Gary sure does have his hands full!  And he can't blame it on anyone but himself.  BK before our taxes double.  Can anyone say how many houses were listed since this article?

http://www.dailygazette.com/we.....iscovering-if-schen/

you can read the audit here

Quoted from rpforpres

http://www.dailygazette.com/we.....iscovering-if-schen/


you can read the audit here

Yep, over 74% of expenditures are governmental operations costs.

The most embarrassing issue here is that these dimwits are actually being VOTED IN!!!!

I mean really folks.......WTF!!!!

Quoted from Libertarian4life

Yep, over 74% of expenditures are governmental operations costs.

and why are folks so surprised? allowing the government to usurp personal responsibility/choice all in the name of
'comfort for votes' 'envy for votes' etc etc.....

big government gets to be used at the podium as the puck that hits the masses right in the teeth so the masses lose
their bite....because the elected get to say "look what we did for you" and the masses role over and get their
bellies rubbed--'nice little puppies nice'......

there's a bunch of folks 'trapped' in Long island complaining about their 'lack of comfort', no power is the same as
no food stamps....

Quoted Text

SCHENECTADY
State flags growing defi cit
Audit warns city to build revenue or face huge gap
BY KATHLEEN MOORE Gazette Reporter

    Unless Schenectady leaders take action now to collect more of the city’s delinquent taxes or find other sources of revenue, the budget deficit will grow exponentially in the next few years, the state Comptroller’s Offi ce said.
    The auditors projected a $6.7 million deficit in 2014 — so large that the city would be left in the red even if every property owner paid their taxes in full. The audit urged the City Council take take action immediately and fi x the problem within the next year to avoid an exploding budget defi cit.
    But Mayor Gary McCarthy said the deficit projections were overblown.
    “They take kind of the worstcase scenario,” he said.
    He noted, for example, that the state pension system has required “dramatic” increases in recent years to recover from the stock market crash. Those increases have been projected to level out soon, but he said the audit didn’t take that into consideration.
    “It assumes we will not benefi t from the turnaround in the state pension system,” he said. “That’s one big area where you could see a $1 million to $2 million dollar shift.”
    He said the city is not as bad off as it might seem.
    “We’re in a difficult time,” he said. “But it’s within our means to deal with it.”
    The state Comptroller’s Offi ce on Tuesday released an audit of the city’s finances, looking at the period from Jan. 1, 2011, to June 30, 2012.
    The report wasn’t all bad. Auditors said city offi cials were “adequately” monitoring the city’s finances, answering a criticism leveled by many outsiders who have suggested McCarthy is not doing enough to keep the city in good fi scal health.
    The audit also said the city’s fi - nancial condition “appears to be slowly improving.”
    But it isn’t getting better quickly enough. The state required the city to immediately initiate corrective action and file a written plan within 90 days. That plan should be made public.
FIXES DIFFICULT
    However, the audit didn’t have many ideas for how to fix the city’s problems.
    Auditors suggested consolidating the Police Department with countywide operations, a political minefi eld that has been staunchly opposed by the police union and every suburb surrounding the city.
    Auditors also suggested consolidated some fi refi ghting operations. It was not clear how those operations could be consolidated, since most other operations in the county are performed by volunteer departments. The city already has a contract to provide hazardous materials response teams throughout the county.
    Beyond those ideas, the auditors simply encouraged the city to continue its plan to foreclose on tax-delinquent properties, using its HOME program and the Land Bank. The city plans to sell those properties to new owners, who would presumably pay taxes.
    The audit also urged city offi cials to find other sources of revenue before the city’s savings accounts run out of cash.
    According to the audit, city officials are hoping to collect 44 percent more of the existing taxes that currently go unpaid. In 2011, the city issued tax bills for $31 million, but only collected $27 million, leaving Schenectady $4 million short.
    McCarthy hopes that strict taxforeclosure efforts will encourage property owners to pay up in the future. But auditors said that wouldn’t be enough to balance the city’s budget in future years, though it would resolve the 2013 defi cit.
    The auditors projected a budget gap of $2.2 million in 2013. However, the city budget proposed by the mayor had a $3.1 million deficit. The City Council cut that by $900,000 and took steps to reduce it by another $600,000 by setting aside items that they hope they will not need next year. If they turn out to not need those expenses, the money would be used to reduce the defi cit.
    The city needs to do more, according to the audit.
    “The city would still need to implement further cost savings or increase revenues in future years,” it said.
    The audit predicted huge increases in the deficit, but didn’t explain how they came to those conclusions. Starting with the $2.2 million gap projected in 2013, the audit predicted a $6.7 million gap in 2014, followed by a $9.4 million gap in 2015 and a $12.9 million gap in 2016.
    In each year, the audit assumed the city would increase taxes to the maximum allowed, which is 2 percent. The gap would be the amount of money the city would still need, after taking into account all revenues.
    Auditors didn’t recommend holding the tax increase below 2 percent, given the seriousness of the defi cit.
    They noted that in 2012, the city could have legally raised $1.6 million more than it actually levied in taxes. They also said the city is offi cially in “fiscal stress” and urged the council to closely watch budget expenses and fix the situation within the next year.
    “The city still faces a number of challenges moving forward; how it manages itself for the remainder of 2012 and throughout 2013 will be critical,” the audit said.
    The final version of the audit was released Tuesday — a day early — after being leaked to the news media.
    In the final version, McCarthy responded to the audit in writing by noting that the city needs more state aid. Schenectady gets less than Troy, Utica, Rome and Niagara Falls. .......................>>>>...........................>>>>..............................http://www.dailygazette.net/De.....r00103&AppName=1

but its actually fine, things are great

Quoted Text

But Mayor Gary McCarthy said the deficit projections were overblown.
        He said the city is not as bad off as it might seem.

OMG!! And the gazetto actually printed this!!!

If you look at the actual report, it shows some bar graphs that indicate the property values have been going up, but in 10-11 they went down by a mere 3%.

Obviously those are made up numbers because, as an example, I have provided the evidence to the contrary by actually showing the sale prices and how much lower they are than the assessment value, and further, how much lower the sale price is compared with the initial asking price!


Maybe some of us should write to Dinapoli on behalf of the taxpayers and provide the evidence of the drastically reduced tax base, the burden on the homeowners, and the evidence of how long it takes to sell a house and how much drastically lower the selling prices are!

Quoted from GrahamBonnet

but its actually fine, things are great

Every NE City is foreclosing on over 700 properties including churches-no? Last night a classic trio. Harry Brandt, Joyce Wachala and Mary McClane speaking one after another at the people's
podium. The sheeple are awaking! Had enough yet? McCheese needs to start blaming Stratton for the present debacle.

Bet if Jason Cuthbert wasn't fired, there might actually be a fiscal shred of hope ...the guy had PLANS on how to get out of this mess.

Don't worry, the implosion is moving along even more swiftly. The rats are meeting in their secret lairs and violating meetings laws.

Don't worry Vince Riggi, when the SS Schenectady Titanic sinks, the rats drown first. Your lifeboat is the support of the people. Hope Vince can get moved into the Mayors office quickly.