http://mlis.state.md.us/2012RS/misc/2012S1_ReportOnBRFA.pdf
Look on Page 11 - the Maryland Legislature - in anticipation of potential litigation as a result of BRFA's enactment - has proposed a funding mechanism to try and offset a Court reversal of this legislation.
EXCERPT FROM PAGE 11
'Requires local boards of education to budget the costs to satisfy any final court judgments; prohibits the county government from reducing funds in the school budget dedicated to satisfying a final court judgment; and that, if it becomes necessary for the State to make payment, the amount will be deducted from State education aid due to that board of education in the following fiscal year
Provides an additional State grant to a county board of education to ensure that direct education aid in fiscal 2013 does not decrease by more than 5% compared to fiscal 2012'
Look on Page 19 - at how the BOE is to be funded under the newly proposed method. In my humble opinion - the MOE should not be increased, but instead, be decreased each year by the additional pension cost liability imposed on each County. The taxpayers are being 'set-up' to be enjoined by this action.
EXCERPT FROM PAGE 19
The required maintenance of effort amount paid by counties increases each year by the additional pension costs during the phase-in period.
Take a look at Page 19 of the Proposed BRFA - (Budget Reconciliation Financing Act 2012) - My Question - what makes you think the State is going to cover the liabilities - their track record shows that they are incapable of controlling losses & maintaining adequate funding levels. Moody's, Fitch, S&P have already ripped the State apart for letting the fund drop to dangerously low levels. Will not the County become culpable by withholding and advancing payment into this already underfunded account? What makes any of the localities think that the State is going to act differently this time around. The State has already lost credibility by not funding the account in 2009, 2010, and 2011.
EXCERPT FROM PAGE 19
State maintains responsibility to pay for unfunded accrued liabilities and reinvestment, as well as a portion of the normal cost and any costs above the estimates during the phase-in period.
New Posts to fall below.
13 comments:
Joe:
Too bad, but that's how it goes in the great "Free State" of Maryland. Maybe Wicomico County should hire that same lawyer & pal of O'Malley who represents Perdue.
Like is this really something new in the Peoples' Republic of Maryland?
Stalin, Lennin, Trotsky, and now O'Malley can be welcomed to the same crowd of Socialist.
Complain not for the American people are compete and uder morons whom know nothing. Just hold off your "I told you so" until after all our liberties and or monies are gone. Then when these dumbasses stand up and say "hey, why didnt you do anything" then whamo I told you so can come out
A taxpayer that votes for a Democrat is like a chicken voting for Colonel Sanders.
light the torches and grab your pitchforks people.
Now one can easily see why Texas only allows Bi-annual state legislative sessions.
If Maryland could only learn from their mistakes as opposed to keep making them. This administrative body has really done significant damage to our society. It's no wonder Money Magazine labeled us a 'TAX --ll'.
To 11:51 I agree.
There is nothing left to consume except our 'own flesh' Everything else has been taxed into oblivion in this so called Free State.
I wholehearted agree! They should be incarcerated. In the private sector if they performed the same actions as this legislative body - they would be incarcerated. It is criminal in what they have done to our citizenry.
You might want to consider obtaining a passport to exit out of here. Remember what happened in NAZI Germany? They blamed the Jews for all of their economic woes and eventually made it so hard on that sector - they had to leave.
In our State's case they are making it so hard on our citizenry that their isn't any disposable income left. I agree with 12:12 post - we are seeing ourselves self-consumed to a point self-destructing. This legislature actually believes that they can tax themselves into prosperity.
Rick Pollit and Norman Conway just love this BS. They will pay.
By the look of the shear numbers of tax sales - people are just letting go of their property. Used to be real estate was considered an asset but now it has become a liability. That is the way it happened in NAZI Germany. Then when the Soviets moved into East Germany they just confiscated peoples property and it became a ward of the State. Same thing is now going on here in Maryland.
This is NO JOKE! Take a look for yourself at The Daily Times tax sales. Incredible number of delinguencies.
The whole State of Maryland is out of control. They are not addressing the real problem - it is runaway government spending. Until such time as the put a cap on this - it will continue to deteriorate.
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