WPCNR MR. & MRS. & MS. WHITE PLAINS VOICE. May 11, 2006: A reader gets out his calculator and makes a startling discovery:
City Financial Follies
WP sold a long-term asset (open space on Railside) which had been held and appreciating for decades in order to pay current expenses (compensation) and balance the budget.
This defies all laws of sound fiscal management!
The Mayor and Council wring their hands and bemoan the cost of salaries, benefits & pensions but they make no attempt to hold-the-line. They act as if they had nothing to do with the fact that the average TOTAL COMPENSATION for the City''s workforce has risen beyond an astounding $101,000 per employee.
In the private sector, over the last five years, employees have been routinely receiving 1 to 3% raises (if they received any raise at all) . At the same time, they are asked to absorb part, if not all, of the increased cost of health insurance.
Anonymous
Note: Editor's Note: In the 2006-2007 Proposed City Budget, the city is reporting expecting to employ 968 employees in 2006-2007, paying them $69,004.750 on salaries, plus an additional $32,411,694 in benefits for a total salary and benefits compensation package of $101,416,444 which works out to a total compensation packager per employee of $104,769.
