I read Sam Lowenstein’s letter in the Feb. 7 edition of the Harvard Press, and while I understand the sentiment, he seems to suggest that cutting Capital Planning and Investment Committee spending will alleviate our current budget deficit. This isn’t true. CPIC spending comes either from the Capital Stabilization and Investment Fund (CSIF) or bonded debt.
In the bad old days part of the operating budget was paid for with free cash. Harvard wisely decided many years ago to put residual free cash into CSIF (required by town bylaw) to pay for needed capital projects without raising tax bills. The establishment of the CSIF is one of the reasons for our very good bond rating.
While I appreciate the thrust of Mr. Lowenstein’s letter, it’s not helpful to suggest invalid solutions. It just muddies the water and makes people think that solving the problem is simpler than it is.
Charles Oliver
Simon Atherton Row
