Originally Posted by
WSFirst
There is nothing West Seneca residents can do about the current situation. The can has been kicked down the road. Taxes will only continue to go up. The only solution is bankruptcy. There are many reasons why the town should but won't file bankruptcy. Allegedly the union and the town are meeting with the mediator. It's my understanding, the town workers need to agree to the new contract regardless of the decision or recommendation of the mediator. Why would they give up anything to a weaker contract?
This is what happens when the Central Banks push ZIRP and NIRP policies for YEARS. Most of these state pension plans assume an insane 8% year over year rate of return. They are more underfunded than anyone even can fathom. What about Other Post-Employment Benefits (OPEB) that most taxpayer likely didn't even know existed? No one talks about OPEB, New York is less than 1% funded according to a study from Pew Charitable Trusts that are future payments that have been promised to retirees primarily to cover healthcare costs.
1. Current salaries
2. Curent pension contributions (% of the actual amount)
3. Other Post-Employment Benefits (health care)
Anyone attending the meeting on the 30th, please ask the following questions because you can't do anything about the 16, 17 expenses and maybe they only raise taxes 6% this year after the uproar;
1. Will anyone on the board take a pay cut, the same percentage as the tax increase?
2. What is the plan to reduce taxes in '19 and '20 assuming the healthcare and all "mandates" stay in place?
Bankruptcy is the only solution in my opinion with Taylor Law.