop their dime, while the City hammers out some fixes, use their dimes now to fund fixes; that without money remain unfixable”.
$10 million over 5 years is a good first step when having to climb out of a sinkhole fifty million dollars deep. But to get grounded we must back into the numbers, because the City is crippled with debt and limping with weak cash flow. It will be difficult to concoct a financial plan strong enough because of the City’s weak cash position, only making it harder to satisfy the conditional $50M Corporate Offer.
Corporate leaders are good community folks doing their part, protecting their investment and their workforce, but they understand risk and do not want to throw good money after bad. This narrative puts the City in a tricky position.
This point in time is a good opportunity to show the local corporations that the City has a plan that can be funded bit by bit with the corporate funds that are being offered. A project-by-project funding process based on a pay for performance system may mitigate some the upfront risk that has tied these moneys with a tough condition.
This tactic has relevance because it is not meant to only address the corporate funding offer, but to serve as the foundation for an annual Business Challenge Fund. Let’s get back to the corporations and be as corporate in approach as they are. Corner their attention by putting forth a recovery plan that is based on a return on their money and their participation. The approach is in many ways how corporations look at investing themselves. (more…)