Fund Balance
Over the course of the last four years, Mayor Ryan has continued to
make statements that he was left very little Fund Balance when he took
office, and has implied that the previous administration did not leave the
City in solid financial standing. The facts tell a much different story.
To illustrate his point, I'd like to highlight a quotation in the Mayor's August 28,
2009 news release. Point four in the news release specifically states: “Last but not
least is the fourth factor – the depleted fund balance we inherited in 2006. As this
graph shows, the balance was nearly $4 million in 2003, but only $219,000 when we came
into office. An unhealthy fund balance handcuffs the City and burden’s the taxpayer.”
Unfortunately, this is not the first time the Mayor has made that erroneous statement
since he took office. Mayor Ryan continues to say the City treasury was low when he took
office and this lack of funds has contributed to the City's current financial condition.
Facts and figures from the City's annual report that is filed with the State of New York
detail a different story. I’m hopeful the Mayor will provide accurate information to the
public when he discusses the issue of fund balancein the future.
For more detailed information on these points, please click here.
Personnel Cuts
I have outlined more than $700,000 in personnel and other cuts that
should be immediately made in the 2010 City budget. The $700,000 in savings
I have identified for the 2010 budget is only the first in a series of specific
recommendations that I will make. The majority of these positions were either
added or recreated by Mayor Ryan over the course of the last four years and they
should be eliminated immediately. There are also a few traditional positions that
have transcended administrations that I have identified for cuts believe I believe
that the responsibility and workload can be absorbed by the respective department
without impacting services.
For more detailed information on these points, please click here.
NYS Comptroller Retirement System Plan
I have voiced serious concern and reservation over New York State Comptroller
Thomas DiNapoli’s plan to have local governments absorb the $44 billion dollar shortfall
that has recently impacted the NYS Retirement System.
In the last week of May, 2009, the comptroller announced the values of assets held
by the state pension fund dropped 26% last year, and added that the drop could mean
increases of more than 10% in property taxes for many municipal governments. By mandating
that local governments collectively absorb this multi-billion dollar loss by increasing
local property taxes is completely unacceptable and irresponsible and will push cities
that are on the verge on insolvency to the brink of bankruptcy. I am urging the Comptroller
to look at different options than this massive increase that will break the backs of
communities large and small across New York.
For more details on this issue, please click here