IS IT TRUE APRIL 18, 2017

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IS IT TRUE that with the obsession about tweeting the #strongcity by the downtown glitterati it makes one wonder just what the heck these people mean when they are trying to convince themselves and others that Evansville is a #strongcity?…it is safe to assume that any city claiming to be strong should have a strong balance sheet and operate at a surplus?…another indicator of a strong city would be a minimal debt level?…finally a strong city should offer state of the art basic services to it’s citizens in every area of infrastructure?…the City of Evansville by those metrics is anything but a #strongcity?…when it comes to finances, the City is one change in accounting practices to being out of the time shifting practice of fluffing up the end of the year books by delaying payments to make balances look better?…Evansville has such high levels of debt that it is literally right up against it’s bonding limits for general funds?…that means that anything bought has to pay for itself or the bonds will have difficulty getting underwritten?
IS IT TRUE maybe the term #cityatrisk would be more appropriate for Evansville?…Evansville is a risk of having the EPA come to town and start fining them every day that the decrepit sewer system is not fixed?…Evansville is at risk of having more and more ancient water pipes either fail creating potholes in the streets or spewing brown oxidized water into people’s homes?…Evansville is at risk for a combined sewer overflow of raw sewage every time the rains come pouring down?…that creates #risks for disease and foul odor almost continuously?…the most pathetic thing about #cityatrisk is that the people in charge of the risky business don’t have the presence of mind to understand that the city has many risks to its citizens that degrade lifestyle and add to the cost of living?
 
IS IT TRUE at this point there are a number of other hashtags that could work well for Evansville?…here is a small collection for our readers to ponder #snegalcity,#dependsonboatmoneycity, #lowwagecity, #shrinkingcity, #exposedcity, and #notastrongcity?
IS IT TRUE last week we had the opportunity to visit the pre-construction site of the soon to be opened KC Marina Pointe Bar-Restaurant?…when finished this Bar-Restaurant will be something to behold?…that the KC Marina Pointe owner is going first class in installing kitchen and bar equipment in this upscale watering hole on the waterfront? …the newly built stage shall be the largest one of any Bar-Restaurant within a 200 mile radius and shall be equipped with the most up-to-date sound system available on the market today?…KC‘s Marina Pointe is installing around 40 big screen TVs throughout? …we were extremely surprised to see the extensive offerings listed on their menu?…when KC’s Marina Pointe is opened it shall draw people from not only from downtown and the Westside but people from all over the Tri-State?…when all said and done we predict that the Westside business leaders and bar owners will have some major regrets that they didn’t push members of the Appeals Board of  Area Planning Commission to approve Mr. Chesser‘s request to open a similar Bar-Restaurant on West Franklin Street?…we wonder if Mayor Winnecke would call this another good example of “explosive growth” within in the city limits of Evansville?…we urge you to drop by and ask owner Kerry Chesser or his project manager Chad Brady to give you a quick guided tour of this soon to be open river front establishment?  …this project was done without using one dine of taxpayers dollars or receiving a tax credit?

IS IT TRUE we are  told that many Westside Republicans and Independents are pleased to hear that Wadesville Republican Sen. Jim Tomes has a primary challenger for the 2018 election?   … the young,  well educated and personable Westside Republican Brady Hall plans to formally announce his candidacy for  State Senate District 49 seat on April 22?  …we predict that Senator Tomes is getting ready to experience the biggest political battle of his career?

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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10 COMMENTS

  1. Time to start writing ‘Is It True’ like an adult. Abandon this all question format; this isn’t jeopardy. If you have something to say, SAY IT, don’t ask.

    Really, you have great things to say in IIT. I, however, never share IIT because of the awful format. Write declarations instead of questions. It is literally the biggest thing holding your website back.

  2. When Winnecke took office the City’s debt level was $397,000,000 and as of January 1, 2017 that level is $795,000,000 ..but, the debt does not stop here. Lease obligation as of January 1, 2012, the first day of Spend-a-Buck Winnecke, that level was $614,000,000 and as of January 1, 2017 that level decreased to $564.000,000. Consequently, debt increases by $398,000,000 or 100% while the City saw only a decline in lease obligations by $50,000,000 or 8%.

    So, what does the balance sheet of City say about the City’s assets. On January 1, 2011, the aggregate capital assets of Evansville as reported by the State Board of Accounts was $1,343,000,000 and as reported January 1, 2017 the aggregate total was $1,575,000,000 as increase of $232,000,000. So, Winnecke increases our debt/lease obligations by $348,000,000 while only increase our assets base by $232,000,000. Question: what happened to the differences between the net increases of debt/lease and the corresponding increase in assets???? a mere $116,000,000. Folks all of this is reported by the State Board of Accounts. Just when we thought Republicans were fiscal conservatives but we should remember that the Clowncil has five dems, forgot that two dems are DINO’s (Democrat in Name Only)

    https://gateway.ifionline.org/report_builder/Default3a.aspx?rptType=afr&rpt=CapA&rptName=Capital%20Assets
    https://gateway.ifionline.org/report_builder/Default3a.aspx?rptType=afr&rpt=Debt&rptName=Lease
    https://gateway.ifionline.org/report_builder/Default3a.aspx?rptType=afr&rpt=Debt&rptName=Debt

    • You seem to have a handle on valuations. Given the publicly disclosed cash flow of the Ford Center of roughly negative $1M EBITDA and negative $9 M overall, what is that $127M debt financed monolith really worth? Did I just find your $116 M shortage between debt and value?

    • Hey Ms Maid ..you forget to add to the liability side of the balance sheet. In addition to the debt, add the unfunded post employment obligation for health care cost as reported by the State Board of Accounts of $281,000,000, page 21 of the most recent audited financial statement. Why wouldn’t the lone CPA on this Clowncil let us hear crickets???

      This is the website to see that report. Go to pages 20/21

      http://www.in.gov/sboa/WebReports/B47235.pdf

  3. According to the last census report, the average income in all of Indiana was $45,000 while for the same reporting period the average for Evansville was $32,000. According to the reference below, the population declined 1%. frm 2000 to 2015. If these statistics are signs of a #Strongcity while the saying, “I’ll eat your hat” is in order!!!

    Btw, just think we annexed and still declined by 1%

    http://www.city-data.com/city/Evansville-Indiana.html
    https://en.wikipedia.org/wiki/List_of_U.S._states_by_income

  4. Well, according to today’s CP article concerning our Firefighters and Police, health care cost, one would wonder if this is a #Strongcity. Winnecke a/k/a Spent-a-Buck enabled by our City Clowncil have been deficit spending between 1 mil to 1.2 million PER MONTH over the past two years, plus ..as Jeremia White would say, “the chickens have come home to roost” It’s a good feeling knowing that Butterfly McGinn is at the financial helm, but wait, where in the hell is our lone CPA, Anna Hargis??? We hear only CRICKETS. If our firefighters and cops were disappointed during the last budget cycle, they better keep their arms and legs inside this financial vehicle waiting for the next cycle!!!!!

    • Does anybody wonder why Spend-a-Buck Winnecke is constantly coming forward with project after project. Well, due to the repeal of the separate of funds ordinance, Spend-a-Buck has the bond proceeds commingled with the General Fund, i.e. within the same checking account. Thus, in order to keep the City’s boat afloat, those bond funds awaiting expenditure for those projects are being used indirectly to operate the city. So, when the contractors start requesting payment, old Spend-a-Buck has to initiate a new project and bond request. It’s your basis Ponzi Scheme. We have old Bernie Maddorf Winnecke on our hands. Simple as that!!!

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