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Peru – September 22, 2022. Town Board Meeting. At Councilman Rick Barber’s recommendation, the town is looking into selling three properties. They include the Jenkins Street tennis court, a 42-acre parcel adjacent to Brand Hollow Rd. that the town once used as a sludge lagoon, and a 6,200 sq. ft. property adjacent to School Street.All the properties are not being used, and no future use is contemplated. (On September 22nd, Councilman Barber told the Gazette that legal issues might not make selling the School Street property practical).
Finally, after numerous zoning violation notices and neighbors’ complaints, the Peru Town Board is determined to clean up the 5 School Street property and home owned by Dale Bradley. The Board approved Code Enforcement Officer Bob Guynup’s recommendation to initiate legal action to demolish the house, with all demolition costs included in Bradley’s property tax bill.
The Board set September 26 at 5:45 p.m. for a public hearing to adopt a local law to override the tax levy limit established in General Municipal Law 3-c. NYS imposed a 2% tax levy limit for 2023. Board members state they don’t plan to exceed 2%; however, the town faces higher costs for all its purchases, especially in the highway department.
The 2023 town budget adoption schedule is:
Monday, September 19 at 6 p.m. – Special Meeting to present tentative budget
Wednesday, September 28 at 6 p.m. – Water/Sewer/Valcour Workshop
Wednesday, October 5 at 6 p.m. General Budget Workshop
Wednesday, October 19 at 6 p.m. – Salaries workshop
Wednesday, October 26 – Budget Review Workshop
Wednesday, November 2 at 6 p.m. – Public Hearing on Preliminary Budget
Tuesday, November 15 at 5:30 p.m. Special Meeting to Adopt Final Budget
In other actions the Board:
Approved payment #3 of $215,121.75 to Luck Brothers for the Telegraph Road culvert replacement project.
Approved Highway Superintendent’s recommendation to seek bids for a salt brine maker with bid opening on September 29 at 10 a.m. at the town hall.
Accepted Cipriano Energy Group’s offer of $4,802.84 as the environmental benefit for its planned 1.7-megawatt solar farm at 3753 Route 22. Cipriano based its offer on the formula used for the recently approved Moffit property solar farm adjacent to Airborne Park.
Accepted a phone equipment and services provider proposal from Layer 8 and Gabbit to update the town office phone system. The phones haven’t been replaced for decades.
Approved James Falvo’s reappointment to the Board of Assessment Review.
Approved purchasing a new Kubota tractor model m6 111 and mower from Dragoon Farm Equipment in Mooers for $116,709.73. The Highway Department will sell two old tractors and use NYS CHIPS monies to finance the purchase. https://www.kubotausa.com/products/tractors/utility/m6
Scheduled a workshop to discuss the ongoing Elm Street sewer project for Monday, September 26, 2022, at 4:30 p.m.
Discussed a Maiden Lane stormwater drainage issue affecting three properties. A 30-foot easement may be required.
Adjourned at an executive session at 7:10 p.m. to discuss property and personal issues
The New York State Labor Department has released unemployment rates for the month of August. While New York State has a statewide rate of 4.9%, our area counties continue to be lower with:
New York Has Fourth Highest Household Debt in Nation
September 22, 2022
The average household debt in New York climbed to a new high of $53,830 at the end of 2021. While New Yorkers trail the national average debt burden ($55,810), student loan and credit card debt per capita were well above the national average, with student loan balances 335% higher than in 2003, according to a report released today by State Comptroller Thomas P. DiNapoli.
“Households across the nation have record levels of debt after a temporary decline at the onset of the pandemic in 2020. We’re seeing debt rise for New Yorkers with student loans, mortgages and credit cards,” DiNapoli said. “Borrowing can help individuals achieve their personal and financial goals, but high levels of debt can cause damaging long-term consequences. I urge policymakers to improve access for individuals and families to financial education resources, so they are better prepared to build a stronger financial future.”
At the end of 2021, national household debt totaled $15.6 trillion with New York households accounting for $869.4 billion, or 5.6%, of the national total, ranking New York fourth in the nation after California, Texas and Florida. Debt has increased 4% nationally and 2% in New York in the first two quarters of 2022 and is now the highest on record, exceeding previous highs from 2008. For both New York and the nation, mortgage debt made up the vast majority of household debt, at $601.2 billion (69.2%) and $10.9 trillion (70.2%), respectively.
New York fares better than the nation and peer states (California, Florida, Texas, Illinois and Pennsylvania) on per capita consumer debt in relation to the average personal income level in the state. On that measure, New Yorkers have a debt ratio of 57% compared to 73% for the United States as a whole. However, DiNapoli’s report found per capita debt in New York differs in notable ways from the national profile: mortgages and auto loan debt are lower, while credit card and student loan debt are higher.
New York’s per capita credit card debt was $3,520 in 2021, seventh in the nation, and credit card balances were a larger share of per capita household debt in New York (7%) than nationally (5.5%). Credit card debt typically has substantially higher interest rates than other types of household debt and can be indicative of financial stress when used for routine expenses.
New York’s per capita student loan balance was $6,180 in 2021, 11th in the nation, representing growth of 335% from 2003. The high growth rate was less than the national average (432%) and peer states (448%). DiNapoli said President Biden’s new student loan forgiveness program should help New Yorkers struggling with student loan debt.
New York’s delinquency rate of 2.1% for consumer debt also exceeds the national average of 1.9%, but is lower than it was before the pandemic (3.8%). Credit card debt had the highest share of delinquent accounts at 8.9% in 2021. The delinquency rate of 0.9% for mortgage loans is highest in the peer group and nearly double the 0.5% national rate.
This report is a part of DiNapoli’s ongoing financial literacy initiative. In 2019, DiNapoli signed an executive order recognizing the need for more robust financial education in the state and providing New Yorkers with more tools to manage their finances. The report uses data on consumers with a credit report from the Federal Reserve Bank of New York to examine household debt in relation to the national average and large peer states.
