Inauguration Day: Time for a Party!

Posted on January 4, 2011. Filed under: Uncategorized |

Congratulations to Dan Malloy on his victory in Connecticut’s gubernatorial election. Governor Malloy will be taking office this week with the customary array of inauguration festivities.

Incoming governors across the nation have been all over the map, both literally and figuratively, in choosing an appropriate level of splurge-worthy extravagance for their ceremonial events. Rick Scott of Florida, on the one hand, has chosen to jet around the state for a series of elaborate parades and parties. New York’s Andrew Cuomo and California’s Jerry Brown, though, have opted for a far greater degree of parsimony.

Governor Malloy appears to have chosen a hybrid approach, beginning the day with a relatively frugal inauguration ceremony in Hartford’s spartan but fully functional Armory Building, constructed over a century ago for a now-bargain price of $869,000. He will end the day, though, with a blow-out party in the gleaming Connecticut Convention Center, which opened just five years ago at a financing cost of $273 million of state-issued debt.

Malloy’s event organizers have noted that party attendees will pick up the tab for the evening celebration itself; tickets have been sold for an entry-level going rate of $175 per plate. State residents, though, will still continue to pay the underlying tab for the $273 million cost of constructing the facility.

In the meantime, the venerable Armory remains available for formal functions and other events. Although Armory event attendees won’t enjoy the same breathtaking views of the Connecticut River as Convention Center visitors, they’ll still be able to “party heartily” in a facility that cost taxpayers far less than $273 million.

Contributed by Michael Kraten, PhD, CPA, Accounting Professor at Providence College and President of Enterprise Mgt. Corp.

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