Buffalo, Erie County strike deal with NYPA

[woodstock]

http://www.speakupwny.com/forum/show...7000#post77000

[woodstock]

sorry try here http://www.speakupwny.com/forum/show...&threadid=5791

[crlachepinochet]

Originally posted by yaksplat
#2.......Hawaii has us beat at $.1673. We should literally be one of the lowest. Just imagine if your electricity bill was 30% of what it currently is (no pun intended using the word current ). I know i'd have an extra $150 a month to spend or save. Wouldn't that be a nice economic boost in erie county, if everyone had an extra 1500 a year to spend?

It's so easy to ignore Alaska and Hawai'i off in the corner there. Think about how isolated HI is... it's about as far away from the west coast as NYC is from LA. We shouldn't even be close!

[Linda_D]

Originally posted by biker
Will the waterfront really be developed with these NYPA funds?

Was the tobacco money used for smoking cessation programs? Was it even used for health care?

lol!!! On the same news broadcast that showcased the NYPA deal announcement Erie County's favorite economic "genius", otherwise known as "King Joel", suggested that local government (I'm assuming he meant EC) sell bonds backed by this revenue stream to get $260+ million "up front".

Beware Buffalonians, the King is on the prowl for your millions!!!

[citymouse]

Wants it all why he is still in office to squander it. Does he have a few more relatives to take care of? Or do we need more furniture?

[WNYresident]

I heard that idea of the bonds and though RED FLAG.

No way... NO way.. it will be pissed away with nothing to show for it.

[biker]

Hey, you two. Come 'ere.

Shaddup!

Or we'll be fitting you for a set of cement overshoes.

[DelawareDistrict]

I emailed Alan Hevesi with this question -

Are you still planning a full audit of the New York Power Authority?

I received this cryptic response -

Your e-mail has been forwarded to our Division of State Services for attention.

I will post any further response, stay tuned . . .

[woodstock]

Um, I think well get a developed waterfront out of the deal and finally someone stepped up to the plate to challenge the bad guys in all of this.... nypa but that's just IMO some thing I won't do very often.

[woodstock]

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Congressman Higgins released the following statement regarding the victory for Western New York and the Buffalo waterfront on the NYPA settlement offer of $279 million over 50 years for Buffalo and Erie County:

“This settlement agreement is a win for our community and will provide major assistance to waterfront development efforts in Western New York. This gives us the resources and local control to do what has not been done here in decades-- bring real economic and recreational opportunity to the Buffalo waterfront, part of the Power Project’s host community, which desperately deserves it. This is a new day and a significant step forward.”
-----------------------------

[citymouse]

Originally posted by DelawareDistrict
I emailed Alan Hevesi with this question -

I received this cryptic response -

I will post any further response, stay tuned . . .

I for one hope the issue of corruption in that agency dosen't get swept under the rug. It is there, and it has a costly negative impact on each and every one of us. I don't care what they give the area.

[biker]

Great point.

[WNYresident]

NO sweeping under the rug. I have a link in this thread to John Stossel from TV. I got a email recieved response but nothing other than that.

They are screwing us on our electrical rates as I look at it. Only place you can go to pay more is HI.. You know why? it's expensive in HI? They probally have to ship over coal or what ever to generate thier power.

Making a little money for thier graft is one thing. Make our economic community run at a disadvantage with high electrical rates is another thing. Don't ya think?

[DelawareDistrict]

Everything listed here is why I want an "independant" full audit of the Power Authority. Pataki brokered the deal between Higgins and the Power Authority. He probably told them to throw us some more scraps to keep everyone happy and he will get Hevesi to back off. Pataki appoints people to the Authority. It is probably the private "slush fund" of the politically connected, used when other "legitimate" sources of funds can not be secured.

[DelawareDistrict]

Note I - Pension Plans, Other Postemployment Benefits, Deferred Compensation and Savings Plans
Pension Plans:
Substantially all employees of the Authority are members of the New York State and Local Employees Retirement System (System), which is a cost-sharing, multiple-public-employer defined-benefit pension plan. Membership in and annual contributions to the System are required by the New York State Retirement and Social Security Law. The System offers plans and benefits related to years of service and final average salary, and, effective July 17, 1998, all benefits generally vest after five years of accredited service.
images on this page are for display purposes unless otherwise specifiedMembers of the System with less than “10 years of service or 10 years of membership” contribute 3% of their gross salaries, and the Authority pays the balance of the annual contributions for these employees. The Authority pays the entire amount of the annual contributions for employees with at least 10 years of service.
The Authority's contributions to the System are paid in December of each year on the basis of the Authority's estimated salaries for the System's fiscal year ending the following March 31. Contributions are made in accordance with funding requirements determined by the actuary of the System using the aggregate cost method.
In May, 2003, legislation was passed by the New York State legislature, and signed into law by the governor, that established, among other things, a minimum annual contribution by employers commencing with the System's fiscal year ending March 31, 2004. The new law will reduce the volatility of employer contributions, in future years, by requiring employers to make a minimum contribution of 4.5% of gross salaries every year, including years in which investment performance by the fund would make a lower contribution possible.
Under this plan, the Authority's required contributions to the System were $15.9 million, $11.2 million, and $0.9 million for the years ended March 31, 2005, 2004 and 2003, respectively (paid on or about December 15, 2004, 2003 and 2002). The $11.2 million contribution paid in 2003 included $5.5 million for the cost of participating in the System's early retirement incentive program in 2002.
For detailed information concerning the System, reference is made to the State of New York Comprehensive Annual Financial Report of the Comptroller for the fiscal year ended March 31, 2004.

More info available here