Posts Tagged ‘Financial Sustainability’

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Unfunded Pension Obligations

Tuesday, June 15th, 2010

Check 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.

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Thank You

Thursday, April 29th, 2010

Thank 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.

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Come Wednesday, April 28, 2010 @ 6:30 pm

Monday, April 26th, 2010

Final Public Hearing On The Budget. Bring Friends

City Hall, 165 Church Street, New Haven, CT 06511

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WQUN Interview, this coming Saturday 7:00 am

Thursday, April 22nd, 2010

A radio interview on The New Haven Citizen’s Action 2010 Tax Relief Rescue Mission, with Susan Campion, volunteer, will be aired:

Saturday, 4/24 at 7:07 am (Early Bird Special)
John Deandre’s Newsmakers program
Tune in on 1220 am on your radio or click here for live streaming.

Learn more about Performance Based Budgeting from Susan Campion.

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Final Public Hearing, Wednesday, April 28 @ 6:30 pm

Thursday, April 22nd, 2010

We need your support by coming to the final public hearing on the budget. Your presence will make a big difference and we need you to come even if you can only stay a short while. The meeting is at City Hall, on the second floor, 165 Church Street.

We are asking everyone to do these three things:

#1 —- Sign the Petition to Cut the Budget by 10%
————————————————————————————————————————————————————-
The Mayor is proposing a 2% cut through Innovation Based Budgeting (IBB), we are asking that number to be 10% to be no new (net) taxes. Please call Jeffrey at 203-676-0880 or email jeffrey.kerekes@gmail.com if you have petitions ready to be picked up. While our Citywide Brainstorm has generated over 315 revenue/expense ideas, we believe city managers are best poised to implement cost savings measures to achieve a 10% reduction in the budget.

http://www.petitiononline.com/NewHaven/petition.html

#2 —- Come to the Final Public Hearing On The Budget —- **** PLEASE COME TO THIS EVENT!!!!! **** —-
————————————————————————————————————————————————————-
Final public hearing on the budget. We need people to turn out on this night. Bring your neighbors!!!
Wednesday, April 28, 2010 @ 6:30 pm
Board of Alders Chambers, City Hall, 165 Church Street, New Haven, CT 06511

#3 —- Contact these Board of Alders, Finance Committee Members —- They will be making a recommendation to the Full BOA on the Budget —-
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Ward#
4 Andrea Jackson-Brooks Ward4@newhavenct.net 102 DeWitt Street New Haven, CT 06519-2131 203-776-0502

5 Jorge Perez Ward5@newhavenct.net 24 Cassius Street New Haven, CT 06519-2313 203-562-4373

7 Bitsy Clark clarkfrances@sbcglobal.net 320 Audobon Court New Haven, CT 06511-1203 203-772-4455

9 Roland Lemar Ward9@newhavenct.net 549 Orange Street New Haven, CT 06511- 203-240-6135

10 Justin Elicker Ward10@newhavenct.net 192 Willow Street New Haven, CT 06511-2501 203-500-2969

11 Maureen O’Sullivan-Best Ward11@newhavenct.net 54 Foxon Street New Haven, CT 06513-3404 203-467-9783

14 Stephanie Bauer Ward14@newhavenct.net 55 East Pearl Street New Haven, CT 06513-3206 203-785-0065

16 Migdalia Castro Ward16@newhavenct.net 139 Lloyd Street,Unit 3, New Haven, CT 06513-3811 777-6835

22 Greg Morehead Ward22@newhavenct.net 13 Frances Hunter Drive, New Haven, CT 06511-3533 203-507-7766

23 Yusuf I. Shah Ward23@newhavenct.net 730 George Street #309, New Haven, CT 06511-5217 843-4450

29 Carl Goldfield Ward29@newhavenct.net 25 Roydon Road New Haven, CT 06511-2806 782-2064 w:787-9222

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An Inconvenient Budget

Sunday, April 11th, 2010

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Mill Rates

Tuesday, March 23rd, 2010

UPDATE: Here is a link to the municipal mill rates from the State of Connecticut. They offer it in excel and PDF versions.

Town
Mill
Rate
Next
Evaluation Year
Ansonia
32.30
2007
Beacon Falls
22.68
2011
Bethany
29.3
2008
Branford
22.33
2009
Bridgeport
38.74
2008
Cheshire
27.6
2008
Derby
25.5
2010
East Haven
22.85
2011
Guilford
24.32
2007
Hamden
29.10
2010
Hartford
72.79
2008
Huntington
17.47
2011
Madison
23.35
2007
Meriden Dist. 1
27.96
2011
Meriden Dist. 2
30.27
2011
Milford
31.77
2011
Naugatuck
41.3
2007
New Haven
42.21
2011
North Branford
23.70
2010
North Haven
25.44
2009
Orange
29.9
2011
Oxford
19.37
2011
Seymour
25.03
2010
Shelton
17.46
2011
Southington
21.88
2010
Stratford
30.12
2009
Wallingford
22.05
2010
West Haven Dist. 1
35.56
2009
West Haven Allingtown
33.96
2009
West Haven West Shore
33.85
2009
Woodbridge
29.96
2009
     

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NPR Covers Pension Shortfalls

Sunday, March 21st, 2010

Pension Woes May Deepen Financial Crisis For States

There’s a looming U.S. financial problem that’s big, is getting larger and could threaten the solvency of some states. From Connecticut to California, pension funds for teachers, firefighters and other public employees are severely underfunded. Read More Or Listen to Coverage

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Online Petition – Cut The Budget By 10%

Friday, March 19th, 2010

A Petition to the Members of the Board of Alders Finance Committee

The undersigned residents and taxpayers of New Haven wish to register our opposition to Mayor DeStefano’s proposed 2010-2011 budget. The $670,448,590 proposal is a large one and calls for a city-wide 9–11% tax increase, regardless of taxpayers’ ability to carry this burden. This is unacceptable.

We agree with the Mayor that these times are not normal. We disagree emphatically, however, with the Mayor’s proposed responses to these events. The Mayor’s proposal does little to attack the real problem, which is rapidly escalating costs, well beyond the rate of inflation. We refuse to be deflected from this focus.

In normal times, those who want work can generally find it. In normal times, wages and salaries increase, real estate values rise, the stock market expands – and we can support tax increases. But these are not normal times. In households throughout New Haven, families are re-learning how to “do without”. In New Haven’s businesses, and in our churches, colleges, and universities, responsible officials are finding ways to cut costs – not to control their growth, but to cut them. We affirm that, in these decidedly not normal times, New Haven’s city government must do the same. As City Alders, you have the authority to demand changes in the proposed budget and not simply accept it with minor changes As those who voted you into office, we deserve your protection and support.

We urge you to request that every department head identify ways to cut their actual expenses– not their proposals, but their current budgets – by 10% and to submit such reductions in a revised budget proposal. These are competent professionals who know how best to do this. They alone know how the dollar is spent and which activities provide the least value.

As an outside group we cannot presume to dictate where those cuts must be. We are confident, however, that competent professionals in every department know best how to cut 10% from their expenses with the least pain to New Haven’s quality of life and critical City services. Let them use furloughs, freeze hiring, wages and salaries, health care benefits, or simply turn the lights off earlier. Let them identify the ways to achieve the 10% reduction. We expect that some services will be sacrificed, and we are reluctantly ready to deal with that. We are not ready for yet another tax increase.

We know that what we propose is difficult. But these are not normal times. We urge you to send the Mayor’s proposal back and demand accountability from each and every department throughout this city. We love this city. We want this city to remain a great place to live for all.

To sign our petition to cut 10% of the budget: http://www.petitiononline.com/NewHaven/petition.html

Or if you want to print out the petition and help gather signatures. Return it to Jeffrey Kerekes, 43 Lyon Street, New Haven, CT 06511 203-676-0880

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City Budget In 2 Pages

Tuesday, March 16th, 2010

Here is the short budget (PDF).

Here is the updated citywide brainstorm (PDF)

Here is the short budget and brainstorm in excel format (Excel).

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