IS IT TRUE APRIL 17, 2017

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IS IT TRUE that today we shall examine the claim of “explosive growth” comment made by Mayor Winnecke in last weeks State of the City address ? …we believe after reading the information posted below you will agree that the City of Evansville is indeed experiencing “explosive growth” in the deficient spending area?

IS IT TRUE that an analysis of the General Fund of the City of Evansville as of December 31, 2016 has some interesting conclusions?…according to the Annual Financial Statement as published by the Winnecke Administration the beginning General Fund balance of the City of Evansville, on January 1, 2017, had a balance had $1.1 million dollars?…It must be noted that Mayor Winnecke got an advance payment of $12.5 million dollars from the Riverboat money account and deposited it into the City’s General Fund account?

IS IT TRUE If the $12.5 million dollars advancement were properly re-deposited back into the Riverboat accounts, the General Fund would be NEGATIVE by $11.4 million dollars?

IS IT TRUE when the gambling issue was voted on and approved by the voters of Evansville they were told that the Riverboat money will not be used for employee Healthcare Insurance payments or city employees salaries?  …they were told that the money from the Riverboat Fund would be used to help to fund capital equipment requests of city departments?

IS IT TRUE the Winnecke Administration went even further to the manipulation of  the General Fund when  they went to the City of Evansville Water and Sewer Utility Department and asked for and received an advancement of funds due to City in 2017 in the amount of $3.4 million dollars?…considering this additional $3.4 million the City of Evansville General Fund would have a $14.5 million shortage?

IS IT TRUE It gets better because the Winnecke Administration also failed to properly fund the City Employee Hospitalization fund ($7.5 million dollars) for past due medical bills?  …if the amount of $7.5 million dollars were property transferred from the General Fund to the Hospitalization Fund the General Fund would be negative by an additional amount of $7.5 million for a grand total of $22 million dollars negative in the City budget?

IS IT TRUE its alleged that the Winnecke Administration had additional unpaid City Employee Healthcare bills as of January 1, 2017 in the amount of $8.1 million dollars associated with the General Fund accounts?  … if the City had properly paid those unpaid invoices, the General Fund would be negative by an additional $7.1 million or a total of $30.1 million dollars?

IS IT TRUE its been alleged by creditable sources that over 150 city employees were sued by healthcare providers because the city didn’t pay their medical bills in a timely manner?

IS IT TRUE if you consider the invoices not paid at the beginning of this year which were around $7.1 million dollars consequently it should be no surprise that #strongcity is also a #brokecity and is truly a city in financial distress?…the downtown only people however continue to blind themselves into the delusion of “explosive economic growth”?

IS IT TRUE we wonder how the City of Evansville will find the additional tax money to repay the advancements they gave themselves to pay for past unpaid bills?  …we can’t wait to hear how City Council Finance Chairman Dan McGinn will answer this question?
IS IT TRUE that Evansville was out under a flood advisory on Sunday due to the expectation of a deluge of rain in the forecast?…that we have all come to know what it means for the south and southeast sides of Evansville when it rains more than one inch an hour?…that is the condition for having raw sewage back up in the streets in that part of town followed by stink and mosquitos for a while afterward?…now that is one place where Evansville does seem to have “explosive growth”?…there has been an explosion of disease and filth because the powers that be over the last 50 years have failed to satisfy the requirement of the EPA to make the now Billion Dollars of improvements to prevent spreading raw sewage when it rains over an inch an hour?…there are those in the Tri-State who use the word “hockey” as a polite substitute for raw sewage?…we assume that former Mayor Weinzapfel and his Ford Center minions must have thought a “hockey rink” was similar to a retention basin and that Ford Center would help with the sewer discharge problem?

Todays “READERS POLL” question is: Do you feel that City Council Finance Chairman Dan McGinn needs to  sit the record straight concerning the true financial status of the City?

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11 COMMENTS

  1. There has been an “Explosive Growth” of weeds, disrepair and decay at Mesker Amphitheater.

  2. We hear that Santa Lloyd Winnecke will be seeking his third term ..if this becomes reality, this will proves that the last Republican mayor who had two terms under his belt processed far more intelligence then Spend-a-buck Winnecke. Russ Lloyd, Sr’s famous quote was “I refuse to reside over the financial demise of our City” ..and he was correct. In 1980, when then Mayor Vandeveer took office, our City was in such financial distress, that old Mike furloughed 360 city employees and went as far as turn off one half of the City streetlights ..

  3. With old spend-a-buck and Butterfly McGinn, at the helm of the Clowncil’s finance chair, all of the lights will be OUT ..the only explosive will coming from his butt.

  5. By the way, the last published audited financial statement fails to disclose the financial manipulation of Russ Lloyd & Co. ..for those interested parties, they say the General Fund has 1.1 mil therein , but really is NEGATIVE by 22 mil ..?? Compared to South Bend who’s mayor is a Harvard Business Grad (Finance) and Rhode Scholar, his General Fund balance at January 1, 2017 is over $34,000,000 and they do NOT have a Riverboat!!!! But it is nice to know that our mayor’s degree was in “Drama”

  6. Remember the news conference were Allen Mounts said that we would have to obligate to the EPA to correct the sewage problem to the tune of 540 million? Then the EPA discovered that Winnecke manipulated the “Affordability Study” leaving out the county residence’s income and using only 2% instead of 2 1/2% off household incomes. And now the obligation is 710 million. ” Masters of Manipulations” Only the ill-informed would purchase bonds from this city at the stated interest rate.

  7. Regarding a third term bid, the gig will be up for the manipulators. Why? according the SEC (Securities and Exchange Commission) cities the size of Evansville will have to prepare their financial statements on the accrual basis of accounting effect December 31, 2019. This will be last day of Winnecke’s second term. So, those unpaid medical invoices, etc. together with the $281,000,000 of unfunded post employment health care benefits will have to be recorded on the financial statements. Wonder how Winnecke will explain the downgrading of our Bonds?

  8. The second and final notice of the “City of Evansville, Indiana Sewage Works Revenue Bonds Series 2017A”, a twenty year bond running from 2019 to 2038 in the amount of $21,850,000. and an interest cap of 5% takes up most of page 4 of the C section of today’s Tribune Junior newspaper.

    My own calculations for the issue go something like this:

    $21,850,000.00

    Debt service reserve…..$2,483,000.00

    Cost of issuance financed…..$496.600.00

    Rounding amount…..$400.00

    Total bonds issues…..$24,830,000.00

    Issuance cost…..$496,6000.00

    Gross monthly payments…..$163,867.00

    Less reserve interest…..$10,346.00

    Net monthly payment…..$153,521.00

    • Press, there can only be two responses by the City to these dire numbers: A dog park and more unused bike share stations.

    • BTW, the total for the net monthly payment @ $153,521.00 a month for 20 years = 240 months, is $36,845,040.00.

  9. Fund 0704 Hospitalization Insurance Fund:

    Balance at 1/1/2017 $ (4,978,171)
    Receipts Jan 2017 2,046,593
    Disbursed Jan 2017 (5,472,785)

    Balance at 1/31/2017 $ (8,404,363)

    Comments: 1) If Fund 0704 is tied to the big Bank Account at 5/3 (along with about 80 other funds), they can keep paying the Health Insurance bills, the checks clear, but this particular fund is NEGATIVE $ 8.4 Million and the overall cash balances continue to erode’ and 2) look at the $ 3.5 MM of disbursements > receipts, guess those higher Employee Contribution rates aren’t getting the job done ?

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