Yonkers Schools Pile On More Debt

eHezi Archives 13 Comments

Martinelli_Richard Martinelli Calls Conduct "Pension Gimmickry Richard Martinelli, candidate for Mayor of Yonkers, today blasted Assemblyman Mike $pano for introducing legislation in Albany that will cost the Yonkers School District over $2 million per year in additional debt service. The legislation (S.5752/A.8293-A) was introduced last week by Senator Jeff Klein and Assemblyman Michael Spano and authorizes the Yonkers School District to issue 15 year bonds through the New York State Dormitory Authority.


These bonds will cover up to 125% of the school districts 2010/2011 teachers' pension contribution. Proceeds may be used to offset the amounts by which pension contributions, over the next several years, exceed the 8.62 percent of payroll (the 2010/2011 contribution rate) according to E.J. McMahon of the respected Empire Center for New York State Policy, who labels the 15 year bonds as "pension gimmickry" and estimates that $20 million in borrowing will cost taxpayers "well over $2 million in annual debt service".

 

The bonding authorization was requested by the school district. Richard Martinelli said, "Assemblyman Mike Spano's legislation to authorize approximately $20 million in new debt for the Yonkers school district is crazy. We're having big enough fiscal problems already and now Assemblyman Spano wants to drown Yonkers taxpayers in even more debt; that's irresponsible and it's wrong.

 

"As they campaign for Mayor of Yonkers, professional politicians like Assemblyman Spano and his cohorts in the Yonkers City Council, Chuck Lesnick and John Murtagh, seem intent on creating temporary stop-gaps for Yonkers budget problems instead of addressing the real problem; too much spending.

 

They can't seem to be forthright with the taxpayers and they have no idea what the term 'fiduciary responsibility' means. Together, they are leading Yonkers to the brink of a financial melt-down.

 

"I'm the only businessman running for Mayor. I understand what it means to balance a budget and to live within one's means. I also understand what it means to say 'NO' we simply can't afford more debt. As mayor, I'll put my business skills to work to cut spending and balance our budget and I'll be an elected official who will say no to the temporary fixes and one shot deals that drag our city deeper into debt."

eHeziYonkers Schools Pile On More Debt

Comments 13

  1. council president martinelli shld worry about winning the primary and concentrate on spano later. im a spano supporter but as a rep i will now be signing a petition for murtagh

  2. A vote for John Murtagh is a vote for Mike Spano because Murtagh will LOSE without the CONSERVATIVE line! That is the simple truth.
    Martinelli is the only candidate who can win. Murtagh is NOT a reformer. He has been part of the problem in City Hall for 8 Long Years. It is time for him to move on.
    Martinelli is right. We cannot handle more debt. At least he knows how to run a business, meet a payroll, and manage a budget.

  3. whatever you say about richard he is not shilling for
    mike spano…maybe you didn’t read the part of the
    release where he uses a dollar sign for the S in
    spano….doesn’t sound like a shill to me…
    a shill doesn’t criticize either directly or indirectly
    the person he is shilling for…richard is a serious
    candidate for mayor…unfortunately he has a republican
    primary which means if he doesn’t win mike spano
    is elected automatically…but not intentionally that
    was accomplished when hugh fox decided not to endorse
    john murtaugh leaving martinelli as the only possible
    republican who can win

  4. Once again NOT A SINGLE SOLUTION PROPOSED!!!!
    Liam is once again writing the no solution pablum that is spewed by the Martinelli?spano campaign.
    Don’t forget that the Steve Levy proxies ALL went to Martinelli via Mclaughlin. The Martinelli Spano cabal is alive and well and will jointly continue to milk the city for their own fun and profit.
    PROPOSE A SOLUTION Richard or people will realize that you are a shill for Spano.

  5. what a joke martinelli is. all of a sudden he is a businessman and not a career yonkers pol. the same pol who contributed to stagnation and overspending in our city. martinelli-murtag-lesnick-little carlo…what do they have in common? all have been part of the city hall insiders who have brought our city to bankrupsy. it would be a joke if it werent so sad

  6. Martinelli is correct. We should cut spending. Will Bernie again borrow money next year? Every year we will have the same problem. The real problem is mismanagement in the school district. Pierorazio does not have a clue. He does what ever Amicone wants him to do. He took an axe to the school district and dismantled the schools. He has been a nightmare for Yonkers and Amicone loves to pull his strings.
    Yonkers schools will be paying 2million per year plus 4million per year for the incentive given to their workers in 2010. Let’s dig ourselves into a bigger hole Pierorazio.

  7. Shouldn’t Martinelli be more concerned about winning a primary first considering Murtagh clobbered him at the convention.

  8. I was waiting for this one. Another “press release” saying nothing. Is this your campaign writing empty pr pieces to get attention. Get back to the funny farm where all politicans belong. Can’t wait for your next release.

  9. Richard Martinelli was City Council President. Because he did a bad job (in the eyes of the voters who voted him out) we have Chuckles. Now Martinelli seems to have risen from the dead to, zombie-like, tell us how it should be done. He needs to move on and give up on politics. All existing politicians and former politicians need to move on to someplace else where they can do less damage.

  10. Martinelli is right! We can’t afford more DEBT and SPENDING. He is the only one speaking out on this. The other candidates for Mayor like Murtagh are the ones that are taxing and spending the City into a hole. Martinelli is the only one on the outside calling them out on it.

  11. Your NOT a professional politician? Mr. Council President? Really?
    Perhaps you can balance the budget of your TINY profitable printing company, but please explain how that translates into balancing the huge Yonkers budget with the immense structural problems that it has. What SPECIFIC actions would you take with your vast business experiece? No one shots? thats it?
    While I agree that Spano is totally wrong this is a total puff piece and you are full of crap.
    Like a professional politician….like Daddy.

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