Broward Elections Supervisor Brenda Snipes Cashes In, Will Receive Nearly $130k in Yearly Pensions
Plus she gets a cost of living increase every year of 2 - 3%.Read about Snipes... Only in America.
Showing posts with label Pensions. Show all posts
Showing posts with label Pensions. Show all posts
Thursday, November 29, 2018
Wednesday, July 20, 2016
Union Reps negotiate with the City of Lake Worth on raises
Comment Up
Nick Petrino, one of our code enforcement officers who will have been with the city 10 years in October, was on the "hot seat." He will be keeping his job after all. The decision was made at 9:20 this morning. The City must have realized that the charges were not strong enough and/or unproven. We need Nick and more employees like him: hard-working and dedicated to doing the best job each and every day.
Immediately following the above, the Union Negotiating Committee met and discussed raises only for 2016/2017. The Pension discussions were put on the back burner in order for the city to concentrate 1) on the budget and 2) merit raises. Merit raises will be discussed in the month of March 2017. The Union Reps and the City agreed to a two year 4% raise for those in the PMU and PMSA.
The Employee Liability is $38,601,258.00 or 333.06% percentage of covered employee payroll.
Nick Petrino, one of our code enforcement officers who will have been with the city 10 years in October, was on the "hot seat." He will be keeping his job after all. The decision was made at 9:20 this morning. The City must have realized that the charges were not strong enough and/or unproven. We need Nick and more employees like him: hard-working and dedicated to doing the best job each and every day.
Immediately following the above, the Union Negotiating Committee met and discussed raises only for 2016/2017. The Pension discussions were put on the back burner in order for the city to concentrate 1) on the budget and 2) merit raises. Merit raises will be discussed in the month of March 2017. The Union Reps and the City agreed to a two year 4% raise for those in the PMU and PMSA.
The Employee Liability is $38,601,258.00 or 333.06% percentage of covered employee payroll.
Monday, May 23, 2016
PEU/PMSA negotiations Lake Worth
Comment Up
DATE JUST UPDATED AGAIN!
The Salary Re-Opener for Fiscal Year 2016-2017 / Pension has been rescheduled due to a conflict with our city attorney's schedule.
NOW:
When: Wednesday, July 20, 2016 9:30 AM-1:30 PM
Where: City Hall Conference Room
DATE JUST UPDATED AGAIN!
The Salary Re-Opener for Fiscal Year 2016-2017 / Pension has been rescheduled due to a conflict with our city attorney's schedule.
NOW:
When: Wednesday, July 20, 2016 9:30 AM-1:30 PM
Where: City Hall Conference Room
Monday, May 2, 2016
Lake Worth - Union Contract Agreement reached
This is on the May 17th agenda. Sounds like it might be good news for those employees looking for their raise. We have to guess (there is no back-up yet) that 1) this pertains to the recent decision to separate the raise from the pensions and 2) the commission will agree to the raise being retro-active to October 1, 2015.
One obstacle down; one more to go.
Monday, April 25, 2016
TA agreed with City of Lake Worth on Pension
Comment Up
As I was unable to attend today's meeting between the Union employee negotiating committee for the PMSA and PEU union contracts and City staff, I just received the following results:
1. Tentative Agreement reached
2. Pension is a separate agreement from raise
3. 4% raise is retroactive from October 1, 2015.
I am rather confident that our city attorney, Glen Torcivia, had a lot to do with moving this issue forward to an acceptable agreement with the employees. This team of employees was very impressive as was employee Nicholas Petrino who stood up, was steadfast, and convinced the city.
As I was unable to attend today's meeting between the Union employee negotiating committee for the PMSA and PEU union contracts and City staff, I just received the following results:
1. Tentative Agreement reached
2. Pension is a separate agreement from raise
3. 4% raise is retroactive from October 1, 2015.
I am rather confident that our city attorney, Glen Torcivia, had a lot to do with moving this issue forward to an acceptable agreement with the employees. This team of employees was very impressive as was employee Nicholas Petrino who stood up, was steadfast, and convinced the city.
Tuesday, April 19, 2016
Union and City - Pension Tug of War
A Battle that Never Ends...
Today is D-Day...Decision Day--hopefully--a compromise and a decision will be decided upon on this long-drawn out union negotiation with the city's desire to move all of the Lake Worth employees to a 30 year retirement plan. Many of our employees were hired under the old plan. Employees have held their own saying you hired us under certain conditions that we accepted and if we voluntarily switch, we will lose a lot of retirement dollars.
So many costs are rising and the city's infrastructure is crumbling at their feet. They are looking for savings in anyway they can get it thus a new employee contract is strongly being pushed. The City is saying that they no longer can afford the old plan and have been holding up the 4% raise to all employees since October 1 (the money is in the budget) until a final contract is signed. Although employees don't begrudge management getting their raises, it is something they grumble about as they themselves haven't received one in many years.
It will be interesting to see how this plays out as the employees will be the ones giving up something--possibly it will be either the 4% raise after not having one in nearly 8 years or the old retirement plan. If the employees elect to stay with the old plan, the question then is, will the city employees ever expect a raise again? Will all of this be the final nail in their coffin? Will it all turn out fairly?
I can't see where a compromise will make anyone happy, least of all the employees. In the meantime, they are doing their jobs with a shortage of staff and working their butts off. But in a tug of war, it is the guy with the most strength who prevails. The city is the guy who signs the check.
The meeting will be held at the City Hall conference room, today at 9am.
The Problem
(Click to enlarge)
(Click to enlarge)
Friday, April 1, 2016
Lake Worth Employee Writes to City officials on his Pension
Comment Up
Letter to the City Officials from a Stand-Up Guy:
Nicholas M. Petrino
11:41 AM
Ms. Triolo,
Mr. Bornstein,
City of Lake Worth Commissioners,
City of Lake Worth Union,
Associated Parties of Interest:
I am an employee of the City of Lake Worth and have been since 2006. As an employee, I signed up for the pension plan that was in place at the time. This was a condition of my employment and it allowed me to collect for retirement after 20 years of service. I have always taken great personal and professional pride in completing any task assigned to me to the best of my abilities. As a lifeguard from 2006-2014 I protected the patrons who attended Lake Worth Beach and was proud to create a safe environment for all to enjoy. In 2014 I became a Code Compliance Officer, for which I am truly grateful to be able work further for the residents of my City in an effort to help create a pleasant community atmosphere. Overall I have devoted a decade of my life to this City, working through the trials the employees have faced with a positive attitude, hoping that the circumstances might change; that they had to change.
I have enjoyed helping this City both as an employee and volunteer for various community activities. I now have to ask, where has my devotion gotten me? I feel my future is at stake.
This City made promises to me, as well as to others, prior to 2010 with regards to pay and retirement. Many of us have worked diligently since then without any form of incremental pay raise, for that “promise” of a long-term benefit. Now, after investing so much of my life and my family’s financial wellbeing to stay with this City, I believe that the rug is being pulled out from under me. I want what I signed up for, nothing more and nothing less. I believe forcing me to change my contract to lose the retirement benefit I signed up for to be a violation of my rights as an employee, and quite frankly, personally offensive. We hear the City is in serious financial trouble. If so, how can they afford “for some, tens of thousands of dollars per person” yearly raises for the City Manager, Department Heads, IBEW, City Magistrate and Attorneys & etc., as well as allocating money for “special” projects? At best, the optics are terrible.
Spectacular parades, community involvement, crime walks, artisanal districts and a mixture of highly motivated citizens make this City special. Why can’t some of the same effort be used to find funds for the employees who work so hard for the City of Lake Worth? We feel that we have no importance. Aren’t our efforts worth something? Its disconcerting when the topic of employees arise it falls on deaf ears and is met with cold hearts, half-truths and blatant lies. History as has shown us over and over again that knowledge is key. Treating the employees fairly would directly result in a higher retention rating thus expanding the job knowledge within this City. Which would benefit both the City and the community. Over the years the City has proven a blatant disregard of employees from speculation into factual evidence which has not only left scars on the City but has drastically affected the morale of the workers. Traditionally, government workers have dealt with low pay, with an understanding that the benefits and pension plan are favorable. However, we are now expected to accept both low pay and a bad pension.
During discussion on 3/18/16, I hoped that the employees hired prior to 2010 would be given a onetime choice of an option to either continue in their agreed 20 year & collect contract, or perhaps a 5-5-5 pension, a yearly vesting to collect at 62 or another option. I myself would choose what I was promised, but others might choose a different option depending on their overall goals and status in life. My fellow employees are all genuine, good hearted people and deserve a positive work environment backed by job security and faith in their employer to do the right thing. Sadly, as every year passes I am increasingly more worried about my future as the City appears to display bad faith and a growing disregard for its employees.
In conclusion: I’m pleading with the City. Please stop holding up the only raise/cost of living increase we have seen in almost a decade so that our pensions can be stripped from us. Please stop keeping us in the dark. The Union wants to negotiate. They want a fair resolution for both sides. We hope you would want the same. But, forcing people out of their contracts is wrong. It’s just fundamentally wrong. We are not just another position to be filled. We are people who have individual lives and we should be valued, not thrown aside. Let us keep our contracts and finish our terms of employment in peace. Bring morale back to this city. You have a unique opportunity to do the right thing, both privately and publicly. There comes a time where you as must ask yourself, as I did. Would you allow your future to be negotiated away?
Nicholas Petrino
City of Lake Worth
Letter to the City Officials from a Stand-Up Guy:
Nicholas M. Petrino
11:41 AM
Ms. Triolo,
Mr. Bornstein,
City of Lake Worth Commissioners,
City of Lake Worth Union,
Associated Parties of Interest:
I am an employee of the City of Lake Worth and have been since 2006. As an employee, I signed up for the pension plan that was in place at the time. This was a condition of my employment and it allowed me to collect for retirement after 20 years of service. I have always taken great personal and professional pride in completing any task assigned to me to the best of my abilities. As a lifeguard from 2006-2014 I protected the patrons who attended Lake Worth Beach and was proud to create a safe environment for all to enjoy. In 2014 I became a Code Compliance Officer, for which I am truly grateful to be able work further for the residents of my City in an effort to help create a pleasant community atmosphere. Overall I have devoted a decade of my life to this City, working through the trials the employees have faced with a positive attitude, hoping that the circumstances might change; that they had to change.
This City made promises to me, as well as to others, prior to 2010 with regards to pay and retirement. Many of us have worked diligently since then without any form of incremental pay raise, for that “promise” of a long-term benefit. Now, after investing so much of my life and my family’s financial wellbeing to stay with this City, I believe that the rug is being pulled out from under me. I want what I signed up for, nothing more and nothing less. I believe forcing me to change my contract to lose the retirement benefit I signed up for to be a violation of my rights as an employee, and quite frankly, personally offensive. We hear the City is in serious financial trouble. If so, how can they afford “for some, tens of thousands of dollars per person” yearly raises for the City Manager, Department Heads, IBEW, City Magistrate and Attorneys & etc., as well as allocating money for “special” projects? At best, the optics are terrible.
Spectacular parades, community involvement, crime walks, artisanal districts and a mixture of highly motivated citizens make this City special. Why can’t some of the same effort be used to find funds for the employees who work so hard for the City of Lake Worth? We feel that we have no importance. Aren’t our efforts worth something? Its disconcerting when the topic of employees arise it falls on deaf ears and is met with cold hearts, half-truths and blatant lies. History as has shown us over and over again that knowledge is key. Treating the employees fairly would directly result in a higher retention rating thus expanding the job knowledge within this City. Which would benefit both the City and the community. Over the years the City has proven a blatant disregard of employees from speculation into factual evidence which has not only left scars on the City but has drastically affected the morale of the workers. Traditionally, government workers have dealt with low pay, with an understanding that the benefits and pension plan are favorable. However, we are now expected to accept both low pay and a bad pension.
During discussion on 3/18/16, I hoped that the employees hired prior to 2010 would be given a onetime choice of an option to either continue in their agreed 20 year & collect contract, or perhaps a 5-5-5 pension, a yearly vesting to collect at 62 or another option. I myself would choose what I was promised, but others might choose a different option depending on their overall goals and status in life. My fellow employees are all genuine, good hearted people and deserve a positive work environment backed by job security and faith in their employer to do the right thing. Sadly, as every year passes I am increasingly more worried about my future as the City appears to display bad faith and a growing disregard for its employees.
In conclusion: I’m pleading with the City. Please stop holding up the only raise/cost of living increase we have seen in almost a decade so that our pensions can be stripped from us. Please stop keeping us in the dark. The Union wants to negotiate. They want a fair resolution for both sides. We hope you would want the same. But, forcing people out of their contracts is wrong. It’s just fundamentally wrong. We are not just another position to be filled. We are people who have individual lives and we should be valued, not thrown aside. Let us keep our contracts and finish our terms of employment in peace. Bring morale back to this city. You have a unique opportunity to do the right thing, both privately and publicly. There comes a time where you as must ask yourself, as I did. Would you allow your future to be negotiated away?
Monday, December 28, 2015
Lake Worth Employees--Blame it on your Unions
Comment Up
The Explanation as to why city employees have not yet received their 4% budgeted raise. They will get it but now it's a matter of when--will one side cave in to the other's demands? I think the city is holding the cards as they are the ones who actually pay out the money. And we need a retirement plan that makes sense in today's economic climate. This blog has discussed the pension subject on numerous occasions.
Basically, the city wants to negotiate the Pension part of the Contract separately and the unions insist it be a part of the new Contract.
The commission never talks about the pensions that have bled this city dry, a part of the uncontrollable costs amounting to 69.31% of the entire last year's budget. But in the meantime, employees need their promised raise.
The Explanation as to why city employees have not yet received their 4% budgeted raise. They will get it but now it's a matter of when--will one side cave in to the other's demands? I think the city is holding the cards as they are the ones who actually pay out the money. And we need a retirement plan that makes sense in today's economic climate. This blog has discussed the pension subject on numerous occasions.
Basically, the city wants to negotiate the Pension part of the Contract separately and the unions insist it be a part of the new Contract.
The commission never talks about the pensions that have bled this city dry, a part of the uncontrollable costs amounting to 69.31% of the entire last year's budget. But in the meantime, employees need their promised raise.
Monday, March 2, 2015
Negative Outlook for Chicago but everything is rosy in Lake Worth
Read about Chicago's pending Doom all brought on by the unions and unfunded liabilities to the tune of $20 billion as well as general obligation bonds worth $8.3 billion. Moody's has now cut their credit rating to right above Junk.
Yes, Vice Mayor, other cities do issue general obligation bonds for roads and infrastructure. Many cities have unfunded liabilities, as do we, that are astronomical and unsustainable and take huge chunks from operational budgets. In our city, little money is left-over to fix potholes.
And yes, Mayor, you all need to work hard for sustainable growth. We realize our potential but we also recognize the horrendous debt on the books. You deny we even have debt because it is not in our operational account...but it's there...unfunded liabilities of over $80 million. You have a Revenue bond still outstanding of over $54 million with a Utility upgrade NEVER COMPLETED.
I doubt seriously that even Chicago ever worried about spending millions on unpaved roads. How come you never talk about our unfunded liabilities and massive debt? Instead, it seems that all of you on the dais (Maxwell, Triolo, Amoroso and Szerdi) want to go the same route as 47 other municipalities across the country--bankruptcy. Bankruptcy happens when you spend more than you have or can ever hope to make. Ask a third grader. You blame every past commission in Lake Worth for our state of affairs when you have contributed to the problem by approving more affordable housing than any commission in past history.
Good luck in Tallahassee. Can we get a full-report upon your return that will coincide with all these "grown-up decisions" like the $63.5 money grab that you're still itching to get a hold of, the possible out-sourcing of our beach park with a company at the Negotiation Meeting on November 4 who admits they have been working on everything for the past six months and wants to build a 20,000 s.f. convention center--or why unpaved roads are such a priority (calling it "criminal") in our city that you even have to include it in the mix.
You are the only ones singing Gypsy Rose Lee's song--Everything's coming up Roses never mentioning that you can't live within the revenues generated by taxpayers who live in a poor city where few roses are seen.
Monday, December 29, 2014
Pension Crisis
"The crisis isn’t going away. Nationwide, public-employee pensions are
running between $1 trillion and $5 trillion in the red, depending on the
rate of return expected on stocks and bonds. This could be the next
housing bubble to burst. Some states such as Utah have smartly moved
quickly to head off this crisis by closing down open-ended pensions and
putting public-sector union members in 401(k) plans that won’t bankrupt
the state or municipalities. The unions are fighting this reform
everywhere." Read more...
And what we have faced in Lake Worth is all swept under the rug. This commission dares not mention the word "union" as it might open up the truth in that can of worms.
Liabilities:
$56.7 on the utility upgrade…money still unaccounted for in the original bond
$3.5 million still owed on the Gateways...
$87 million or so in unfunded pension liability
NOTHING is ever mentioned about the cost of public safety. Former city manager Susan Stanton was so aghast at the sheer numbers that she got into negotiations with Ric Bradshaw and shaved $2 million off of his costs to Lake Worth. The thanks she got? A lot of misinformed residents who were fed all sorts of politically charged explosive stories even going so far as to blame it all on hormones. This is the sort of disgusting politics we have in this city.
The commission never talks about the pensions that have bled this city dry which are uncontrollable costs amounting to 69.31% of the entire budget.
And what we have faced in Lake Worth is all swept under the rug. This commission dares not mention the word "union" as it might open up the truth in that can of worms.
Liabilities:
$56.7 on the utility upgrade…money still unaccounted for in the original bond
$3.5 million still owed on the Gateways...
$87 million or so in unfunded pension liability
NOTHING is ever mentioned about the cost of public safety. Former city manager Susan Stanton was so aghast at the sheer numbers that she got into negotiations with Ric Bradshaw and shaved $2 million off of his costs to Lake Worth. The thanks she got? A lot of misinformed residents who were fed all sorts of politically charged explosive stories even going so far as to blame it all on hormones. This is the sort of disgusting politics we have in this city.
The commission never talks about the pensions that have bled this city dry which are uncontrollable costs amounting to 69.31% of the entire budget.
Monday, December 15, 2014
End Double Dipping
Why cities and state governments go broke--Click here... You won't believe the amount of compensation this state employee will receive.
This law needs to change. The double-dipping government retirees all received a waiver that allows them to take another government job while still receiving their pensions. In this particular case, it's a whopper paid for by Florida taxpayers.
Julie Jones, 57, will become the new secretary of the Florida Department of Corrections eight months after she retired as head of the Florida Department of Highway Safety and Motor Vehicles, a post she had held since 2009.
The practice of double dipping is prohibited in some states. In 1984 former governor Bob Graham received legislation that passed unanimously in both houses of the Florida Legislature forbidding public officials from receiving retirement pay and regular pay simultaneously for the same position. Ms. Jones simply moved from one department to another. This is a loop hole that needs to be fixed.
A good read for all elected city officials.
Thursday, November 27, 2014
Jacksonville looking at Pension reform
Comment Up
And we think we have troubles-
Jacksonville may vote on major Pension Reform on their police and fire pensions. Read about it... and the major reason hundreds of cities across the country can't meet budgets or have money left over for operations or why they try and grab $63.5 million from taxpayers for infrastructure. All the while, Lake Worth commissioners continue to travel or have the "free" lunch giving us the song and dance that networking and seminars are all for the improvement of our city.
What happened to all that "free' stuff they can read on the Internet?
And we think we have troubles-
Jacksonville may vote on major Pension Reform on their police and fire pensions. Read about it... and the major reason hundreds of cities across the country can't meet budgets or have money left over for operations or why they try and grab $63.5 million from taxpayers for infrastructure. All the while, Lake Worth commissioners continue to travel or have the "free" lunch giving us the song and dance that networking and seminars are all for the improvement of our city.
What happened to all that "free' stuff they can read on the Internet?
Monday, October 6, 2014
Lake Worth's Pension obligations
Comment Up
Did you happen to read the editorial in today's Palm Beach Post? Lake Worth was not mentioned. The article was about why our state legislatures should fix the pension mess. It was just on September 25th where the Post indirectly reported on Lake Worth going from a C and D grade to all F's citing the LeRoy Collins Institute at Florida State University ratings and the health of 151 municipal pension plans statewide. Click here.
Lake Worth
General Employees C-- F
Police Officers D-- F
Steve Carr, the Interim Finance Director came out and reported that our pensions are $130,000,000.00 in the red.
I just find it curious as to why the Post failed to even mention Lake Worth when it came out in several editorials for voters to support a general obligation bond that would have put every property owner in Lake Worth in debt by $131,000,000.00 for 34 years.
It's the little things that drive you crazy. But it's the massive financial obligations that will bring down a city. Our pension debt is the biggest problem Lake Worth has and not once was it discussed during the budget.
Did you happen to read the editorial in today's Palm Beach Post? Lake Worth was not mentioned. The article was about why our state legislatures should fix the pension mess. It was just on September 25th where the Post indirectly reported on Lake Worth going from a C and D grade to all F's citing the LeRoy Collins Institute at Florida State University ratings and the health of 151 municipal pension plans statewide. Click here.
Lake Worth
General Employees C-- F
Police Officers D-- F
Steve Carr, the Interim Finance Director came out and reported that our pensions are $130,000,000.00 in the red.
I just find it curious as to why the Post failed to even mention Lake Worth when it came out in several editorials for voters to support a general obligation bond that would have put every property owner in Lake Worth in debt by $131,000,000.00 for 34 years.
It's the little things that drive you crazy. But it's the massive financial obligations that will bring down a city. Our pension debt is the biggest problem Lake Worth has and not once was it discussed during the budget.
Thursday, October 2, 2014
Lake Worth Pensions in the Red
Comment Up
Lake Worth's pension plans are $130 million in the red according to interim finance director, Steve Carr. Click here to see the video and the report on Channel 12.
Recently we were given an F grade. Didn't the Vice Mayor tell us during the bond money grab that we had no debt?
Lake Worth's pension plans are $130 million in the red according to interim finance director, Steve Carr. Click here to see the video and the report on Channel 12.
Recently we were given an F grade. Didn't the Vice Mayor tell us during the bond money grab that we had no debt?
Thursday, September 11, 2014
There are Potholes and then there are Potholes
Comment Up
As everyone knows, infrastructure and potholes are all across America and even cities with more money than we, don't have the funds. But one struggling city is filling in their holes in an innovative way--and it's not by taxing the people for 34 years.
"Chicago has been hit particularly hard--with 47,500 pothole complaints between December and March alone. The city has rolled out a pothole tracker and a new strategy to deal with it....Also, The option to raise property taxes to cover the annual required pension
contribution is simply out of the question considering homeowners would
be looking at a 35 percent tax increase"...sound familiar? Read about one artist who is making a difference. With staggering unfunded pension obligations and debt, Chicago could next follow Detroit.
In the meantime, there are Lake Worth's potholes that were vandalized by the YES advocates (losers) during the recent election. The Palm Beach Post even said that if the bond had passed, taxpayers would have been looking at a 35% increase in taxes. With staggering unfunded pension obligations and debt, Lake Worth just keeps on spending and will be drawing $264,544 out of reserves (savings) in order to balance its budget for FY 2014/2015. The entire commission, with the exception of Amoroso, voted to accept the Budget. We continue to ask this commission to live within its means, but as usual, it does NOT listen.
As everyone knows, infrastructure and potholes are all across America and even cities with more money than we, don't have the funds. But one struggling city is filling in their holes in an innovative way--and it's not by taxing the people for 34 years.
In the meantime, there are Lake Worth's potholes that were vandalized by the YES advocates (losers) during the recent election. The Palm Beach Post even said that if the bond had passed, taxpayers would have been looking at a 35% increase in taxes. With staggering unfunded pension obligations and debt, Lake Worth just keeps on spending and will be drawing $264,544 out of reserves (savings) in order to balance its budget for FY 2014/2015. The entire commission, with the exception of Amoroso, voted to accept the Budget. We continue to ask this commission to live within its means, but as usual, it does NOT listen.
Monday, August 25, 2014
"Grab the Cash" before the next Bubble, says the city
Comment Up
What do you do when you are cash poor? You buy on credit until that dries up or you stop buying. In Lake Worth, they just keep buying as we have been operating in the red for the past two budget years. The "free lunch" is alive and better than ever. It is the hope of the city and the commission that their "grab the cash" plan will work at the polls tomorrow. They have done everything under the sun to convince you.
The commission is trashing your mailbox with junk trying to sell everyone on rebuilding our infrastructure in our tired and 100 year-old city...fixing the potholes and paving over the few streets that are still gravel. They appeal to you that kids need sidewalks to keep them safe. Potholes are much more "right in your face" and a "selling point" to convince you to buy into their Roads Improvement 2020 plan that will obligate every property owner in this city for 30 years or more and then they will have to turn right around and fix the roads again.
Can you even imagine what you will be paying as property values rise? This is to attract development, not just the poor to whom they have been catering over the past several years by literally spending $23 million to build 138 houses dotting every poor section of our city with the hopes that those surrounded by this new housing will also improve their homes...the trickle up theory. Didn't work; never does. Now in order to raise tax revenue, they are engaging in affordable rentals..BIG TIME. They like to tell you that the one on Boutwell is NOT affordable rentals but it is according to HUD standards and definition.
But the main reason this is on the ballot is to attract developers and to change our quaint city forever. Realtors are ready and some people are hurrying out to get their license so that they can cash in when the time is right. They are not happy with no growth and property values falling to a ridiculous low. After all, real estate commissions are based on value. They want to give developers a big break by YOU paying for the infrastructure at the Park of Commerce so that they might develop there. How long will it take for the city to recapture your $11 million minimum investment in that land? Another 50 or 100 years? The government has done everything possible to ruin our city by building affordable rentals which will cause more slum, blight, the homeless, and crime. They even went so far as to not to honor the vote on heights in our downtown...a new low for any elected official.
No one is addressing this false sense of recovery that we are all experiencing at the moment. The housing recovery seems to be just another stage of the foreclosure crisis with the same city players who regenerate whenever there is a boom. We have a lot of investors who are buying again with banks playing games. The bubble is back.
We very well might end up as we did before as this could be a false recovery. Even your property has been assessed on this "recovery." 8.9% increase in value based on what? Institutional buyers are snapping up cheap properties. Banks, once again, are giving cheap mortgages. People are buying. We are still poor and slum and blight has no where to go. If the bubble bursts, we will have more folks in foreclosure than we did before who won't be able to pay their ad-valorem.
This commission does not listen to you. Make them listen tomorrow when you walk into that election booth and cast your vote AGAINST.
What do you do when you are cash poor? You buy on credit until that dries up or you stop buying. In Lake Worth, they just keep buying as we have been operating in the red for the past two budget years. The "free lunch" is alive and better than ever. It is the hope of the city and the commission that their "grab the cash" plan will work at the polls tomorrow. They have done everything under the sun to convince you.
The commission is trashing your mailbox with junk trying to sell everyone on rebuilding our infrastructure in our tired and 100 year-old city...fixing the potholes and paving over the few streets that are still gravel. They appeal to you that kids need sidewalks to keep them safe. Potholes are much more "right in your face" and a "selling point" to convince you to buy into their Roads Improvement 2020 plan that will obligate every property owner in this city for 30 years or more and then they will have to turn right around and fix the roads again.
Can you even imagine what you will be paying as property values rise? This is to attract development, not just the poor to whom they have been catering over the past several years by literally spending $23 million to build 138 houses dotting every poor section of our city with the hopes that those surrounded by this new housing will also improve their homes...the trickle up theory. Didn't work; never does. Now in order to raise tax revenue, they are engaging in affordable rentals..BIG TIME. They like to tell you that the one on Boutwell is NOT affordable rentals but it is according to HUD standards and definition.
But the main reason this is on the ballot is to attract developers and to change our quaint city forever. Realtors are ready and some people are hurrying out to get their license so that they can cash in when the time is right. They are not happy with no growth and property values falling to a ridiculous low. After all, real estate commissions are based on value. They want to give developers a big break by YOU paying for the infrastructure at the Park of Commerce so that they might develop there. How long will it take for the city to recapture your $11 million minimum investment in that land? Another 50 or 100 years? The government has done everything possible to ruin our city by building affordable rentals which will cause more slum, blight, the homeless, and crime. They even went so far as to not to honor the vote on heights in our downtown...a new low for any elected official.
No one is addressing this false sense of recovery that we are all experiencing at the moment. The housing recovery seems to be just another stage of the foreclosure crisis with the same city players who regenerate whenever there is a boom. We have a lot of investors who are buying again with banks playing games. The bubble is back.
We very well might end up as we did before as this could be a false recovery. Even your property has been assessed on this "recovery." 8.9% increase in value based on what? Institutional buyers are snapping up cheap properties. Banks, once again, are giving cheap mortgages. People are buying. We are still poor and slum and blight has no where to go. If the bubble bursts, we will have more folks in foreclosure than we did before who won't be able to pay their ad-valorem.
This commission does not listen to you. Make them listen tomorrow when you walk into that election booth and cast your vote AGAINST.
Tuesday, June 10, 2014
Pensions and Unions - The Elephant in the room
Comment Up
It is predicted that there are a lot of massive municipal bankruptcies on the Horizon. And sadly but true when talking about the public sector the only way to shed pension obligations is filing Chapter 9 bankruptcy. A report was just done that shows 85% of pensions plans could fail in 30 years. Click here... for CNBC article.
Over the last several decades, the private sector has moved increasingly to the 401(k)-style “defined contribution” model pension plan, which yields a retirement savings based on what both employers and employees have contributed to individual accounts. Public-sector workers, on the other hand, still rely on “defined benefit” pensions, which provide a guaranteed stream of income based on career longevity and late-career peak salaries.
Back in 2010, Lake Worth City Manager Susan Stanton said that she wanted a reduction of $1,816,000 by suspending the General Employee Defined Benefit Pension Plan and adopting a Defined Contribution Plan. City employee union members demonstrated against her appearing in front of city hall calling for her head. She also said, "The current compensation levels as defined in the three collective bargaining agreements need to be evaluated and realigned with the community's general ability to pay for those benefits." All good advice but this union backed trio fired her.
At the end of fiscal year 2013, the Lake Worth pension fund positions were as follows:
Employee retirement system: $65,044.534
Police: $30,546,979
Firefighters': $35,302,673.
Click here for descriptions of the Defined Benefit and Defined Contribution plans.
According to the city's 2015 calendar highlights booklet that was passed out, Budget Workshop #3 was scheduled for June 10. This has now been cancelled and the next budget workshop is on June 24. Pension plans that were brought up on April 8 at the first budget Workshop and allotted one hour of discussion are the elephants in the room that no one at city hall ever really discusses other than to tell us they are uncontrollable costs. City Manager Bornstein said that the city was discussing pensions but no information was brought forward.
If we could control pensions as well as the public safety budget, we would have money for all those potholes.
It is predicted that there are a lot of massive municipal bankruptcies on the Horizon. And sadly but true when talking about the public sector the only way to shed pension obligations is filing Chapter 9 bankruptcy. A report was just done that shows 85% of pensions plans could fail in 30 years. Click here... for CNBC article.
Over the last several decades, the private sector has moved increasingly to the 401(k)-style “defined contribution” model pension plan, which yields a retirement savings based on what both employers and employees have contributed to individual accounts. Public-sector workers, on the other hand, still rely on “defined benefit” pensions, which provide a guaranteed stream of income based on career longevity and late-career peak salaries.
Back in 2010, Lake Worth City Manager Susan Stanton said that she wanted a reduction of $1,816,000 by suspending the General Employee Defined Benefit Pension Plan and adopting a Defined Contribution Plan. City employee union members demonstrated against her appearing in front of city hall calling for her head. She also said, "The current compensation levels as defined in the three collective bargaining agreements need to be evaluated and realigned with the community's general ability to pay for those benefits." All good advice but this union backed trio fired her.
At the end of fiscal year 2013, the Lake Worth pension fund positions were as follows:
Employee retirement system: $65,044.534
Police: $30,546,979
Firefighters': $35,302,673.
Click here for descriptions of the Defined Benefit and Defined Contribution plans.
According to the city's 2015 calendar highlights booklet that was passed out, Budget Workshop #3 was scheduled for June 10. This has now been cancelled and the next budget workshop is on June 24. Pension plans that were brought up on April 8 at the first budget Workshop and allotted one hour of discussion are the elephants in the room that no one at city hall ever really discusses other than to tell us they are uncontrollable costs. City Manager Bornstein said that the city was discussing pensions but no information was brought forward.
If we could control pensions as well as the public safety budget, we would have money for all those potholes.
Sunday, April 6, 2014
House panel approves Pensions overhaul
On Sunday, it's good to give praise to God. Well, thank God that we have a Republican controlled legislature in Tallahassee. By modernizing the FRS, it will save Florida almost one billion dollars a year over thirty years.
Read why here...
Read why here...
Saturday, April 5, 2014
Republicans have new plan on Florida Retirement Pensions
Beginning in July 2015, everyone hired in the elected officer or senior manager category could join only the state’s 401(k)-styled investment program, not the traditional pension. Currently, there are only about 10,000 people in the retirement system in these categories.
Read about it...
It's a start to break away from the traditional pension ($144 billion) and formulate a new approach considered as a “modernization” of the state retirement system.
Monday, February 24, 2014
Florida legislature attempts to overhaul its Retirement System
Heading in the right direction under Rick Scott--A new bill (SB 1114) on pension plans was just submitted on 2-19-14 by the Community Affairs Committee. It would apply to all new workers entering Florida's Retirement System after July 1, 2015 with the exception of
special-risk employees. That includes law enforcement and firefighters who take the biggest part of the pie as it is and a group whose pensions are out of sight. Employees would choose between a 401(k) type plan or a cash balance plan.
Read more...
Read more...
B 1114: Florida Retirement System
GENERAL BILL by Community Affairs
Florida Retirement System; Requiring the Trustees
of the State Board of Administration to establish the Florida Retirement
System Cash Balance Plan; requiring employees and employers to make
contributions for funding the plan; providing that the plan provide a
lump-sum or annuity benefit; providing procedures for employees who are
members of the pension plan or investment plan before a certain date to
transfer to the cash balance plan; providing procedures for employees
employed after a certain date to be enrolled in the investment plan or
cash balance plan, etc.
Subscribe to:
Posts (Atom)