From The TORCH:
The New York State Assembly this evening followed the Senate’ lead in passing a teacher pension bonding option that would undermine a property tax cap while generating more risk for taxpayers — but a leading State Capitol reporter has tweeted that Governor Cuomo’s “quick comment” on the bill suggests “strong opposition.” Cuomo certainly should be opposed.An egregious fiscal abuse on its own terms, the bill (S.4067-A) would allow school districts across the state (except for New York City) to issue 15-year bonds to cover a portion of their rising teacher pension costs over the next several years - at least $1 billion in all, by one estimate...
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According to the NY Post in a June 25, 2011 article by E.J. McMahon, a senior fellow at the Manhattan Institute's Empire Center for New York State Policy:
The passage of a 2 percent cap on local property-tax growth in New York should have been the crowning achievement of Gov. Cuomo's first legislative session -- complementing an austere budget to set a more fiscally responsible tone for the Empire State.Read more of Mr. McMahon's article: Stabbed in the Back
But even before the tax cap finally came to a vote in Albany yesterday, the Legislature was making a mockery of the governor's objectives. Lawmakers approved a bill that would allow school districts to borrow money to cover a portion of their growing teacher-retirement costs -- the same costs that will be partially excluded from the tax cap, under a concession Cuomo made last month to secure the support of Assembly Speaker Sheldon Silver.
And, according to the Americans for Prosperity New York Chapter facebook page:
The Senate and the Assembly have proven they are not serious about mandate reform and property tax relief by passing the Pension Borrowing Bond bill. Now we will have to see how serious the Governor is. Will he veto the bill? Call Gov. Cuomo at (518) 474-8390 and tell him to VETO S.4067A!