We hope that today’s “IS IT TRUE” will provoke honest and open dialogue concerning issues that we, as responsible citizens of this community, need to address in a rational and responsible way?
IS IT TRUE
here is the link
to the Indiana State Boards Of Accounts audit for the City Of Evansville for 2016? …here’s a copy of the audit reports?
IS IT TRUE that the Indiana State Board of Accounts has finally issued the results of the annual audit of the financial statements of the City of Evansville and the results are nothing to stir any civic pride?…for starters the audit expresses an ADVERSE OPINION with respect to GAAP (Generally Accepted Accounting Practices)?…this ADVERSE OPINION is an annually recurring thing with the City of Evansville that has been going on so long that it is evident that the people in charge of accounting do not care about generally accepted accounting principles?…let us be clear that this is not something that deserves respect or praise?…this is a badge of either incompetence, laziness, or both?
IS IT TRUE and ADVERSE OPINION with respect to GAAP is not the worse thing in the 2016 audit?…during the year there were eleven (11) different accounts that were overdrawn at one time or another and 2016 ended with six (6) accounts overdrawn by a total of $6.4 million?…the account ending the year with the highest overdrawn balance was the Employees Hospitalization Insurance account that ended the year in the red by $5 Million after having a high overdraft of $7.5 Million during 2016?…the parking garage account ended the year overdrawn by $189,000?…the Rental House Inspection account eded the year in the red by $5,000?…the Victory Theater account ended the year with a negative balance of $226,000?…the Golf Course Fund was $704,000 under the water at the end of 2016?…the Sports Account rounded out the overdrawn accounts by $340,000?
IS IT TRUE during 2016 the General Fund that covers employee salaries was overdrawn by a maximum of $15.7 Million?…we do not know when that was during the year?…the Park’s and Recreation fund was overdrawn by $2 Million at some point in 2016?…the reality is that the City of Evansville is robbing Peter to pay Paul on a recurring basis all year long every year in modern history?
IS IT TRUE every year the State Board of Accounts issues an ADVERSE OPINION regarding GAAP and admits that the City of Evansville needs to manage their cash better so that the shuffling of funds through a host of accounts will not be necessary, yet the bad practices continue?
IS IT TRUE that the most interesting opinions issued are with respect to the sports accounts that are all called out for having insufficient revenue to cover expenses? …Golf was signaled out for being a declining sport and the Sports Account was also fingered for continual decline of revenue?…the reality is that all of these fun and games things are bleeding Evansville to death and there is no end in sight?
IS IT TRUE the debt load of the City of Evansville is now $631,607,501?…that the annual payments on this debt amount to $33 Million?…that excludes the Ford Center debt which is included in the City expenses as an annual lease payment since the Evansville Redevelopment Commission owns the Ford Center and the City has used a lease to funnel the payments to the ERC?…we wonder how much another debt is masked in the “SENEGAL” (legal but sneaky) way?
IS IT TRUE that the City Of Evansville received a cash advancement of $25 million dollars from Tropicana? …on December 28, 2015, the City Of Evansville received a $12.5 million dollar advancement from Tropicana? …about two (2) years later the City of Evansville got the remaining $12.5 million dollar cash advancement from Tropicana? …the City of Evansville has agreed to repay back Tropicana this cash advancement over a 10 year period? …that Tropicana annual riverboat fund payment to the City of Evansville will be reduced by $2.5 million dollars per year for the next 10 years in order to repay the $25 million back?
IS IT TRUE it looks like the City Of Evansville also has a habit of getting millions of dollar advancements from the Evansville Water and Sewer Utilities Department?
IS IT TRUE we couldn’t find any reference in this State audit to how much did the City of Evansville pay to help subsidize the Evansville Thunderbolts hockey team?
IS IT TRUE we wonder why the City Council Finance Chairmen Dan McGinn (I) didn’t show up to the State Board of Accounts exit conference to hear the audit findings?
IS IT TRUE that some people wonder why City Council didn’t select a Democrat to be the new City Council attorney? …we have been told the reason why is that the current City Council attorney is doing a very good job in advising members of City Council in a nonpartisan manner?
Todays “Readers Poll” question is: Do you feel that the City Controller should have made the results of the Indiana State Board of Accounts 2016 audit of the City of Evansville public?
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