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"It must be remembered that there is nothing more difficult to plan, more doubtful of success, nor more dangerous to manage, than the creation of a new system. For the initiator has the enmity of all who would profit by the preservation of the old institutions and merely lukewarm defenders in those who would gain by the new ones." Machiavelli
January Update - The Big PictureBy DIA, Section News
Picture this. You've had total control of the city for 12 years. You've made historic deals with the other political party to further enhance your power. You are about to start another 4 years term to finish what you have started. You have gone so far as to say it would be "irresponsible" for you not to finish what you've started. What is it that you need to finish?
Albany's per capita debt -- the amount owed for every resident -- increased 66 percent from $1,513 in 1999 to $2,517 in 2004, according to a Times Union analysis of annual audits. Overall debt jumped from $144.7 million to $237.1 millionDamn those tax and spend democrats! Listen to what the mayor thinks about debt: Jennings said the growing debt was not a problem: "We're in a comfort zone. The bond rating agencies would dun us if we weren't. As far as I am concerned, we are right where we should be."Ok. So say you believe that we were in a bad place back when we only had $144 million in debt and under the leadership and guidance of Mayor Jennings we have finally arrived "right where we should be" with another $100 million in debt. Perhaps you are the type who likes to run up your credit card bills really high just so you can get a second job to pay for them. Then I can see why you would agree with the Mayor. Have fun paying those taxes. But I'll give you that. So, with that in mind we must have a really great financial future after these 12 years when we finally are "right where we should be". So, I give you the 2006 State of the City Address, 12 years in the making. "We only have a few years," Jennings said. "Without a landfill, you would have a financial control board in this city within two years. You would either be laying off a third of the workers at the department of general services or raising taxes 28, 38 percent. "If we don't get the landfill, no one will want this job."Got that? 12 years on the job. $4.5 million wasted on a landfill site we can't use. Right where we should be. Take your pick its 28% to 38% higher taxes or laying off a third of the cities workers. Sound good? No one will want to be mayor of Albany because our current mayor has put us in a really bad financial position. So, the solution is to break a 5 year old promise to not expand the current landfill into the Pine Bush. Just be glad you don't live near the landfill. Why? From today's paper: Colonie Village Mayor Frank Leak said he's taken complaints for years about the dump. "I get a couple of calls a week, sometimes three or four," he said. "It's a terrible smell, like someone making gas."A terrible smell. So, the city continues to run up debt, taxes keep going up and if the Mayor doesn't get his way and break a 5 year old promise not to expand the current landfill the city will be in serious financial trouble. Irresponsible not to stay another four years or just plain irresponsible? So, what is the big plan to save the city? You guessed it. A big money losing convention center downtown. Update [2006-1-16 14:33:56 by DIA]: Pataki says's he'll chip in $75 million for the convention center (of course that is tax payer money). Here is the interesting bit. They claim that there will be "$85 million in private sector investment." That is the first time that has been mentioned. If it is true then I have about 50% less of a problem with the idea depending on how its structured. If they get paid back before the tax payers than i still think its a bad idea. They also claim that the rest of the money will come from the hotel tax. That is $40 million dollars in taxes on hotel rooms. Be interesting to see how many years and how many rooms that is going to take. So, the convention center project is moving along. For now. If you've got a spare $85 million i'm sure they will take your calls. Update [2006-1-16 18:6:8 by DIA]: From WTEN A far more realistic take on how you taxpayers will finance the money losing convention center. The Convention Center authority plans on raising the money for the project by getting loans or bonds and the $85 million for the hotel complex will be bonded by authority with revenues from that hotel. The county, through it's hotel occupancy tax, is willing to help out to allow the authority to bond the additional cost so that the entire 200 million will be in place.See any private investment in that? When they say they are "bonding" that means they are paying lots of money to Wall Street so that bankers will loan you tax payers the money to do this project. Does Wall Street care if it is good for the citizens of Albany? Ah, no. They only care about the citizens of Wall Street. And as soon as they get the financing in place they get their money. They had another banner year this year, they usually do. Want to learn more about Wall Street, bonding and convention centers? Great! Here's a quote from my post last year about an article in Bloomberg showing why you should fight like hell against your city "bonding" their way to a convention center. ``Space Available'' is a damning piece of work, full of facts and figures you should keep at hand next time someone suggests that your municipality should build or expand a convention center."
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Related Links+ mayor thinks about debt+ convention center downtown. + he'll chip in $75 million + From WTEN + my post last year + an article in Bloomberg + Also by DIA |
All trademarks and copyrights on this page are owned by their respective companies. Comments are owned by the Poster. The Rest © 2005 The Management