Mayor ‘Lynn in financial collapse’ Lynn MA

[graywarrior]

Cut story per request of moderator. Probably won't be able to read the rest of it unless you register with the Lynn Daily Item.


By Dan Baer/The Daily Item

LYNN - As Gov. Deval Patrick met with a group of local mayors to discuss budget cuts Friday, Lynn Mayor Edward J. Clancy Jr. continues to search for someone or something will bring relief to the city as the state tumbles in to a financial freefall.

Speaking to the School Committee Thursday night, Clancy, who was not invited to take part in Patrick’s meeting Friday, again painted a gloomy picture of Lynn’s economic future, even if the budget remains intact this year.

“I hate to use this word but the city of Lynn is in financial collapse,” Clancy said. “Before we even talk about Question 1 or 9C cuts, our 2010 budget in pensions alone will mean a huge hit in the money we are going to have to come up with to fund our services.”

Clancy said the majority of budget problems facing the city were of “no fault of our own,” referencing the entire country’s current financial woes. The mayor said the city’s only mistake thus far was a miscalculation in the free cash account, which he said ended up being “much less than we thought it would.”

In the wake of plummeting stocks and skyrocketing costs, Patrick has discussed painful spending cuts statewide this month. The meeting with mayors Friday is just the beginning of the process, as he is expected to make a decision soon on whether to make 9C cuts and other budget adjustments that may force cities and towns to eliminate services and cut back programs drastically.



http://www.thedailyitemoflynn.com/articles/2008/10/13/news/news01.txt

[Ian David]

1. Well, now I know where to move to if I want a bigger house for less money than Brockton? n/t

[graywarrior]

2. If you don't mind getting shot at by street gangs.

[Ian David]

3. Yeah, but aren't there some good strip clubs there too? I mean, it's a trade-off. n/t

[Marrah_G]

9. Lynn...Brockton...not to much difference!

:hide:

[Ian David]

11. Brockton has a solar plant! n/t

[Marrah_G]

12. So do the panels still work right with bullet holes in them?

hehehehehe......

I have such fond memories of Westgate Lanes as a teen in the 80's.

[Forkboy]

20. Small world.

You went to Westgate Lanes...and I once broke into Westgate Mall.

:rofl:

[graywarrior]

10. Some good fighten bars, for damn sure

[unhappycamper]

4. Hi graywarrior

Would you do me two favors?

1. Insert a link to the copyright article --> http://www.itemlive.com/articles/2008/10/13/news/news01.txt

2. Could you please edit down four or five paragraphs to comply with DU rules? You have one hour from time of original post to make changes.

From the detailed rules:

Do not post entire copyrighted articles. If you wish to reference an article, provide a brief excerpt and include a link to the original source. Generally, excerpts should not exceed three or four paragraphs.




TIA,

unhappycamper

[graywarrior]

7. Sure, but you can't get to the link unless you register

Not many people want to go thru that. Tis why I posted the entire thing.

[unhappycamper]

17. Here's a pretty handy link for the written word:

http://www.world-newspapers.com/

I may have registered there at one time or another because the Daily Item site came up without signing in.

Thanks for changing your post.

uhc

[graywarrior]

18. You are welcome and thanks for that link

You rock the house, baby!

[KharmaTrain]

5. Get Ready...This Will Be A Nationwide Problem Next Year

Combine the real estate market collapse with the decline in business and incomes and think of how that affects the tax structures...especially of towns that have seen a lot of their state and federal monies cut over the years for tax breaks for the rich and to cover other shortfalls.

There's also a problem with local referendums...I've been in my share of them. School referendums are the worst. People want quality services, but they are loathe to pay more for them...especially during a time of tight money. It's double-tough when voters are at the polls thinking about how bad the economy is and how pissed they are at a federal government that has squandered trillions...it trickles down to the local level.

One other looming problem is municipalities can't turn to the bond markets like they used to so they could cover short-falls. The financial collapse has turned the municipal bond market inside out as investors go for the sure money of CDs and T-Bills and the away from anything tied to brokerage houses.

Cheers...

[lonestarnot]

6. This is the new battle cry. "We're in financial collapse."

Everything is drained everywhere, and if it hasn't been, it will be.

[Marrah_G]

8. Lynn's been in a rough spot for a long time

Lynn, Lynn, the city of Sin, you never come out, the way you went in........


From What I've seen it's a snowballing issue. Loss of manufacturing, high poverty, high crime.... This doesn't make it an attractive place, even though it has great location in regards to the city. Close to the ocean, very close to Boston, good public transportation.... it SHOULD be one of the wealthier suburbs, but it is caught in a poverty spiral.

My guy used to coach HS football at St. Mary's in Lynn. I have a special spot in my heart for the place. His players were probably 75% from immigrant families and these kids had more heart and determination then I've ever seen in a team. They were the lucky ones though. They were getting a good private education in a town where the schools are in bad shape and most went on to college.

[FarCenter]

13. Isn't there a huge GE jet engine plant in Lynn?

[graywarrior]

14. Pays a lot of the taxes in Lynn

[foo_bar]

15. and don't forget the Marshmallow Fluff factory

Little known factoid: Fluff was originally designed as an adhesive to stabilize propeller plane wings, but people liked the taste so much, Paul Revere started the American Revolution! Troo fax.

[Marrah_G]

16. My uncle in Michigan would always buy cases of fluff to bring home when he came to visit

Apparently they just didn't sell it there. Not _real_ Fluff anyway.


MMmmmmmmmm rainbow sammwiches! (peanutbutter, jelly and fluff), I used to love them when I was a kid.

[aikoaiko]

19. Having lived in Malden, I have no love for Lynn.

just kidding.