IS IT TRUE January 27, 2016

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IS IT TRUE last week we predicted that the State Board of Accounts will be holding an exit conference to discuss the 2014 Evansville Water and Sewer Utilities audit with present elected and appointed City officials on February 2, 2016?  …our prediction was spot on?  …we are pleased to hear that the State Board of Accounts called and invited former President of City Council John Friend CPA to attend this exit conference?  .

IS IT TRUE we are extremely pleased that the Evansville Brownfield Corp. meeting will be held on Friday, January 29, 2016 at 1:30 pm in the Ellerbrook Conference Room, at the Downtown Vectren Corporate offices?  … our sources tell us that the meeting will be open to the public?

IS IT TRUE  the mission statement for the not-for-profit Evansville Brownfield Corp does not include the holding of public debt and the leasing of commercial structures.

IS IT TRUE we wonder why Evansville Brownfield Corp a not-for-profit organization will be holding the bonds for the parking garage which will be leased to the Convention Hotel?

IS IT TRUE we hear that  there may be some interest in requesting a review of the not-for-profit status of Evansville Brownfield Corp by the Department of the U S Treasury and Internal Revenue Service?

IS IT TRUE  the Evansville Redevelopment Authority holds the bonds for the Ford Center and leases the facility to the Evansville Redevelopment Commission?  …we wonder why?

IS IT TRUE the purpose of the Evansville Redevelopment Authority is to circumvent the limitation of total debt to income ratio that the City of Evansville would be allowed to maintain?

IS IT TRUE the purpose of laying off the bonds onto Brownfield is one of those questionable mechanisms to avoid the capping of Evansville Redevelopment Authority debt limitations?

IS IT TRUE  at Monday evening City Council meeting City Controller Russ Lloyd presented the investment levels of the City of Evansville?  …we can’t wait to hear his public presentation concerning the soon to be released State Board of Account City audit for 2014?

IS IT TRUE we sat with eager anticipation for City Council Finance Chairman Dan McGinn  to ask  Russ Lloyd City Controller the hard questions concerning city finances?  …City Councilman Dan McGinn just sat silently and smiled at Russ?

IS IT TRUE  Council Finance Chairman  Dan McGinn should have asked what level of debt our  city had on the first day of 2015 and what are those level as of December 31, 2015?

IS IT TRUE Mr. McGinn should know that the investments are just one half of the equation what about the increases in our debt levels?

IS IT TRUE todays “READERS POLL;  “Do you feel its time for the books of the Evansville Brownfield Corp to be audited?

IS IT TRUE future articles shall be posted on Mondays, Wednesdays and Fridays unless we have unexpected breaking news?

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23 COMMENTS

  1. I haven’t looked.
    But the national organization Guidestar publishes the annual tax returns of all nonprofits, and that should include the Evansville Brownfield Corp.

  2. Thought the Council had Ms Hargis, CPA as a member. Wonder why she would not ask the question. What Question? What was the cost of money we the taxpayers paid in 2015?

    • Parable: The was once a certain individual who wanted to convince his neighbors that he was a wise wealth manager. So, he ponder the situation and decided to borrow all the money possible and invested the borrowed funds at 1/2 of 1% and proudly displayed the investment statements to his neighbors. Wow, what a financial wizard, said his neighbors!! However, his bankers knew better. Although he earned .5% on those funds his cost of money was 3.5%. There are fools born every single day and obviously one resides in room 300 at the Civic Center.

      • I think he’s what they call a “tool.” Somebody is using him to do their work.

    • Apparently Ms. Hargis was not happy in her chosen profession and did not practice it for long. She is now the Director of the Boys and Girls Club. It does still seem that such questions should occur to her in her new role as a guardian of the public interest.

      • Elkaybee

        She is the Director of Big Brothers and Big Sisters.

        Thanks for reading the CCO.

        Editor

      • “Apparently Ms. Hargis was not happy in her chosen profession and did not practice it for long. ”

        That’s perhaps a bit of an assumption, LKB. Many ‘kids these days’ are much more willing than us older folks to leave a job where they are secure and content to take another (probably lower paying) position because they think it will bring them more meaning or fulfillment. For millenials, changing jobs does not necessarily = unhappy with your current job.

        I sould think her undergraduate studies in finance and CPA background is very keeping in line with the management and fundraising activities expected in her role at Big Bros, Big Sisters.

        • That may be well and good but allegedly insiders indicate that her performance prior to her handing the non-profit job was less than stellar. Of course Winnie has a fall-back McGinn the one that screwed up the Amazonia which lead to his dismissal by Weinzapfel. Allegedly, sources indicate that old Dan was the only lawyer at Gerling that could try a case. Of course, those same sources indicate that prior to trial Mr. McGinn would heave his guts out. As finance Chair expect old Dan to buy Pepto by the case.

  3. Wow, according to the investment report the investment level increased by approx. 20 million. Of course Russ Lloyd failed to disclose that the Trop advanced future rent revenues of 25 million. All I can say about this is if Russ Lloyd was the CFO of a publicly traded company under Sarbane-Oxley indictments would be on the door step.

  4. Speaking of fools who in the hell would in their right mind give Messy Nosby the credit card to the Evansville Club Country to so-called Wine and Dine gal? Wasn’t she the one that the Evansville Country Club sued for non-payment of membership dues?

    • Amazing!!!! Missy Mosby wasn’t capable of paying her Country Club dues and now the head of the fiscal body directing millions and millions of our hard earned money. Speaking of fools guess the electorate fulfilled that role last November???

      • Missy should be a good person for the job. She’s got more experience living beyond her means than anybody else on the Council, except maybe Weasel. That’s sure what Evansville is doing.

  5. The Redevelopment Commission has been a slush fund for politicians and there cronies for years. I know that for a fact. Maybe too many people know about the ERC, so they’re using Brownfields for a new cover now.

  6. I think it’s good that John Friend is invited to the exit meeting. He put a lot of effort into looking into this, and I think he is probably right.

    • John Friend can consistently be counted on to do one thing – – look out for John Friend.

      Don’t be quick to forget that the precipitous downfall in city finances started by Mayor Weinzapfel happened squarely on then Councilman Friend’s watch, and he smiled and nodded his way through 11 years of sneagal financial happenings before suddenly ‘finding his voice’ (when he decided he wasn’t going to run for office again, oddly enough…) on monetary matters.

      When he had a chance to make a difference, he instead grinned and went along with the political wind. That’s pretty much all you need to know about John Friend.

      • Oh yes the last time there was a surplus in the General Fund was Wienzapfel’s last year in office. When Santa Lloyd showed up JW handed Santa 4 mil in the General Fund and 3 mil in the Park Fund. After 3 years of Santa the General Fund was 300 k and Park was 100k. Of course, in order to achieve this Santa sent his tool (Russ Lloyd) to the Utility Department just 3 days prior to the year end to rob the ratepayers of 2.4 mil in order to keep the General Fund at least positive.

        • Hey Arnold you forgot to mention Winnecke’s other junk yard tool. Who? The guy who left his wife and now lives in the basement of his parents. Who? the none other than Sinister Schaefer. Who? the guy that was fired at the Chamber. Who? your know the guy that was the chapter president of John Dobson’s “Focus on the Family” Ridiculous = Scheafer Hypocrite = Scheafer

  7. Is it true that all this bonded debt held by these various “authorities” and “non governmental organizations” had to be approved by the Evansville Common Council? Is it true that the Mayor of Evansville and the local Chamber of Commerce want to add hundreds of millions of dollars in additional debt on top of the existing debt?

    Is it true that the citizens of Evansville have every right to demand the abolishment of the appointed Evansville Redevelopment Commission? Is it true that these commissions have largely been abolished in the state of California because they were identified as the leading cause of out of control local spending that was drowning the state in municipal debt?

    • IS IT TRUE that in the first three years of spend-a-buck Winnecke the City’s debt increased by 52% and the lease obligations by nearly 100%

  9. “Our evidence suggests that insider trading in collars and swaps can have a significant
    affect on the structure of the contracts between managers and shareholders. Yermack (1997)
    examines the timing of stock-option grants to CEOs. He finds that managers are more likely to
    receive an option grant prior to significant improvements in the market performance of the firm.
    He suggests that managers who become aware of favorable information about the firm influence
    the board to grant more performance-based pay.”

    * * * * * * * * * * * * * * * * * * * * * * *

    Sounds about par for the course. Acting on insider information to enrich one’s self. No Bank CEO would ever do this, right?

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