Tuesday, September 24, 2013

Will Hudson Accept the Help Offered?

Capital Confidential reported yesterday that a new state panel has been convened to assist fiscally challenged municipalities. "The Fiscal Restructuring Board will offer a blueprint for cash-strapped localities, and up to $5 million in state loans or grants if they agree to implement it." 

Any municipality can apply for help, but there are 389 municipalities in New York that are automatically eligible, and Hudson is one of them. Eligibility is based on "relative property tax rates and whether they've dipped into their reserve funds." We're in pretty good shape with our fund balance (eligibility is below 5 percent, and we're at 30.05 percent), but property taxes are another story. The threshold for eligibility is above 6.823. We're at 11.78.

1 comment:

  1. John Friedman, who is out of town and unable to post a comment, shared this:

    "Let's hope so!"