City of New Haven Proposed 2011-12 Budget
City of New Haven, Board of Ed Budget
Management Partners Gap Analysis for the Financial Review And Audit Commission
McGladrey Gap Analysis for the Mayor’s Ability to Pay Presentation
Archive for the ‘Financial Sustainability’ Category
Some Documents
Friday, March 4th, 2011Cash Strapped Cities
Saturday, December 11th, 2010Check this out: CNN Report on Cash Strapped Cities. Pay attention to Corey Booker’s thoughts on not only budget shortfalls but the unfunded pension and healthcare liabilities. This is HIGHLY relevant to New Haven.
Some Background Documents on the Budget
Monday, November 15th, 2010The biggest question about the Mayor’s new found position, is whether he will listen to the people? Here are some citizen driven reports and suggestion on the budget. Will he listen?
FRAC Report on the State of New Haven’s Financial Picture
Friday, September 3rd, 2010Read the article here in the New Haven Independent.
Can we decrease spending and increase revenue to cover $100 Million? This is what we need to do in five years to cover a $82 Million shortfall and raise the emergency fund to 5% of our budget (another $22 million). This is not counting any drastic measures by the State to cut our PILOT or ECS (Education) funding.
Other interesting findings such as spending $1.5 Billion Dollars on Schools without checking to see if we need to build so many schools — is this why the census is so low at schools? If our census at schools do not match what we told the state, the State is going to send us a bill for the difference. I believe we have already had to pay back about $65 million in money for things which the State never approved. Where does it end???
Latest News Round-up
Friday, July 2nd, 2010Unfunded Pension Obligations
Tuesday, June 15th, 2010Check out this article in CT News Junkie on Unfunded Pension Obligations
An important piece this article does not mention is the “discount rate” or “Return on Investment” assumptions. When you assume, as New Haven does, a high and unrealistic 8-9% return every year, year after year, you only need to put in a small amount of money AND you can claim that we are “funding the pensions at 100% actuarial required amount”. The problem, is that if you assume 5% then the amount we need to put away in our CERF and P&F funds would skyrocket each year. Our funded ratio is very low AND we assume a high rate of return. I would recommend you request from our actuaries SEVERAL scenarios with the rate of return, pessimistic/ best guess/ optimistic ROI. Our current ROI is hopelessly optimistic and concealing the true problem in our city’s pension funds.
Can States Fix Their Pension Problems?
Tuesday, May 25th, 2010See the New York Times Discussion.
Can New Haven fix its pension problem?
Thank You
Thursday, April 29th, 2010Thank You
We had a very successful turn out last evening and even won over the people turned out by the Mayor. Lets keep up the pressure to have the Board of Aldermen send the budget back to the Mayor.
