Jeremy Comment

Pension and OPEB underfunded by $2.5 BILLION??

 

Honestly we think we have the numbers right???
 

There are alot of smart people who read this blog.  Can someone check that last blog post and confirm or correct our numbers.

 

If this is right????

Now add in the debt for school construction and Polar Park.   

 

Wow!!! 

 

****   Pretty sure numbers are wrong -- we will get this right..   

 


 

Comments

Common Sense said…
Used to have a city councilor named Juan Gomez that used to warn anyone that would listen about this huge liability. I think these numbers are correct.
Anonymous said…
What is even worse is that interest rates are rising. Even with low interest, the staggering amount of debt service will eat up the city budget and ha
F the council are now essentially socialist twits.
Anonymous said…
Looks like we are maxing out our credit card!
Anonymous said…
As bad as this may look it would be worse if the City did not put in place the financial plans from about 15 years ago where they started funding OPEB and began building up other accounts. I think this was done by Mike OBrien or maybe Tom Hoover. There will be a time where this will be a problem but hopefully the City socked away enough money to deal with it.
Common Sense said…
Just read that State of NY and the City of Buffalo are kicking in $850 million towards the cost of the new Bill's stadium. I wonder if the taxpayers are going to revolt?
Anonymous said…
This "corporate welfare","crony capitalism" or call it whatever you like is beyond the point of lunacy. Millionaires (or Billionaires) expect states and local cities to invest in a facility (a building which they conduct their private business) with the risk that whatever is allegedly going to help the local city pay for the cost may not occur . The lunacy is that the owners have the means to build their own stadium or ballpark and for whatever reason cities get into a bidding war to lure or keep them. I don't think this will ever be a good expense of public dollars. Paving the roads or building a school would be a much better use of tax dollars.

What makes the situation worse, as is in the case with the WooSox, is when they are not required to pay taxes like the law says.We taxpayers are getting it stuck to us both ways and these teams smile all the way to the bank.
Anonymous said…
The City's financials are on their website. Rough numbers, the pensions are $500,000,000.00, OPEB is $1,500,000,000.00 and bonds are $1,000,000,000.00. All together they total $3,000,000,000.00, three billion. That is a lot of zeros.