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Th is would not be a tax on real estate, for real estate includes improvements made to the land. Land Value Taxation(LVT) is a method of raising public revenue by means of an annual tax on the rental value of land. In the meantime, government should be working to shift to a land value tax to fund transit.
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The Governor and Legislature should offer to find $30 million in additional funding for PAT in the coming fiscal year in exchange for an agreement by the unions and their legislative advocates to support legislation to eliminate the right of the transit workers to strike with stringent criteria on any arbitration process to protect taxpayers' interests(!) By eliminating the right to strike, the future of contract negotiations would be carried out in an environment wherein transit users could not be used as hostages to gain a very generous settlement for the unions!Īdmittedley, $30 million still leaves a big funding gap for PAT, but in combination with voluntary concessions by employees and retirees before July1, the situation could be much less threatening than it will be if the status quo is allowed to continue. The second solution, having state taxpayers continue to pour ever increasing amounts of money so PAT can maintain its generous benefits to retirees while simply holding service levels steady or slowing their decline(!) makes no sense. The first option requires the state to change the law to allow PAT to file for bankruptcy,something it seems very reluctant to do even in the face of the insurmountable difficulties piling up owing to PAT's legacy costs. There are two meaningful long term solutions - bankruptcy, to get relief from the legacy costs, or have the state continue to increase funding every year simply to cover the rise in unavoidable benefits. Notwithstanding the service cuts in recent years, PAT still cannot bring its retiree benefit costs under control!! Consequently, it's simply been easier for the Board to give in to union demands for many years than to take a massively disruptive strike. Thus, the threat of a walkout gives them enormous bargaining leverage with PAT management and the Board.
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No public sector employees can create a bigger negative economic and societal impact on the community than transit workers who refuse to drive the buses or operate the light rail system. But more importantly, the excessively generous contracts reflect the unions' outsized bargaining power arising from their right to strike. Ironically, the recent and pending bus service and employee cuts simply raise the legacy costs as a share of total spendingīoard membership and management failed to take into account the inevitable extreme financial burden the contracts being signed would produce. In FY 2012, PAT budgeted $33 million for pensions and $34.3 million for retiree health benefits, almost 20 percent of total spending. Unfunded liabilities for non-pension retiree benefits surpassed $800 million in 2011. Legacy costs are crippling the transit agency. The source of the Port Authority's financial problems stem from decades of labor contracts containing excessively generous pay and benefits-especially retirement related benefits.