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Re: 2013 Jersey City Budget - What's next?
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SteveWilson29 wrote:
Nobody will invest in a city that declares bankruptcy. No new businesses, no loans, reputation in ruins. And we would still be liable for debts. It isn't a get out of jail free card. There would be massive ramifications if we did that.


Well, fewer people will be wanting to lend us money, - but this is ok. We ought to learn to leave within our means.

As for the business, than no, bankruptcy will not scare them off. High taxes will. And, as far as I can tell by looking at these forums, the population is pretty determined to squeeze all the businesses and developments for every squeezable cent.

I promise you that in a few short years this here board will be discussing two new topics: (a) "why those evil greedy businesses do not want to move to JC and why does everyone who can leaves?!!!" and (b) "why are my taxes up and why is the price of my property half of what it used to be?"

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SteveWilson29 wrote:
So who owes us money for Sandy, and how much?


As in "we think that the whole country should chip in so that we could save on buying our own insurance for our nice houses with Manhattan views"?

Posted on: 2013/7/9 4:28
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Re: 2013 Jersey City Budget - What's next?
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SteveWilson29 wrote:
Nobody will invest in a city that declares bankruptcy. No new businesses, no loans, reputation in ruins. And we would still be liable for debts. It isn't a get out of jail free card. There would be massive ramifications if we did that.

Zillow valuations are proprietary. They would sue our pants off. Maybe then we could declare bankruptcy?

So who owes us money for Sandy, and how much?

if you look at the record of cities undergoing chapter 9 reorg, they have done pretty well post the reorg ...
you cannot confuse the city as a separate taxation entity and the private investments within the municipal borders of the city
and, the reorganization removes (some of) the debt burden, hence the municipality tends to be better off
the losers typically include the city employees where the pension liabilities were not fully funded as well as some of the low priority municipal bond holders

Posted on: 2013/7/9 1:34
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Re: 2013 Jersey City Budget - What's next?
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We are in this mess partially due to Schundler. He refinanced our bonds so many times some of them lost their tax exempted status. He robbed the MUA of $18 million, money to fixed our sewerage. He privatized the Water Dept, the reason for high water rates. I can go on and on, anyone who think Schundler did a good job, probably read his press release but was not present at City Hall.

Posted on: 2013/7/8 21:39
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Re: 2013 Jersey City Budget - What's next?
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Lets see what the budget looks like after all the political appointees are made. I bet most of the city employees are regretting not backing the Mayor. Retired Firefighter & Former Construction Offical now Public Works Director. Former councilman now project manager for a 311 system and street bumps. He is really redefining Pay to Play.

Posted on: 2013/7/8 20:23
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Re: 2013 Jersey City Budget - What's next?
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FGJCNJ1970 wrote:
Hi All. This was in the Jersey City Reporter / Hudson Reporter.

Council President Rolando Lavarro has called a special meeting next week to review the budget as we're now facing a $21 million gap (and growing?).

What would YOU do to 1) Cut Spending and 2) raise revenue so that we don't get hit with a big tax increase?

Let's give the new council lots of ideas to consider because I don't think raising taxes would go over too well - considering they just canceled the reval which would have provided tax relief to 1/3 of JC tax payers.

FG

http://hudsonreporter.com/view/full_s ... te_lead_story_left_column


if 1/3 get tax relief, what do the remaining 2/3 get? Interesting way to frame the issue Fletch. What do YOU think they should do?

Posted on: 2013/7/8 17:43
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Re: 2013 Jersey City Budget - What's next?
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ProgressJC wrote:
[quote]



I totally agree. Start with all of the autonomous agencies. DPW taking over the JCIA & MUA. JCPD taking over the Parking authority. Have the county take over the economic development. Have the JCFD take over the ems system from the Medical Center. Sell city properties so we can start collecting taxes on them. Raise the parking lot tax. That's a start...


I agree that JCIA and the Parking Authority can be dispensed with.

Steve proposed merging the JCEDC into the HCEDC, but that doesn't make sense. They do totally different things. HCEDC has a miniscule budget and it would be the little fish swallowing the big fish. In any event, why would the county want to take over JCEDC if it is costing the county money?

Also not sure how the JCFD taking over EMS would save money.

Posted on: 2013/7/5 15:56
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Re: 2013 Jersey City Budget - What's next?
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SteveWilson29 wrote:
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heights wrote:
Quote:

SteveWilson29 wrote:
Nobody will invest in a city that declares bankruptcy. No new businesses, no loans, reputation in ruins. And we would still be liable for debts. It isn't a get out of jail free card. There would be massive ramifications if we did that.

Zillow valuations are proprietary. They would sue our pants off. Maybe then we could declare bankruptcy?

So who owes us money for Sandy, and how much?

Zillow is just a website...an informitive website. They cannot sue the City of J.C.


Jeebus. Is this just an act you're putting on? What is it like inside your little world? I imagine lots of sunshine, puppies, and ice cream with extra sprinkles.


State why you disagree, instead of personally attacking people.

Posted on: 2013/7/5 14:45
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Re: 2013 Jersey City Budget - What's next?
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heights wrote:
Quote:

SteveWilson29 wrote:
Nobody will invest in a city that declares bankruptcy. No new businesses, no loans, reputation in ruins. And we would still be liable for debts. It isn't a get out of jail free card. There would be massive ramifications if we did that.

Zillow valuations are proprietary. They would sue our pants off. Maybe then we could declare bankruptcy?

So who owes us money for Sandy, and how much?

Zillow is just a website...an informitive website. They cannot sue the City of J.C.


Jeebus. Is this just an act you're putting on? What is it like inside your little world? I imagine lots of sunshine, puppies, and ice cream with extra sprinkles.

Posted on: 2013/7/5 14:35
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Re: 2013 Jersey City Budget - What's next?
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SteveWilson29 wrote:
Nobody will invest in a city that declares bankruptcy. No new businesses, no loans, reputation in ruins. And we would still be liable for debts. It isn't a get out of jail free card. There would be massive ramifications if we did that.

Zillow valuations are proprietary. They would sue our pants off. Maybe then we could declare bankruptcy?

So who owes us money for Sandy, and how much?

Zillow is just a website...an informitive website. They cannot sue the City of J.C.

Posted on: 2013/7/5 14:03
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Re: 2013 Jersey City Budget - What's next?
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ProgressJC wrote:
... Sell city properties so we can start collecting taxes on them. Raise the parking lot tax. That's a start...


Maybe someone could give more details.

That was a reasonably successful approach from 20 years ago. Mayor Schundler bundled "$45 million in liens and sold them to a trust from First Boston Corp. He also erased a $40 million shortfall in the city's $290 million budget without raising tax rates, through improving an abysmally low tax-collection rate."

I vaguely remember controversy but taxes were stabilized for a spell and bills paid.

Posted on: 2013/7/5 13:59
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Re: 2013 Jersey City Budget - What's next?
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Do you know how much of a hole the City is in? No? Neither do I. If the choice is one of bankrupting the City or bankrupting it's residents, it might be an easy call.

"Who owes us for Sandy and how much?". That's the question the City needs to ask.

And Zillow is a business. Businesses can be paid for services. Duh!

Posted on: 2013/7/5 13:49
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Re: 2013 Jersey City Budget - What's next?
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Nobody will invest in a city that declares bankruptcy. No new businesses, no loans, reputation in ruins. And we would still be liable for debts. It isn't a get out of jail free card. There would be massive ramifications if we did that.

Zillow valuations are proprietary. They would sue our pants off. Maybe then we could declare bankruptcy?

So who owes us money for Sandy, and how much?

Posted on: 2013/7/5 13:28
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Re: 2013 Jersey City Budget - What's next?
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Filing for bankruptcy would be one of the worse things for the city to do.

Posted on: 2013/7/5 13:20
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Re: 2013 Jersey City Budget - What's next?
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Insane no. Quite clear-headed. Bankruptcy is always an option even for a City, but perhaps a "nuclear" one. It's worth asking if Healy and other prior admins have left the City near bankrupt. At any rate, we need to know exactly where we stand. I don't want the new admin to keep coming to the trough with new "unexpected" items in future budgets, and blaming the old admin.

And what's your objection to using Zillow aside from the double "??"s? You think spending millions will produce a better result? How?

And JC was fairly self-sufficient during Sandy compared to other local towns and cities. It even had emergency services helping out other towns. Services that JC residents paid for. Gov Christie fought hard to get NJ sandy relief funds from the federal government. JC should get it's fair share.



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dtjcview wrote:
City bankruptcy. Is it an option? Is seems to me the City is sitting on a pile of toxic liabilities, that come as a shock when they're due. Can we wipe the slate clean? Bankruptcy may have the benefit of revisiting all those PILOTS. At any rate we need a full audit of the City's books, to come clean with what else is there waiting to bite us.

Underbilled PILOT payments. Just because the City didn't send the correct bill, that shouldn't mean the money isn't owed. Reduce the term of the abatement if needed to make up whats owed.

Sandy money. Is the City getting its fair share? JC helped other Cities during Sandy's response. It should get compensated for that.

The reval. This should happen. To be honest, I'm staggered that the City agreed to pay $2-3+ million for this. Why not simply take something reasonably accurate like Zillow valuations as the starting point for assessment?


Are you insane? Bankruptcy is an option? We should run our city on Zillow valuations?? Jersey City didn't even help itself during Sandy, but we're somehow owed something?

Posted on: 2013/7/5 13:15
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Re: 2013 Jersey City Budget - What's next?
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dtjcview wrote:
City bankruptcy. Is it an option? Is seems to me the City is sitting on a pile of toxic liabilities, that come as a shock when they're due. Can we wipe the slate clean? Bankruptcy may have the benefit of revisiting all those PILOTS. At any rate we need a full audit of the City's books, to come clean with what else is there waiting to bite us.

Underbilled PILOT payments. Just because the City didn't send the correct bill, that shouldn't mean the money isn't owed. Reduce the term of the abatement if needed to make up whats owed.

Sandy money. Is the City getting its fair share? JC helped other Cities during Sandy's response. It should get compensated for that.

The reval. This should happen. To be honest, I'm staggered that the City agreed to pay $2-3+ million for this. Why not simply take something reasonably accurate like Zillow valuations as the starting point for assessment?


Are you insane? Bankruptcy is an option? We should run our city on Zillow valuations?? Jersey City didn't even help itself during Sandy, but we're somehow owed something?

Posted on: 2013/7/5 12:50
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Re: 2013 Jersey City Budget - What's next?
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City bankruptcy. Is it an option? Is seems to me the City is sitting on a pile of toxic liabilities, that come as a shock when they're due. Can we wipe the slate clean? Bankruptcy may have the benefit of revisiting all those PILOTS. At any rate we need a full audit of the City's books, to come clean with what else is there waiting to bite us.

Underbilled PILOT payments. Just because the City didn't send the correct bill, that shouldn't mean the money isn't owed. Reduce the term of the abatement if needed to make up whats owed.

Sandy money. Is the City getting its fair share? JC helped other Cities during Sandy's response. It should get compensated for that.

The reval. This should happen. To be honest, I'm staggered that the City agreed to pay $2-3+ million for this. Why not simply take something reasonably accurate like Zillow valuations as the starting point for assessment?

Posted on: 2013/7/5 12:32
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Re: 2013 Jersey City Budget - What's next?
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dtjcview wrote:
What's the City's debt repayment rate? Can we refi that to take advantage of lower rates?


No. That's one thing Jack Kelley the Business Administrator is on top of. Taking advantage of the lowest rates for debt repayment - bonds.

Posted on: 2013/7/4 17:58
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Re: 2013 Jersey City Budget - What's next?
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What's the City's debt repayment rate? Can we refi that to take advantage of lower rates?

Posted on: 2013/7/4 15:48
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Re: 2013 Jersey City Budget - What's next?
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Prismatic wrote:
Well for stater, consolidating many city redundant city agencies. Some of these agencies do absolutely nothing. They were made just so a friend or relative of a person at the top can get paid.



I totally agree. Start with all of the autonomous agencies. DPW taking over the JCIA & MUA. JCPD taking over the Parking authority. Have the county take over the economic development. Have the JCFD take over the ems system from the Medical Center. Sell city properties so we can start collecting taxes on them. Raise the parking lot tax. That's a start...

Posted on: 2013/7/4 15:30
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Re: 2013 Jersey City Budget - What's next?
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Prismatic wrote:
Well for stater, consolidating many city redundant city agencies. Some of these agencies do absolutely nothing. They were made just so a friend or relative of a person at the top can get paid.


Examples?

Posted on: 2013/7/4 15:27
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Re: 2013 Jersey City Budget - What's next?
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Well for stater, consolidating many city redundant city agencies. Some of these agencies do absolutely nothing. They were made just so a friend or relative of a person at the top can get paid.

Posted on: 2013/7/4 15:03
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2013 Jersey City Budget - What's next?
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Hi All. This was in the Jersey City Reporter / Hudson Reporter.

Council President Rolando Lavarro has called a special meeting next week to review the budget as we're now facing a $21 million gap (and growing?).

What would YOU do to 1) Cut Spending and 2) raise revenue so that we don't get hit with a big tax increase?

Let's give the new council lots of ideas to consider because I don't think raising taxes would go over too well - considering they just canceled the reval which would have provided tax relief to 1/3 of JC tax payers.

FG

http://hudsonreporter.com/view/full_s ... te_lead_story_left_column

Posted on: 2013/7/4 14:11
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