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Batavia City Council meeting on money issues tonight

By Howard B. Owens

The Batavia City Council meets at 7 tonight.

There will be a regular business meeting followed by a budget workshop.

City Manager Jason Molino's proposed budget calls for a 3-percent tax increase.

Tonight's budget session will focus on sewer and water, and address some of the challenges associated with aging infrastructure.

On the business meeting agenda, there is a resolution to increase spending on legal fees by $35,000, to help pay for ongoing litigation.

Peter O'Brien

Take Take Take Take Take Take Take

When will the government have enough?

Answer: NEVER!

Everyone else is trying to live with less, government just demands more. Sounds fair and just to me.

Maybe if we dump the nursing home and a few other things we could have a tax cut instead of an increase.

Jan 11, 2010, 2:04pm Permalink
Karen Miconi

The water deal,,, what a farse. The City of Batavia is in finacial and legal Hauck. Where is the 35 grand coming from? They need to stop attacking the important entities, and services, and focus on the wasteful spending. Nice..
How about the bailout money, they can just use that right? Oh its already gone. Daa
How about this mess
In a stunning revelation, Bloomberg is reporting that despite the fact that taxpayers will be spending hundreds of billions of dollars bailing out the banking industry, banking insiders are still on track to receive tens of billions in bonuses. Even more incredible is the fact that these bonuses are coming at a time when shareholder pensions have been crushed, and many of the firms are laying off thousands of employees.

According to the report, both Goldman Sachs and Morgan Stanley are scheduled to pay out bonuses of $6.85 billion and $6.44 billion respectively. That equates to an astounding $210,000 per employee for Goldman and $138,700 per person for Morgan Stanley. And that is despite the fact that Goldman’s profit has fallen 47 percent this year, and the share price is down 53 percent. Morgan Stanley’s earnings have tumbled 41 percent and its shares have shed 69 percent of their value.

But get ready for the real kicker.

Goldman Sachs and Morgan Stanley are each receiving $10 billion from the government as part of the effort to help prop up the financial system.

It is beyond reason that the government would devote so much money to these firms when they are going to turn around and pay out the equivalent of more than 64 percent in bonuses.

Does this make sense? Since when has the government been in the business of funding bankers’ bonuses with taxpayer money? Wall Street’s bankers already receive salaries that range from $80,000 to $600,000 a year.

Why are these two firms getting capital infusions in the first place? How much trouble could these companies really be in if they are still profitable and are planning to pay out billions in bonuses? If they really are in such trouble, why aren’t these banks being forced to use their own bonus money to prop themselves up?

And it is not just Goldman and Morgan that are planning to pay out bonuses. If you can believe it, Bloomberg also reports that defunct Merrill Lynch, the investment bank that the Federal Reserve forced into marriage with Bank of America, will still be paying out $6.7 billion in bonuses. Employees at bankrupt Lehman Brothers will still get bonuses. Employees already have received them at Bear Stearns, the investment bank the Federal Reserve had to lend JP Morgan Chase $29 billion to buy.
Nice Hah? Their thick as theives.

Jan 11, 2010, 3:27pm Permalink
Mark Potwora

On the business meeting agenda, there is a resolution to increase spending on legal fees by $35,000, to help pay for ongoing litigation.What is the on going litigation....Who is suing the city and for what...Does anyone know...

Jan 11, 2010, 3:38pm Permalink
John Roach

Chris,
Unless the city sets aside money for the next few years to build a new water storage tank and a few other things, we will end up with the water deal forever. But, if you try to put money aside, people will cry over the tax to do it.

Jan 11, 2010, 3:47pm Permalink
C. M. Barons

2009 closed out with an inflation rate of 1.89%. Health insurance costs increased 5% over 2008 premiums. The price of a gallon of gas is up about 1%. Electricity costs were up 2.1% over 2008 (though a slight drop in rate is projected for 2010). Hewitt projects national average pay increases of 2.7% Road salt prices have increased 25 - 60%, annually, since 2008. Asphalt binder prices have nearly doubled since 2007. A Ford Police Interceptor patrol car actually costs less: $29,600 in 2006, $23,500 for 2009. A new fire truck will cost about 5% more, plus the additional increase for a low-emission diesel engine. Postal expenses increased 3%, effective May of last year. And the cost of a Rolex will go up 3 - 5% this year.

Jan 12, 2010, 2:17am Permalink

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