I don’t know how many people in our area got it, but our NY State Comptroller, Tom DiNapoli, released a special report a few days ago that warns that the current financial market crisis could impair the ability of local governments to finance short-term capital operations. It also describes higher debt service costs and is expected to delay planned projects.
So we, your local government officials, are recommended to review the City of Kingston’s cash flow needs and prepare for tightening market conditions. Something we were all aware of already.
In addition, local governments are encouraged to develop contingency plans in case market conditions continue the downward slump, to ensure that revenue remains adequate and that an alternative source of repayment is available to finance notes that cannot be rolled over.
I would like to know what a contingency plan looks like in the face of this economic crisis. At this point in the process, we are looking at a 7% increase in residential property taxes for 2009. Even with the tax shift process repealed, this increase will be a bitter pill for Kingstonians.
I’m curious to see where all this will take us this and just how far the “dollar” will plummet before we see the plans we laid, come to fruition and help cities like Kingston better prepare for economic meltdown, like we experience today. For a copy of the report, visit:
So we, your local government officials, are recommended to review the City of Kingston’s cash flow needs and prepare for tightening market conditions. Something we were all aware of already.
In addition, local governments are encouraged to develop contingency plans in case market conditions continue the downward slump, to ensure that revenue remains adequate and that an alternative source of repayment is available to finance notes that cannot be rolled over.
I would like to know what a contingency plan looks like in the face of this economic crisis. At this point in the process, we are looking at a 7% increase in residential property taxes for 2009. Even with the tax shift process repealed, this increase will be a bitter pill for Kingstonians.I’m curious to see where all this will take us this and just how far the “dollar” will plummet before we see the plans we laid, come to fruition and help cities like Kingston better prepare for economic meltdown, like we experience today. For a copy of the report, visit:
10 comments:
all kinstonians should hold all fiscal mismanagers of the city acountable.when you have deparment heads infactilly telling you that they wont give back to city resendents 75000 from their respective budgets,there is something morally wrong there.the tax payers pay their saleries to begin with.in light of the current financial crissis.ALL should become part of the solution and not resist the enevetable.
"Kingston is in strong financial shape and we should stick with the terms of the election year contracts I negotiated". James (Bond)Sottile.
First of all the kingstonians don't do anything but talk. You had a chance to come out and speak a few Saturdays ago. You have a chance one a month to go to the meetings at city hall, not done! You have had a chance to talk about $14,000.00 over time checks, do the kingstonians care? Hell no. Department Heads bring in girlfriends and we the taxpayers have to pay for her, was anything said? Hell no. Now lets get to the jeep, those jeeps are paid for already not leased. We give department heads good money for the little that is done, and on top of that we give them gas, car, credit cards, and cell phones. Now the "Kingstonians" want to say something in a blog. Get a real life. See what is going on out side of this little hamlette of a city. The Kingstonians need to get some backbone and stand up for what is right and don't worry about what your leaders will say. With leaders like this who needs enemy. Where are the fathers and mothers who's son's and daughters are giving there lifes for leaders like this? Where are the "men" that would never stand for this?
GOD HELP US all we do is talk, and feed into the pride, lust, greed, disgrace that we have put into office. We have no heart in this town.
Reign in the rouge department heads. Gorslines a thief and Saltzman thinks he can expand his empire anytime he pleases. Get a grip and make the tough decisions. You all did great on the tax shift. Now its on to the EMT (fire) department and the environmental educators you only need one.
If you take the time to visit friends and relatives in other areas of New York, you'll find out that things arent so bad here in Kingston.
It is usually the folks who have no contact with the outside world who talk this much about taxes.
Know anyone in Putnam or Westchester?
My Aunt lives in Nyack. Wow! Talk about taxes. We may be in trying times, but take the time to count your blessings.
How much are we paying for all them jeeps and other take home vehicles and the city issued cellphones,because I know how much it cost me to get back and forth to work and my monthly cell bill. And why dont the City start hiring by ability and not by pedigree also they should drug test every worker that will save alot of money!!
To 12:51, Nice diatribe - and your name is...? Shouldn't you lead be example?
Finance Chairman Reyolds "this has been a major migraine from the beginnning". Each and every Alderman has a responsibility to cut the proposed budget, but once again Mr. Reynolds wants the easy way out. Be an Alderman and do your homework and stop being a baby, make a decision and stick with it.
Alderman Mike- President Kennedy wrote a best selling book many, many years ago. Profiles in Courage. He wrote about some of the great Americans and their step up to the plate. Today our city, state, nation and the world face an economic crisis. The six letter word brings us to two more words.
Challenge and opportunity. We have to view this as an opportunity for the Common Council and all of our elected officials to make a statement that will show courage. An opportunity to sit and make the decisions that will keep the city afloat during these hard times. An opportunity to maintain the previous Homestead legislation was lost. 2009 election jitters forced 5 of our elected officials to rescind their original vote while two courageous aldermen voted to go forward and vote against the change. The city is at a crossroads, and although this legislation was rewritten, the city will come through it. Bleeding in our taxpayer base will continue, but the Common Council must review the budget and make those cuts that make sense. Private industry is going though major surgery as the excess in their own budgets are being cut to survive. Today we sadly read about the closure of Roberti Motors. Jobs will be lost. Major banks are reducing staff by the tens of thousands. These cuts are reaching tragic results in the state and will hit home here in the city and the county. It is up to the Council to attempt to maintain all jobs, but there are jobs that can be lost to attrition as well as some that hard decisions must be made regarding other areas of employment. It is to the Council that we seek address, and to the Council that we seek leadership.
Please don't let the city down.
take care and thanks for listening to my three cents of humble opinion.
Shelly Z
To 6:47am. I was at the rally in front of City Hall. I have spoken at the meetings lots of times. I have lived in Ulster County all my life and never seen a city act like this before. I beem around the world and seen lots of things, how about you? I am not saying kingstonians are bad people, most of the familys are hard working, what I am saying is there are only a few with a back bone and people want to call them troble. The people that do speak out see what is going on and want to do something about it. They are not just sitting on a blog or behind a door talking about people, there doing what is right for them. ITs wrong to question the leaders? Its wrong to question on where your tax dollars are going? What is wrong with you? and your name is.......? Mine is Lori do you have a back bone?
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