October 02, 2012

Hampton Properties

Private developer in Main South

Hampton Properties.   We should be congratulating private developers like this, instead we pretend that they do not exist?


Jahn said...

Does anyone recall a few years ago there was talk of moving the Mass state crime lab to the vicinity of the the I-190/Rte 12, West Boylston area?

With all the problems surfacing concerning flawed testing at the state crime lab is it time for a 100% new start for the state crime lab? Not that a new start would necessarily require a new location, but hey ........how about a new state crime lab at City Sq or somewhere in Worcester? Any possiblity of an cooperative interface with the crime lab and Mass College of Pharamcy or UMass Med School.

Jahn said...

I have to give the CM & the CC kudos for at least taking a look the unfunded liabilty for city retirees and their spouses lifetime health insurance.

$5M a year will now be used to fund this liabilty and this $5M amt. will be increased 7.5% per year. The 7.5% will be funded going forward by free cash left over from the prior year.

BUT!!!!!....There is no mention of where the annual $5M amt will come from...either add'l revenue or cuts in other areas. Ok, the $5M is a start but comes no where close to the req'd $20M the city claims is needed to properly fund the liability.

Increasing the funding 7.5% annually it would take about 19-20 years to reach the req'd $20M annual funding. Additionally the 7.5% annual increase comes from prior year free cash. Dare I ask what happens when there is no prior year free cash?

Also how about doing away with the 10 year vesting. An employee works for the city for 10 years, quits or worse yet gets fired and both he and spouse have city paid health insurance for life when they retire. THIS IS UNREAL!.

How about the employeees pay more for their portion of the insurance when they are retired. Maybe thats coming?

What a windfall for the city if somehow city employees are all pushed onto Obamacare years from now

Jahn said...

Re my preceeding post which was on Tues. or Wedn. re retiress health ins.

Now 2-3 days later Todays T&G ( 10-5) & Nick reports right now the city is looking at $10M shortfall (deficit I assume) for next fiscal year end June 2014.

This is what I mean about the city's financial planning. 2-3 days ago they claimed they would increase the amt. contributed to fund retired employees health ins by 7.5% per year going forward. They further stated the money would come from prior years "free cash"

May I suggest that a possible $10M annual shortfall may be inconsistent with prior year free cash being available to fund the above.

Yes we're are 9 months away from finalizing next years budget.......but.....let's be realistic. Plus where is the $5M annual contribution which is also noted in preceeeding post going to come from with a potential 2014 $10M shortfall?

Oddly enough Nick K never mentions his article of 2-3 days ago and the huge inconsistencies I have stated above AND the $10M potential shortfall story ends up on page B-12 ( last page of news) of Fridays T&G vs the other days story which was a lead story and not buried in the T&G. This assumes it is possible to bury something in a daily newspaper that runs only about 20 pages. Hard to even wrap a deadfish in that. .

Nice weekend ahead. Enjoy.