Friday, September 4, 2009
A No Tax Increase Budget?
If the town's projected $160,000 deficit wasn't enough proof that the Supervisor's pledge of a no tax increase budget is an election year sham, today's report from the State Comptroller makes such a pledge truly laughable. The report states that the pension fund which all municipalities pay into has been hit by the stock market's woes and will require substantial increases in the payments by municipalities this year in order to meet obligations.
You can read the story here in the Times Union. Due largely to the state Employee Retirement System's battered investment portfolio, the percentage of payroll that local governments must contribute for pensions will rise from 7.4 percent next year to 11.9 percent in 2011, this according to the report in the Times Union.
So as we approach the release of the town's budget later this month, voters should be wary of any claims made of a no tax increase budget, To be sure, just look at the projected spending verses last year and the anticipated revenue figures. They tell the true story and don't forget to look for another 280% pay raise request from the Supervisor and a 9% hike from the Town Clerk. That's what the pair tried to pull off last year despite an $85,000 deficit in the town.
Have a safe Labor Day weekend.
Posted by The North Greenbush Pipeline at 7:27 AM