Bonds Bonds Bonds...

[WNYresident]

Electric. Explain what this means...




Go review other financial data

http://wwe1.osc.state.ny.us/localgov...ctive-data.htm

[gorja]

https://www.osc.state.ny.us/localgov..._debttypes.htm

Bond Anticipation Notes (BANs) - These are frequently issued as temporary financing for large construction projects and can be issued once a serial bond resolution has been adopted by the governing board. These one-year notes may be renewed for up to five years.

Bonds - Serial bonds offer a longer payback period with a stable schedule of repayment over the term of the issue. Most bonds are general obligation bonds, which are secured by the full taxing power of the local government.

[WNYresident]

I need a favor if you are willing.. check your PM's Gorja

[Electric Eye]

In layman's terms it means the town is spending a lot of tax money on interest, Millions of dollars EVERY single year. Some of these bonds are 15-40yrs. This means huge amounts of our tax money will be lining investment portfolios for decades.

The town has $23mil in the reserve fund as per the Supers state of the town address. So why do we bond every year approx $2mil for 15yrs street milling and repaving? When in reality we could take that 2 million from the reserve fund and it is paid in full!

The town has to reduce spending to keep the tax increases low, they think borrowing $3 million at 2% interest for decades is a good idea because it is only 2% interest....this equals about double the price of the original amount borrowed. It truly is penny wise, pound foolish as far as the tax payers are concerned, if you're a town employee that has invested in the towns tax free municipal bonds then this is added money the tax payers are forced to give you.

The finance people in the town should be calculating out the total interest to be paid on a proposed bond along with the total current interest paid on existing debt and post it for residents to comment and the board to see before the town board approves it.

[WNYresident]

Now review this



This has to be incorrect.

Full Value Tax Rate (Levy per $1,000 Full Value) 14.28% ?


Electric... In layman terms....

[gorja]

If you look at the sample 2018 tax bill. It states that the average overall ad valorem tax bill on a home assessed at $100,000 ( at that time Cheektowaga was at 100%) would be $1276.49 and the total total average tax bill including ad valorem , drainage fee and sewer consumption fee would be $1636.36. So there 14.28 is somewhere in the middle. Wonder how the comptroller's office does arrive at those numbers

[grump]

The comptroller divides the total town tax levy by the town total full value assessment to give the full value tax rate for the town. As can be seen, one year of Democratic rule under the manifestly incompetent Kulpa has sent Amherst hurtling toward the top of the list.

[WNYresident]

The comptroller divides the total town tax levy by the town total full value assessment to give the full value tax rate for the town. As can be seen, one year of Democratic rule under the manifestly incompetent Kulpa has sent Amherst hurtling toward the top of the list.

Amherst is only at 7.13% Far better then 14.28%

Isn't that something though. What a difference

[Electric Eye]

What is it? what Year?

This is further proof that Cheektowaga is the HIGHEST taxed town in Erie County. Same *****, same regime, same result!

[Electric Eye]

http://www2.erie.gov/ecrpts/sites/ww...Comparison.pdf

[WNYresident]

Wow.. I wonder what "services" all the others towns are going without compared to Cheektowaga.

[Electric Eye]

Wow.. I wonder what "services" all the others towns are going without compared to Cheektowaga.

Amherst, West Seneca, Lancaster, Orchard Park have the same services and are considered "comparable" towns. They all have garbage pickup and their own Police force.

[WNYresident]

So what was it then? I don't remember any natural disasters we had to pay for... why the difference?

[gorja]

http://www2.erie.gov/ecrpts/sites/ww...Comparison.pdf

I just asked them to update the spreadsheet to the present. They're very responsive. A few years ago, I had asked for an update. It was done the next business day.

[Electric Eye]

I just asked them to update the spreadsheet to the present. They're very responsive. A few years ago, I had asked for an update. It was done the next business day.

I have been waiting for the 2018-19 data to see if West Seneca who has a 36.5% debt load vs revenue has taken the crown from Cheektowaga as the highest taxed town.