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Date Posted: Friday, August05, 08:53:am
Author: elephantintheroom
Subject: Re: "I know you are, but what am I?"
In reply to: Truthseeker 's message, "Re: "I know you are, but what am I?"" on Friday, August05, 05:55:am

City of Newburgh doesn't operate in a vaccuum. Personnel cuts are not arbitrary. The more NYS loses residents the bigger the elephant per capita.
From the recently reported on Moody's Credit Analysis of the City of Newburgh (see city website)
"New York State provides enhanced oversight of the city, contributing to financial stability. This oversight includes active participation from the state comptroller and the creation of a state-controlled Debt Service Reserve Fund....The total long-term liabilities, including debt, pensions, and OPEB, are very elevated and could lead to reduced flexibility in the future. Because it is not pre-funding OPEB benefits as they accrue, which is not permitted under New York State law though changing that is under discussion in the legislature, the city's OPEB costs will likely escalate as the number of retirees it covers grows and retirees age... The city's OPEB contributions have grown at a five-year average annual growth rate of 7.5%. Its total OPEB liability as of 2021 was a very high 369% of operating revenues. It should be noted that if total governmental and utility operations were to be included in revenues (which all support employees receiving the benefit), the OPEB to revenue would decline to a still elevated 263% of total revenues. Fiscal 2021 fixed costs, comprised of pensions, OPEB and debt service, represented an elevated 23.5% of operating revenues"
https://www.cityofnewburgh-ny.gov/ArchiveCenter/ViewFile/Item/195

It's a national issue, New York State is the clear outlier...
SURVEY OF STATE AND LOCAL
GOVERNMENT OTHER POSTEMPLOYMENT BENEFIT LIABILITIES
"In addition to their unfunded pension obligations, state and local governments have $1.2 trillion of net liabilities for other post-employment benefits (OPEBs), primarily health care commitments for retired public sector workers. OPEB debt is highly concentrated, with just 15 governmental entities accounting for half the national total. The debt is also geographically concentrated, with New York State having the highest debt burden by a considerable margin....
Another way to evaluate geographic concentrations of OPEB debt is to consider net OPEB liabilities per capita. Viewed from this perspective, OPEB liabilities are heavily concentrated in urbanized northeastern states. With aggregate net OPEB debt of $314 billion—or over, $16,000 per capita—New York State is the clear outlier....State and local governments can reduce their unfunded OPEB liabilities by making or exceeding actuarially determined OPEB contributions or by lowering future costs by, for example, increasing the number of years of service required to vest in retiree health benefits, phasing out benefits for higher income retirees, or eliminating dependent coverage to provide health care for the retiree only."
https://reason.org/wp-content/uploads/state-and-local-government-other-post-employment-benefit-liabilities.pdf

NYS Legislation seeks to defer the liability and increase retention...
"Enacts the "police and fire employees retention act"; provides for a deferred retirement option plan payable to members of optional twenty-year retirement plans; outlines eligibility and payout of such plan; makes related provisions....
DEFERRED RETIREMENT OPTION PLAN, (HEREINAFTER REFERRED TO AS "DROP"), IS A RETIREMENT PLAN UNDER WHICH AN ELIGIBLE MEMBER OF A PARTICIPATING EMPLOYER MAY ELECT TO PARTICIPATE, DEFERRING RECEIPT OF RETIREMENT BENEFITS WHILE CONTINUING EMPLOYMENT."
https://www.nysenate.gov/legislation/bills/2021/S9240

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