can we get a drum roll for the ratings agencies?????

again....what is the value of our taxes paid????

go ahead and raise the minimum wage....Greece is coming to a municipality near you.

Quoted from GrahamBonnet

Where is Islam? Oh right, she just left with the schitty in ruins...

She received a job offer from Fat Morris! The same politard that is still hogging 2 PILOTS including one on his Stockade tenement. There should be an FBI investigation into this "offer" Maybe she can do to
Proctor's what she did to City finances? Keep the DEM implosion going. We don't need no college administrator to straighten out this DEM mess- ROTFLMAO!!  

Quoted from benny salami

She received a job offer from Fat Morris! The same politard that is still hogging 2 PILOTS including one on his Stockade tenement. There should be an FBI investigation into this "offer" Maybe she can do to Proctor's what she did to City finances? Keep the DEM implosion going. We don't need no college administrator to straighten out this DEM mess- ROTFLMAO!!  

You would think that this news would begin to make City employees sit up and take notice.

If the City can't even buy the vehicles needed....at what time do you think your paychecks aren't going to clear??

No one in the City has a handle on the finances and it's now coming to light.

it is the republicans' fault. Just ask Joebxr

This article seems fishy. I wish reporters would quit hinting at what they are trying to say. One bank says no, another says yes, but it will cost you... isthe city steering business to a particular bank for a reason we should know about? Half of the story, no questions asked.
Don't purchase cars if you can't pay for them. Or sell off some of the vehicles that are now being taken out of town, to pay for new cars to be used for work here. Or let the commuters drive beaters.
Something funny going on, as usual.

Quoted Text

Follow Up: Schenectady's credit still pending with new bank
By Lauren Stanforth
Updated 7:17 am, Sunday, February 24, 2013

SCHENECTADY — Information provided by the new city finance commissioner, Deborah DeGenova, caused a slight stir last weekwhen she mentioned at a council committee meeting that a "credit check didn't go the way the underlying bank expected it to go" for a routine leasing of 10 police vehicles.

A new bank was found, with a slightly higher interest rate, which the council needed to sign off on. However, a credit check is pending with that bank, too, for the $330,000 lease.

News that a bank rejected the city because of its credit would be noteworthy at any time — but particularly after a state audit in September said that while Schenectady is solvent now, it won't be by 2016. Also that same month, Moody's Investors Service downgraded the city's bond rating, citing Schenectady's above-average debt burden and below-average socioeconomic indicators.

Mayor Gary McCarthy said the bank rejection is not serious. He said the leasing fell through for various reasons, including that the council waited almost a year to decide what vehicles to include in the lease, and that the city does not provide creditors with a complete inventory of all its assets. "Some of it is a little distorted," McCarthy said. But, he said, the Moody's downgrade didn't help.

The mayor continues to say the city will see a "slight surplus" from 2012's financials. But the city's official self-audit won't be released until May.

Read more: http://www.timesunion.com/loca.....47.php#ixzz2LoyrQttv

there are more Moody's downgrades coming to a town near you....


welcome to

THE RATINGS GAME
THE VALUE GAME
THE CREDIT SCORE GAME
THE VALUE OF TAXES PAID GAME
THE PENSION GAME
THE CONTRACT GAME

Quoted Text

The mayor continues to say the city will see a "slight surplus" from 2012's financials. But the city's official self-audit won't be released until May.

Yeah, now that he got rid of an employee who tells the truth and he can secretly have someone alter the books

Oh, first it's a loan to PURCHASE cars, now it's a LEASE. There is a difference. The truth comes out in dribs and drabs, if at all. After everyone has moved on and forgotten to watch what they are up to this time.
Leasing vehicles isn't a savings for municipalities, IMO, as there are no tax benefits for non-taxable entities. Why is a lease necessary if we have a Taj
Mahal waiting for repairs.
Something fishy happening here. Who will tell the truth? Not Jason Cuthbert, not Mr. Erickson. City's self-audit? Ha ha ha.

That credit rating from Moody's was the justification used for that nearly 25% increase in taxes that Stratton never stopped congratulating himself for. He even got some sort of fiscal award for that. It killed Schenectady, anyone who lives here could see that. Those credit rating agencies were tied up inthe worldwide banking/credit/real estate scam, and BS and his ignorant followers swallowed it hook, line, and sinker.

It's been a lease agreement since Michael Geraci was Chef.  Probably used the term "purchase" generically.

Lease makes more sense because the vehicles are used 24 hours per day - after 3 years, maintenance costs rise sharply, and the re-sale value is nil.

They could have and should have bought the vehicles a year ago.   Mayor said - it was held up by Council.

Quoted from visitor

It's been a lease agreement since Michael Geraci was Chef.  Probably used the term "purchase" generically.

Lease makes more sense because the vehicles are used 24 hours per day - after 3 years, maintenance costs rise sharply, and the re-sale value is nil.

In the same evaluatio, the residual value of the vehicle is also lower.  Remember, residual on a lase is based on the value the lease company believes the vehicle is
worth, minus any estimates repairs that would be needed (like patching holes in sheetmetal, etc., and interior improvements, etc.), minus an estimated margin when
they resell or auction the vehcile.

Leasing vehicles makes sense for businesses or individuals that want lower payments and keep vehicles only a few years, take care of the vechicles and do not put a lot of mileage on them
and aren't concerned about having any equity (small as it may be).  Maybeleasing Police vehicles does make sense...but I don't see it!

Quoted from visitor

They could have and should have bought the vehicles a year ago.   Mayor said - it was held up by Council.

Naturally, it's never the dem mayor's fault.

The City has been leasing the Fire Department apparatus for at least the past seven years which makes perfect sense with the amount of wear and tear that is put on them over the lease term.  Two engines just left for Georgia where they will be re-sold to a rural department for profit by the lease company and no penelty to the City.  The maintenance is conducted by the dealer in the terms of the lease with no additional cost to the city, has nothing to do with Taj on Foster Ave, they don't touch the FD fleet, if anything it goes to the county garage under the current aggrement.  It makes perfect sense in this case for the City.

Quoted from Madam X

Oh, first it's a loan to PURCHASE cars, now it's a LEASE. There is a difference. The truth comes out in dribs and drabs, if at all. After everyone has moved on and forgotten to watch what they are up to this time.
Leasing vehicles isn't a savings for municipalities, IMO, as there are no tax benefits for non-taxable entities. Why is a lease necessary if we have a Taj
Mahal waiting for repairs.
Something fishy happening here. Who will tell the truth? Not Jason Cuthbert, not Mr. Erickson. City's self-audit? Ha ha ha.

That credit rating from Moody's was the justification used for that nearly 25% increase in taxes that Stratton never stopped congratulating himself for. He even got some sort of fiscal award for that. It killed Schenectady, anyone who lives here could see that. Those credit rating agencies were tied up inthe worldwide banking/credit/real estate scam, and BS and his ignorant followers swallowed it hook, line, and sinker.

1. they knew about it and made 'it' on the in  
OR
2. they are buffoons

those are the choices that a well versed politician with a dumbed down constituency will par-lee around