Archive: News

State Comptroller Thomas P. DiNapoliCash bonuses paid to New York City securities industry employees declined by nearly 8 percent to $20.8 billion in 2010, about one third less than paid out in 2007 before the financial crisis, according to an estimate released today by State Comptroller Thomas P. DiNapoli. The decline in the cash bonus pool reflects changes adopted by the industry in response to regulatory reforms, such as a shift toward deferred compensation and higher base salaries. Wall Street profits totaled $27.6 billion in 2010, which would be second only to 2009 when the industry benefited from federal bailouts and low interest rates.

“Cash bonuses are down, but that’s not an indicator of a weakness on Wall Street,” DiNapoli said. “Wall Street is changing its compensation practices in response to regulatory reforms adopted in the aftermath of the greatest financial meltdown since the Great Depression. Past practices rewarded short-term gains at the expense of long-term profitability.”

Legislators Express Ongoing Concern About Impending Property Tax Cap

Calling this “a critical time for counties,” Legislature Chair Martha Robertson told her colleagues that representatives of the State’s 62 counties attending last week’s conference of the New York State Association of Counties (NYSAC) were united in their concern about the property tax cap proposed by the Governor and approved by the State Senate—legislation that fails to provide any relief from the mandates counties face.  Robertson maintained it is time for the State to take responsibility for its own decisions, instead of shifting more and more of the cost to the property tax.

“We are very concerned,” said Robertson, “and everything we heard at NYSAC made us even more concerned.”

State Comptroller Thomas P. DiNapoliThe New York State Common Retirement Fund and the Ohio pension funds today announced that they have filed an amended complaint on behalf of investors in the class action lawsuit against BP. The amended complaint, filed in the federal district court in Houston, alleges that the company adhered to lower safety standards in its Gulf of Mexico operations than elsewhere in the world, despite claims that the company would implement a single worldwide safety standard. The plaintiffs contend that the lowered standards led to the explosion of the Deepwater Horizon drilling rig and the disastrous oil spill.

“BP’s leadership claimed that the company was ‘focused on safety like a laser’ after the mishaps of the last few years,” said State Comptroller Thomas P. DiNapoli, trustee of the New York State Common Retirement Fund. “The truth is that BP’s focus on safety wasn’t so laser-like. BP repeatedly failed to maintain a common set of safety rules. We’re going to fight to make sure BP is held responsible for the losses borne by the million-plus members of the Fund and all other investors who were deceived by BP’s statements.”

Washington, D.C. – Moving postal processing operations out of Utica would have a negative impact on the local economy and identity, U.S. Representative Richard Hanna (R,C,I-NY) said this week.

In a letter sent Tuesday to U.S. Postmaster General Patrick R. Donahoe, Hanna points out that the Utica Processing and Distribution Facility is one of the top nationwide, and states that any changes being considered should be based on merit, efficiency and productivity.

Dave Heck (left) gives copies of NYS Real property Tax Law to Town Attorney Guy Krogh and Supervisor Scott PinneyLansing resident Dave Heck told the Town Board that he wants to see the Town tax deadline extended a few days to accommodate senior citizens and others who are on a fixed income.  The deadline is January 31st, which Heck said is a hardship to seniors who don't get their monthly checks until the beginning of each month.

"When you're retired you start getting a pension," he said.  "In my case it comes on the first of the month.  Social Security comes the first of the month.  A tax payment on January 31st is very difficult.  It's an inconvenience to seniors."

Bolton Point General Manager Paul Tunison asked the Lansing Town Board to approve a contract with 11 union water commission employees.  This led to a long discussion about the details of the contract and whether it is fair to taxpayers as well as employees.  Lansing Town Supervisor Scott Pinney argued that the contract is too generous, especially in light of the fact that Lansing employees did not get a raise this year.  Others on the counsel also weighed in, but Tunison defended the contract as fair to the hard working water commission employees.

"The employees deserve it," Tunison said.  "I think it's very fair to the employees and very fair to the commission."

Village of Lansing Trustees considered a potential project Monday that would bring additional affordable housing to the Village and the County.  The Lansing Reserve project is proposed for a 23 acre lot near Warren Road, between Dart and Northwoods Drives.  It will consist of 65 town home units, each with an attached one car garage.  Better Housing of Tompkins County will be the majority owner and manager of the project.

"The housing needs assessment that was put together by Tompkins County in 2006 pointed to the fact that there are a lot of people in service industry jobs or who are working at Cornell that have to commute (from other counties)," said Better Housing of Tompkins County Executive Director John Spence.  "This kind of facility, I think, particularly with its proximity to Cornell, will be of benefit to those folks who will start to feel the pinch of a four dollar gallon of gas.  I think the need is there in the community."

New York State Senator Mike Nozzolio announced last week that the State Senate has taken a tremendous step forward in providing relief to property taxpayers and businesses by adopting legislation that he supported and fought to enact to cap property taxes. The State Senate also enacted corresponding legislation to relieve local governments from unfunded State mandates that escalate local costs and force property taxes to increase.

“Every property owner…every business, big or small...every farm owner and manufacturer....every family and senior citizen ... all have the same concern.... property taxes in New York State are much too high and these taxes are stifling our state's economy. This critically important legislation is the first step toward reversing the devastating impact property taxes have had on residents throughout New York,” said Nozzolio. “As State Senator, I am committed to getting New York on the road back to fiscal responsibility and I commend all of my colleagues who joined me in supporting this much-needed financial relief for our taxpayers.”

Congressman Richard HannaWashington, D.C. – U.S. Rep. Richard Hanna (R,C,I-Barneveld) announced Wednesday up to 70 new jobs are headed to the Defense Finance and Accounting Service in Rome, N.Y.

After a study, DFAS determined it could streamline DFAS Travel Pay operations from three locations – Rome, Indianapolis and Columbus – to one site in Rome to improve processes and generate savings for the agency.

Tompkins County’s Personnel Office is now offering job-seekers another way to learn about county employment opportunities, through a new page on the social networking site Facebook.

The page may be accessed through the Personnel Department’s web site or though Facebook by searching for “Tompkins County Personnel.”

Members of the County Legislature had a chance to communicate their concerns about how the New York State budget could affect Tompkins County, as they met with one of the members of the County’s State legislative delegation.

Legislature Chair Martha Robertson, five other County legislators and County Administrator Joe Mareane discussed their concerns, as they met with State Senator Thomas O’Mara (51st District) in Ithaca on Thursday.

Washington, D.C. – U.S. Representative Richard Hanna (R,C,I-NY) today introduced his first piece of legislation, H.R. 609 the American Competitiveness Act, to cut the corporate tax rate in an effort to promote American growth.

“This bill is simple, but it sends a powerful message to corporations around the world that the United States wo’t stand by idly while our finest corporations export jobs,” Hanna said. “The American people need to know we’re focused on growing our economy and putting people back to work. Our high corporate tax rate forces away investment and the jobs that come with it. It makes it increasingly difficult for American corporations to stay here and still compete in the global marketplace.”