The City County Observer has just learned that the Indiana Utilities Regulatory Commission has denied the request of the City of Evansville to issue debt to finance the Johnson Controls Project that was submitted as a Guaranteed Performance Contract.
The basis for denial included the testimony of a Mr. Kaufmann that raised several issues with Joint Petitioner’s calculations that could shift the result of the contract from a net savings to a net loss. For example, changing the interest rate by as little as 5 basis points or the inflation rate from 2.8% to 2.7% results in a net loss. Mr. Kaufman also pointed out that the sample of meters tested during the contract analysis contained one meter that was clearly anomalous compared to the others in the sample. Excluding this single meter from the sample reduced the estimated savings under the Contract by more than $500,000, alone sufficient to produce a net loss.
The City County Observer along with Evansville City Councilman John Friend and some private citizens had raised these issues vocally in the last couple of months for the purpose of educating the general public about the marginal payback or even losses associated with going forward with this contract.
State Ruling:
Wow–City County Observer and City Councilman, John Friend, CPA just saved the taxpayers of Evansville, $56 million Dollars!!!
Oh, special thanks to CCO Editor Joe Wallace for getting this deal rejected!
CCO score card for saving the people of Evansville million of dollars over the last several years.
1) Exposed the $4.2 million dollar backroom political Homestead Tax Credit deal.
2) Challenged the proposed $5 million Earthcare deal.
3) Opening and privately worked against the proposed Johnson Control Contract which spins out to $56 million of dollars without interest!
Joe Wallace and CCO staff you rock!!!!!!!!
Not bad for a fledging “BLOG”. Right Mayor!
Thanks to Councilman, John Friend and “BEER GUY” and other key individuals for the excellent research they did to prove the data submitted to the State Utility Reg. Board by the City of Evansville to be incorrect!
Why didn’t the Evansville Courier and Press take a stand for the pople of this community? Oh, to busy cover the Mayor’s “Chicken Fat” Video announcement!
To the CCO staff and Editor, Joe Wallace I commend you for being a “True Fiscal Watchdog” for the people of Evansville!
Everything Joe touches turns to gold! Well done.
And then we owe John Friend a huge thank you as well. This is what happens when we elect ppl who refuse to bow down to group think.
I support smart meters but only if they come with a smart contract. Well done all around.
Thank you beerguy for all you have done.
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Two thumbs up for the Beerguy. He put in lots of effort and could have written that IURC judgement.
I have known beerguy for a long time on here and the C&P boards. He is a great guy who does a lot of great things for Evansville. As usual, great work again!
Way to go CCO. Are you guys up to $100 Million yet in saving the people of Evansville money this year alone. Outsmarting local politicians is like shooting fish in a barrel in Evansville.
Thanks to Beerguy, 4 CPA’s, Councilman,John Friend, 19 CCO research “Moles” and of course Joe Wallace for saving the taxpayers of Evansville about $56 million of dollars on this pork barrel project.
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