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State small part of woes

April 15, 2013

Beware, taxpayers, when you hear a municipality or a school district has to raise taxes due to the “state retirement” obligations....

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(5)

Dcronlg

Apr-15-13 7:41 AM

Again, again and yet again, the clueless church lady gaggle OBSERVER board can't get it through the thick skulls -- the voters and taxpayers of the village not only elect the village board, but they also let their support and their grievances be known and expressed through voting.

Apparently, these villages have zero issue with this red-herring "state retirement" tax increase...or in the case of Brocton, the village has no issue paying the highest wages either.

So, deal with it you clueless gaggle -- the voters aren't listening to your shrillness.

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DKexpat

Apr-15-13 9:01 AM

In the private sector we look at Total Cost of Ownership (TCO) over the life of an asset. Too often, it seems municipalities look at near-term impact to budget without a hard look at the escalating cost of pension contributions.

The Empire Center estimates taxpayers will need to pay 4x – 4x – more into a NYSTRS (teacher) retirement fund this decade, and 2x more into the NYSLRS (state/local) retirement fund. Meanwhile, over the past 10 years the number of retirees has risen 20% and total pension payments have increased 100%.

NYS says the funds are “fully funded.” But the Empire Center believes, were private-sector standards for pension funds used, that just these two public pension funds, alone, have a current funding shortfall of $130 billion. (NYS pension funds lost $109 billion - 29% of their value - in the recession.)

The Empire Center states a private-sector retiree would need $860,000 to purchase an annuity to replicate the median annual NYS teacher pension.

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commentor

Apr-15-13 10:11 AM

Vote no on school budget and storm Village Hall. Stop doing nothing and saying what can we do about it. Until citizens have an uprising they will continue to do what they do.

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PhilJulian

Apr-15-13 10:38 PM

Thank you Observer for bringing the facts to the readers. Chautauqua County and it's towns. villages and cities are dying a slow death because of excessive spending. So, what do our leaders do? They keep handing out raises as though money is no object. Why then do our so called "leaders" get re-elected? Maybe it's because government is the largest employer in the county and they all vote for candidates that will keep the raises coming. The hand writing is on the wall. The population is dropping. Our youth are leaving. Unemployment remains high and property values are pitiful. In any other community these problems would serve as a wake-up call but not here. The tail is wagging the dog, unions prevail and there appears to be little if any hope for the future.

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Chuck392

Apr-17-13 6:35 AM

Maybe you people underestimate the residents of Brocton. Dissolve Brocton and their electric rates will more than double when the private sector utility takes over. That alone will exceed what they are paying for taxes. Factor in the other things they'll loose and/or ihe increase in town taxes they'd see and it becomes easy to see why they are not complaining.

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