PILOT Revenues Way Down?
At Monday's City Council meeting, a copy of the budget document that is sent to the state was available in a blue binder. Recalling last year's big $1.7 million error in anticipated revenues from PILOT (Payment in Lieu of Taxes) plans, I took a look at that page first.
The list looked kind of short and tonight I comnpared it to that of last year. Indeed, nine PILOTs were on the books last year and there were only five on the new document. In addition, there was no comparison to past years' anticipated and realized amounts of revenue.
I was prepared to obtain and pay for a copy of the document Tuesday, but because the State Fiscal Year 2010 budget was not introduced Monday, it was perhaps not official, so I figured I had to wait until after a special meeting this coming Monday at which it is expected to be introduced.
Anyway, the figures I copied down for anticipated PILOT revenue in SFY 2010 only added up to $187,445.56. Only Netherwood Gardens, Liberty Village, Covenant House, Horizon at Plainfield and Park Madison were on the list. On the document for last year, Presbyterian Homes, Cedarbrook Apartments, Leland Gardens and Allen Young Apartments were also listed. After correcting the $1.66 million error on Allen Young Apartments, the amount of revenue anticipated for SFY 2009 was $1,346,019.61, which was what the city actually realized in 2008 for PILOTs.
That means PILOT revenues anticipated for SFY 2010 are down by $1,158,574.05.
My homework will now be to find out why the four entities were omitted and why projected revenues are so far down. For example, in 2008, the city received $95,337.06 from Liberty Village in 2008, but for SFY 2010, only $949.55 is projected.
I hope the new budget committee will receive the official budget document, which includes both anticipated revenues and appropriations, as well as the large budget binder that includes department and division requests, but not projected revenues. I'm told the official budget for the state Division of Local Government Services runs to 66 pages, but as we found out last year, it deserves scrutiny. Officials downplayed the $1.7 discrepancy last year as a "typo" and not a real loss, but the error had to be corrected by shifting funds around.
Meanwhile, as other bloggers have pointed out, the Citizens Budget Advisory Committee is taking suggestions on how to save money. Click here to access the web site.
--Bernice Paglia
The list looked kind of short and tonight I comnpared it to that of last year. Indeed, nine PILOTs were on the books last year and there were only five on the new document. In addition, there was no comparison to past years' anticipated and realized amounts of revenue.
I was prepared to obtain and pay for a copy of the document Tuesday, but because the State Fiscal Year 2010 budget was not introduced Monday, it was perhaps not official, so I figured I had to wait until after a special meeting this coming Monday at which it is expected to be introduced.
Anyway, the figures I copied down for anticipated PILOT revenue in SFY 2010 only added up to $187,445.56. Only Netherwood Gardens, Liberty Village, Covenant House, Horizon at Plainfield and Park Madison were on the list. On the document for last year, Presbyterian Homes, Cedarbrook Apartments, Leland Gardens and Allen Young Apartments were also listed. After correcting the $1.66 million error on Allen Young Apartments, the amount of revenue anticipated for SFY 2009 was $1,346,019.61, which was what the city actually realized in 2008 for PILOTs.
That means PILOT revenues anticipated for SFY 2010 are down by $1,158,574.05.
My homework will now be to find out why the four entities were omitted and why projected revenues are so far down. For example, in 2008, the city received $95,337.06 from Liberty Village in 2008, but for SFY 2010, only $949.55 is projected.
I hope the new budget committee will receive the official budget document, which includes both anticipated revenues and appropriations, as well as the large budget binder that includes department and division requests, but not projected revenues. I'm told the official budget for the state Division of Local Government Services runs to 66 pages, but as we found out last year, it deserves scrutiny. Officials downplayed the $1.7 discrepancy last year as a "typo" and not a real loss, but the error had to be corrected by shifting funds around.
Meanwhile, as other bloggers have pointed out, the Citizens Budget Advisory Committee is taking suggestions on how to save money. Click here to access the web site.
--Bernice Paglia
posted by Bernice at 2:04 AM
3 Comments:
Bernice, is this for real or did you make a rare typo?
"For example, in 2008, the city received $95,337.06 from Liberty Village in 2008, but for SFY 2010, only $949.55 is projected."
The PILOT thing doesn't make sense,I am anticipating an explanation
It looks like another typo?? Should it be they received $95k from Liberty Village in 2008, and $94k projected for 2009.
Maybe someone should make a type in the Mayors paycheck and move the comma over one spot. Oh sorry, forgot - she would move it the otehr way to her advantage.
I posted a pretty benign suggestion comment to the CBAC blog over a week ago and it's yet to be moderated and allowed. I fact, there are zero comments.
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