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Sunday, August 2, 2015
Senate OKs $12 million bond measure for Long Beach
(Page 3 of 3)
Courtesy N.Y. State Senate
State Sen. Dean Skelos said the bill would help Long Beach cover “extraordinary expenses” associated with Sandy.

“Why would you refinance it for another 10 years?” McLaughlin said before the meeting. “They actually said, ‘We’re almost there, another year and it’s paid off,’ so why would you go through more borrowing? The borrowing is starting to add up.”

West End Neighbors Civic Association President John Bendo asked whether residents would continue to see a deficit surcharge on their tax bills.

City Manager Jack Schnirman said that the bill allows the city the ability to bond separately for costs associated with the storm and the deficit. The city has completed the first year of its three-year deficit-financing plan, he said, and is heading into its second year. He explained that if Cuomo approves the bill, the state comptroller would conduct a “mini audit” and certify the city’s deficit to determine how much it will issue the bonds for, a process that could take six months. The council can choose to either finance the deficit over 10 years, Schnirman said, or continue the three-year plan.

“I think it would be unlikely that there would be a change for the July 1 [tax] bill that is already out the door,” Schnirman said, “but going forward, this will provide some tax relief here in Long Beach, and it will be a policy question for the council.”

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MerlinJones

It is not a "policy question", but an integrity question. Integrity calls for reduction of the surcharge to give very-needed relief to the residents of Long Beach.

Thursday, June 20, 2013 | Report this
Sandeep

But how do you determine who these much need people are? Is it income based? Do we carve out everyone in a coop or condo above second floor? Do we carve out everyone with flood insurance whose house was not deemed ICC?

You cant afford to waive everyone from the surcharge. What about folks in rare houses that were no impacted? What about folks who bought after Sandy?

Maybe it should be just folks who received the Max $31,900 from FEMA on their primary residence who have AGI under 100K. Also do we include landlords who dont live in Long Beach. What about commercial properties? Not all stores were equally impacted. Some such as a hardware or plumbing store actually made money off Sandy. Some had flood insurance some did not.

Also you are just kicking the can down the road by waiving surcharge. Long term Long Beach would better off doing a one time surcharge to raise the $12 million than issuing bonds. Bond yields have shot up last few days and taking long term bonds just sticks you folks with higher taxes for years to come. There is no easy solution.

Part of problem has nothing to do with Sandy, Long Beach did not prepare for a rainy day. Look at Atlantic Beach the 7-1-2013 tax came out recently and because of Sandy taxes are only going up 1%. Why, if you read their letter on Sandy related taxes, Fema covered 90%. AB has a surplus budget of which will pay for remaining 9% of damage and residents will take a hit in a lump sum due July 1% to pay remaining 1%. Yep they go less damage. But being in good financial shape with adequate reserve funds would have spared Long Beach a lot of pain in Sandy.

Friday, June 21, 2013 | Report this
MerlinJones

Sandeep -- the city council said the surcharge would be reduced or eliminated if the financining went through. it went through. that is my point, only. by the way a new bond issue is coming to pay the police.

Tuesday, July 2, 2013 | Report this
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