During our community conversation about Northampton’s March 3 override referendum, I have heard a lot of talk about the city’s reserve funds. People often ask why reserve or stabilization funds are necessary.

The answer is that municipal reserve funds are essential for stable financing of city services. This is not a radical economic concept. We all have been taught that, if possible, we should maintain some savings in case of crisis. So must a city. Without reserves, a city, like an individual, is an unexpected event or economic downturn away from sudden cuts.

You don’t need to take the word of city officials (or your high school economics teacher) on the importance of stabilization funds for Northampton. There is an independent, global financial services company that reviews and rates Northampton’s financial practices: Standard and Poor’s (S&P).

Since the 2013 override, S&P has upgraded Northampton’s bond rating three times. The city has remained at the highest rating of AAA since fiscal 2017. We could not get this rating if there was wasteful spending or poorly allocated resources. This is proof provided by an independent expert of Northampton’s excellent fiscal management. A cited key practice that earned us the highest rating is building our reserve funds.

Our AAA bond rating translates into significant savings. It lowers the interest rate on projects for which we need to bond, allowing us to do more things residents want, like road paving, for less.

I recognize not everyone is able to create financial stability in their own life. To help, this winter the mayor and City Council expanded the eligibility for tax relief and deferment programs allowable under state law for income-eligible seniors.

Broader than one’s personal responsibility, a city is responsible for helping provide security for all residents. A city has mandated and moral obligations to its citizens who need its services, and to the people it employs.

Your local government is not an entity separate from you. You are it. Together, we have a decision to make. I will vote to continue our responsible and proven plan, and to maintain the services we rely on. I urge you to join me in voting “Yes.”

Gina-Louise Sciarra

Northampton

The author is the City Council president and chair of the Finance Committee.