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Bayonne Board of Education votes higher tax, proposes layoffs

first_imgThe tentative budget will go next to the Hudson County Superintendent of Schools for approval, and the Board of Education will vote to approve the final budget after an April 26 public hearing. In addition to increasing revenue from property taxes, the board plans to reduce costs by about $4 million, which will amount to dozens of layoffs in the coming months. As many as 85 district employees may be at risk of losing their jobs, according to a rough estimate cited by the board. The budget means the proposed tax levy on an average Bayonne home assessed at $125,170 would result in a $120 increase in their property tax bill. A $175,000 home would see a $168 increase. The increase comes after the city already increased taxes by 2.27 percent in 2016. The board flirted with the idea of levying taxes to the full cap of 6.86 percent that would have required fewer layoffs, but that would have required a city-wide referendum. “The group up here [board trustees] realizes this is the only option we have left,” said Board President Joseph Broderick, emphasizing that the board considered “what the Bayonne taxpayer can actually afford.” “It’s not something we thought of lightly,” said Broderick. “I promise you that we will not leave any stone unturned that does not make this the education system it should be.”“When it hits the paper that a property taxes are going up, citizens are not going to be happy,” said Bayonne Teachers Association President Alan D’Angelo, urging the board to save more district jobs by levying the full tax cap of 6.86 percent. “My point is if you’re going to take that hit anyhow, raise it enough so you don’t have to lay off any teachers.”A reduction in force and spending will inevitably lead to larger class sizes, which Broderick said would be “35, I promise you that.”“I’m going to hear somewhere down the line that you’re going to have to do more with less. And that’s crap,” said D’Angelo. “We’re not going to do more with less. We can’t do much more than what we’re doing now.”A forensic audit by the NJ Department of Education, due to commence on March 28, will show how exactly the district’s structural deficit came to be. Right now, the board points to inadequate state funding and irregular local property tax levies over the course of the last decade as culprits on the revenue side of the equation. On spending, most residents, and some trustees, point to investment into the academies as a source of the district’s deficit. BAYONNE – Taxpayers in Bayonne will face higher school taxes and layoffs for school district employees if the Board of Education’s 2017-2018 budget is approved as introduced on Thursday, March 16. The board, in effort to curtail a $5.5 million structural budget deficit, voted 5-4 to levy a 3.95 percent property tax. The levy on local taxpayers amounts to $65 million as part of the tentative 2017-2018 school budget, which totals $133,150,503. ×last_img read more

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Kristin Chenoweth Attempts a High-Five & Performs ‘Over the Rainbow’

first_img View Comments Star Files I’ve a feeling we’re not in Broken Arrow anymore. Tony and Emmy winner Kristin Chenoweth stopped by The Today Show on November 19 to talk her new live album, Coming Home, which features her take on several signature numbers from classic roles. The album was recorded during her hometown concert. “My parents were out there, people that saw me grow up, or I guess just grow somewhat,” jokes the 4’11” songstress. The On the Twentieth Century star also has difficulty high-fiving Savannah Guthrie. Maybe height affects depth perception? Cheno then performed her rendition of “Over the Rainbow,” complete with those high notes you know and love, as well as some good ol’ fashioned Broadway belting. Take a listen below!center_img Kristin Chenowethlast_img read more

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LGPS Central lines up 10 sub-funds for launch after regulatory OK

first_img“We have also in place detailed plans for the launch of new sub-funds, products and services for our partner funds during the rest of 2018-19 and beyond.”A spokeswoman for LGPS Central told IPE that the first three funds to launch, in April, would be UK passive equities, global passive ex-UK equities, and global dividend growth equities.These will be followed by two further global equity funds in September, followed by a global emerging markets fund and a UK active equity fund in October.There are plans for the regular launch of further sub-funds throughout 2019 and 2020, according to the spokesperson. Three funds already earmarked for launch in the first quarter of next year are UK fixed interest, UK index-linked bonds, and corporate bonds.LGPS Central also has plans to launch other services for its investors including derivatives management.The pooling of public sector pension assets was mandated by the government in a bid to create larger investors capable of meaningful investment in infrastructure, as well as reduce overall costs.The LGPS Central spokeswoman told IPE the alternatives markets were particularly important for the manager.“It is in these markets that we see the greatest opportunity to drive cost savings for our partner funds,” she said. The company would therefore be developing its product and service proposals in these markets during 2018.LGPS Central will manage the assets for nine LGPS funds from across the ‘centre’ of England, with around 900,000 members and 2,000 participating employers.The participating pension schemes are: Cheshire, Derbyshire, Leicestershire, Nottinghamshire, Shropshire, Staffordshire, West Midlands and Worcestershire. LGPS Central, the asset management company set up to manage £40bn (€45bn) on behalf of nine UK public pension funds, plans to launch three equity sub-funds in April after gaining regulatory approval.The company will also be developing propositions for alternatives this year, it has said.  Yesterday, the company announced it had received regulatory authorisation from the Financial Conduct Authority, which means it can go ahead and provide a range of investment services to its clients. The UK government wants the eight “pools” set up by local government pension schemes (LGPS) to start managing assets from April this year.Joanne Segars, chair of LGPS Central, said: “We are firmly on track for the launch of the company and the transition of assets to our first ACS [authorised contractual scheme] sub-funds in April.last_img read more

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