Jump to:
2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021

---

Debt

---

The big hook seems to be, "Albany is GIVING us $300,000,000.00, it is going to be great!" However, this is not FREE money, it would be $300M in bonded, New York State taxpayer, DEBT!

Furthermore, $300M of debt is not the total cost of the proposed hospital. In fact, there has never been a single sheet of paper shown to residents, which has laid out ALL aspects and costs of the proposed project. The City of Utica and Oneida County would have costs, and that means the taxpayers would see more costs, and of course it would be in the form of debt.

This page will examine debt of the State, Oneida County, City of Utica, taxpayers and not to be forgotten, our hospitals. A massive part of this concept all hinges on "bonding". New York does a lot of bonding, in fact here's their Bond Sale Schedule. We'll also need to look at; County, City and hospital bonding too to understanding the debt pitcure.

New York State

Maybe a good place to start, is a look at the Debt Clocks Of New York State. We see each of us (19.7 million) current each owe roughly $18,000 apiece. Here is the home of New York State's Budget information.

Oneida County

Albany classifies Oneida County as "Central New York", where we are 1,257 square miles and founded in 1798. In 2010 our population was 324,878 and if we multiple that by Oneida County's share of the state debt, together we are in debt a total of $5.8 billion. Another reference is this 2013 Oneida County Budget Report.

City of Utica

City of Utica and finances are headed-up by the Comptroller. The mayor states the real estate assessment roll has grown by $12M, however, they taxes just went up about 8%. How is this logical?

Taxpayers

How are taxpayers fairing? What have been the changes in the taxes at the County and City levels? What about the sales tax rates and changes we've seen? Faxton St. Luke's Healthcare Centrex labs purchased by LabCorp

Hospitals

The two hospitals are in debt, and loosing money. MVHS is just an administrative nonprofit, and their assets have been shrinking? They say they's borrow another $150M to build the hospital. Where does that place them debt-wise?

To note, in 2009 our Utica Health System Sold it's Lab Operations. According to this story, Health System Sells Centrex Clinical Laboratories to LabCorp, proceeds while not disclosed could have netted $40M to $75M. The second story goes onto read, "Faxton-St. Luke’s Healthcare plans to stash the proceeds from the sale of Centrex Clinical Laboratories into a nest egg to help protect it from a future rainy day. The sale of Centrex creates an incredible opportunity for the healthcare system. The Board of Directors has elected to wholly invest the funds generated from the sale and allow the fund balance to grow over time, stated Joan W. Compson, Chair of the Board of Directors. This strategy is an investment in our future. By creating an investment savings account and allowing the money to grow, it better positions us for the future, to help us build a hospital designed for the 21st century.”

---

You can help, please join us on Facebook #NoHospitalDowntown. Also consider adding your voice to Hundreds of People Saying, "No Hospital Downtown". Get to know BUD, that's the future of the Columbia Lafayette Neighborhood!

---

---

No Studies, No Reports, thus we remain #NoHospitalDowntown