The City Budget

[titan5]

One of Obama's first edicts was that anyone in his Administration earning 100k or more has their salaries frozen. NO RAISES for the duration of his Presidency!!!!!! These are important people. Hopefully Nanaimo Council will include the same in our next budget.

We are talking about Council's pay hikes and no one on Council is making more than US$100,000.

[Tenspot]

I thought that the topic of this link was "The City Budget", and that my comment was applicable as to staff, and timely as now would be the time to implement such a policy.

[titan5]

I thought that the topic of this link was "The City Budget", and that my comment was applicable as to staff, and timely as now would be the time to implement such a policy.

Tenspot, you are right the main topic is City Budget but the last few comments have been about Council giving themselves a pay hike.

[Smokey©]

If any members of council get or recind a pay increase has a lot to do with the budget. If council freezes any wages over $100,000 to city employees, that affects the budget. It is not about the Millions but any budget strategy takes the small amounts into consideration also.

[titan5]

If any members of council get or recind a pay increase has a lot to do with the budget. If council freezes any wages over $100,000 to city employees, that affects the budget. It is not about the Millions but any budget strategy takes the small amounts into consideration also.

Take care of the pennies and the dollars look after themselves

[Tenspot]

My point, exactly.

[James Younger]

The city has an open meeting 8:30 am till 4:30 pm to go over the budget line by line.

[Smokey©]

City council members refused their annual pay raises this year, scheduled to be 8% for the mayor and 16% increase for councillors.

They decided instead to change the formula that sets salaries for local politicians, matching the increases to B.C.'s cost of living index, about 2%.

FULL STORY

[James Younger]

from www.Bolin08.net
It was announced today that the requested meeting to review the 2009-2013 Financial Plan will be held tomorrow, Feb. 4, 2009, in the Franklyn St. Training room, 3rd floor. 238 Franklyn st. This should provide a good background to understanding the budget and where it is taking us.

[Sly fox]

After going over last years budget i am not at all convinced that services need to be cut. Nanaimo has $95 million dollars in a money market fund, use the income from this fund to pay down loans with interest over 6%. The Harbourfront Parkade is a primary example of a loan that costs 8% in interest and has a long term before its completely paid out.

Nanaimo has no need for loans to build projects according to its Finanacial Statements. We as a community had in the Financial Statements for fiscal 2007 $95,747,529 in long term investments and $29 million in short term investments.

Surely with any long term term investments we are getting a low rate of return for safe and secure investments as is usually the case (under %5) per year as a general rule.

Therefore it makes good financial sense to pay off any loans that are costing Nanaimo more than its returns are.