Surprise council hopeful filed for bankruptcy in ’09
Surprise City Council candidate Ted Cimino filed for bankruptcy in 2009 after he was unable to pay for an investment property, records show.
Financial management has been a key issue in the race because Surprise recently emerged from a budget crisis caused by years of accounting missteps.
Cimino, 50, is vying against Roland Winters for the District 1 seat to represent northwest Surprise.
Filing for bankruptcy in 2009 was a difficult choice that Cimino made to repair his finances, Cimino said in a statement Tuesday.
“Tough decisions come with personal growth,” he wrote. “I have real world problems like everyone else, and through these experiences, I can help the city of Surprise be the best place to do business and raise a family.”
Cimino purchased a home in Phoenix in 2005 but was unable to pay the mortgage in 2009, he said. Records show that Cimino claimed $88,741 in debt in 2010. Cimino did not specify what types of debts are included in that figure.
Cimino initially filed for Chapter 13 bankruptcy in 2009, which would have required him to pay back a portion of the debts. However, he converted the bank- ruptcy filing to Chapter 7, which wiped out most of his debts in 2010.
Cimino completed a financial-management class in October 2010 as part of his bankruptcy filing. The experience taught him important lessons that would benefit the city if he’s elected, the candidate said.
Winters, his opponent in the District 1 race, said the bankruptcy raises serious questions about whether Cimino should make decisions about the city’s $205 million budget.
Last year, city leaders discovered funds has been misallocated for a decade, and fixing the damage created a $16 million deficit. Surprise has replenished its nearly depleted reserves.
“I would hate to see the residents of District 1 have a representative who can’t manage his finances,” Winters said.
The primary election is Aug. 27. Ballots will be mailed today to all Surprise voters.
will host a District 1 candidate debate tonight at 7 p.m. at the Willow Canyon High School,17901 W. Lundberg St. in Surprise.