Rainy day fund mtg
I forgot to mention that there was a meeting tonight on the (pick a name):
1) fund balance
2) rainy day fund
3) general fund equity
The following draft document was discussed:
Anyway, I've seen those documents and will review them again, but... without any new information, I don't see myself being comfortable with the fund balance changing from 5% (said to be good in 2004 & 2005) to 8% (said to be good in 2007) in the short time that I've been on the Council.
In other words... in two years, we have an additional $2,000,000 in taxes being held in reserve... and we have an additional $80,000-90,000 being collected annually to maintain the reserve. But I still don't see the taxpayers seeing the benefit for that cost... at least not in relation to how the 5% was good in 2004/2005, but is no longer good enough in 2007.... regardless, there was no vote tonight. So we'll have to see how this progresses because I'm just not yet sold on the need to change this from 5% to 8%... maybe 10% would make more sense?
And in case you missed it last time, here's some very basic numbers showing an estimated cost of the rainy day fund changing from 5% to 8%:
I still want to see the benefit for those costs... so I'll review the June 25 documents and see if I can improve my comfort level. And on a final (somewhat related) note, the unaudited current net projected fund balance as of June 30, 2007 is $8,151,528.Tim White
Town Council, Budget Committee
11 comments:
That's a huge increase. Your right on this and keep asking questions. One day they will give you a good answer I hope.
we will need this when the state runs a big deficit in FY 09 and reneges on their promises to the towns
And there are other unknowns, such as the "heart and hypertension" liability.
I think it's currently (actuarially) estimated at a few million bucks, with an existing town reserve of a few hundred thousand... and the legislature nearly supported reestablishing it during the past legislative session (it got sunset a few years ago... in the 90s maybe?)... and if it gets reestablished in 2008... well, then the town may suddenly need additional reserves of millions more dollars...
That's all speculation though... and laws change. You never know what will happen.
The Northend expenses will eat up the rainy day fund. That's what happens when people approve the town plan and zoning without a clue to what it will cost the taxpayers.
I see more paving work on Peck Lane. I guess this is to get it ready for the mall traffic.
Tim
You are way off here-we always are going to need to have $$$ in reserve in case of a major issue. If we do it your way then when we have a major issue I will knock on your dooor aand ask YOu -why did you give rid of our surplus
Take your chances boy but you will pay for this
Additional taxes collected fro a rainy day fund is simply theft of the peoples money. Neither the state nor the town has the right to take money from citizens to sit in th3 coffers for a rainy day fund. Particualrly when you realize and understand how much money the government pisses away on pork. There doesnt need to be a rainy day fund at the expense of the people....I will say this any representative at any level that doesnt vote to return the money to the taxpayers wont get my vote...
Hey here is a though maybe, if they want to keep the money how bout we renovate our decrepit asbestos ridden elementary schools...
11:22... 8% may be too low. Much of my concern is that without a cost/benefit analysis, it's difficult to say if it is too high or too low.
The old White waffle
First there is too much in the account
Now you see that there are people who see the account as a good thing
Now you are for it
Steady boy you are being watched
It will come out
we will hold you accountable
"how much money the government pisses away on pork."
Would you consider the $270,000 of taxpayer money that was spent for the work on the Northend Mall culvert pork?
From The Underground Town Hall
September 19th, 2007 by Cindy Kleist
Now many of you have contacted me on the “Underground” channels asking me to become a write-in candidate for the Town Council.
Well, as you know, I did attend the GOP caucus in August with the hopes that I would be nominated to run for the Town Council. Unfortunately, that never happened. When I attended the caucus, some people looked at me sort of funny. Actually to be honest, I felt out of place being there because I am a liberal person on many issues.
But one issue I am staunch about is accountability by government to the people and open and honesty. Many people are on the blog-website bandwagon now, but they have me to thank because frankly, I started all of this “awareness” several years ago when I ran shows about town issues on the Cox Public Access.
I called the Registrar of Voters and they told me I had to contact the Town Clerk’s office. But in order to be a write-in candidate, I have to be on the “ballot” so to speak and I believe I have until Oct. 23 to do this.
I will give this serious consideration over the weekend. I hope all of you will support me because as you know, I may speak my mind, but I am honest and fair.
I call it like it is and I discuss ALL issues, but I give praise and criticism when it is deserving. As I have said before on earlier posts, this will be a big undertaking and I am sure a lot of people connected to the town will be talking their mush, but that is how it is. Let’s get people in our Town Government that have a pulse and not act like the Night of the Living Dead please!!!
No more pork for developers.
They want to make money, then let them put up all the capital that is needed. The taxpayers have had enough.
Let's see the Democrats start to protect the taxpayers instead of the developers.
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