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Thread: West Seneca should take advantage of the newly created Financial Restructuring Board

  1. #1
    Member dtwarren's Avatar
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    West Seneca should take advantage of the newly created Financial Restructuring Board

    Later this month the Financial Restructuring Board (FRB - http://www.frb.ny.gov/ ) will be fully operational. One of the services it provides is a Comprehensive review:

    Upon the request of a fiscally eligible municipality, by resolution of the governing body of such municipality with the concurrence of the chief executive of such municipality, the financial restructuring board for local governments may undertake a comprehensive review of the operations, finances, management practices, economic base and any other factors that in its sole discretion it deems relevant to be able to make findings and recommendations on reforming and restructuring the operations of the fiscally eligible municipality.

    Local Finance Law §160.05 (3)
    See: http://www.frb.ny.gov/frbrequest/FRBrequestReview.do

    The Town of West Seneca is automatically eligible for this serve because our Average Full Value Property Tax Rate is 11.15% above the threshold of 6.823%. See: http://www.frb.ny.gov/requestService...cipalities.pdf
    “We in America do not have government by the majority. We have government by the majority who participate.” ― Thomas Jefferson

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    Member gorja's Avatar
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    Your link also states this - *Average Fund Balance Percentages(eligible if below 5%)
    West Seneca's Average fund balance according to your link is 22.97%. Doesn't that disqualify West Seneca or am I misunderstanding this?
    Last edited by gorja; September 12th, 2013 at 04:37 PM. Reason: typo

    Georgia L Schlager

  3. #3
    Member dtwarren's Avatar
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    The muncipality is eligible if one or both conditions are true. If you look to the far right column it shows that West Seneca is eligble.
    “We in America do not have government by the majority. We have government by the majority who participate.” ― Thomas Jefferson

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    Member gorja's Avatar
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    I see it's an either or. Either Ave full property tax rates are above 6.823 or Ave fund balance percentage is below 5%, the municipality is automatically eligible.

    Georgia L Schlager

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    Quote Originally Posted by dtwarren View Post
    The muncipality is eligible if one or both conditions are true. If you look to the far right column it shows that West Seneca is eligble.
    According to the criteria, Lancaster would also be eligible comsidering its Full Property Tax Rate (FPTR) exceeds 6.823. However, confusion comes in when the link states that Lancaster's FPTR is 7.52 and where for 2013 it was actually 7.38.

    Also, need your opinion, which I respect wholeheartedly, do you believe this state board will have time to consider a petition that just exceeded one limit and not by much; and/or what do you believe is a good estimate of time it will take to get a petiition for consideration.

    Lastly, am I reading correctly that the state's recommendation is just that and unless the municpality gets union buy-in no gramt money will be be forthcoming?

    I have difficulty believing a state government that is out of control will affect positive change in another government that is fiscally irresponsible. I can't wait to hear what the unions take will be on this.

  6. #6
    Member dtwarren's Avatar
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    The criteris is based on a five year average so the figures based on what they calculated as a 5 year average of 7.52 and 2013 being actually 7.38 is not contradictory. Actually I believe the 5 year period is 2008 - 2012 and 2013 is not yet factored in.

    As to you second point I believe in large part it will remain to be seen how it will be. If the State is committed it will, if it is just smoke and mirrors for our politicians it will not. I do believe that the first applications will be taken seriously and acted on timely. Just like going to a doctor you do not know if it will help or not until you go.

    I believe that this board will help connect municipalites to resources that they lack due to various reasons (i.e. funding, lack diversity of talent in their executive and legislative boards, etc,).

    From my reading the only union buy-in required is if the municipality seeks their assistance in binding arbitration.

    Also from my reading the municipality would determine up-front whether to be bound by the FRB's recomendations or not. The FRB may make the receipt of certain grants and loans contingent on carrying out its recomendations.
    “We in America do not have government by the majority. We have government by the majority who participate.” ― Thomas Jefferson

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