IS IT TRUEÂ at Monday’s City Council meeting Finance Chairman Jonathan Weaver said; “as of February 29, 2019, the City’s General Fund has a deficit of more than $10 million dollars”?
IS IT TRUE if your CEO of a for-profit Corporation and you just found out that your company has a $10 million dollars deficit we bet you would immediately fire the Controller of his Corporation?  …all we heard from the Mayor of Evansville concerning this $10 million dollars deficit issue are crickets?
JON FRIEND  Look at the hosp fund.  Appears old Russ is not transferring the proper amounts from the Gen fund to the HF.  What most on council fail to understand that the HF is a subject sec of the GF.  And this is after a 17% hike in the LIT and 25% reduction in the Homestead credit and an illegal transfer of 12.5 mil from the RBF after receipt of the advanced lease income.  Of course the fly in the ointment is the growing unrecorded accts payable.  News flash why isn’t these financial statements not reported on the accrual method since the SEC and Finra are requiring cities and towns over 100 k in pop to be reporting under GASB 34 this goes into effect 12/31/19.  Consequently each monthly should reporting on the accrual.  Another new flash new requirement relating to leases are now in effect. The WSJ articles stated that the nationwide effect on balance sheets will be two trillion of additional liabilities and of course this adm has nearly tripled lease obligations since 2012.  Will be interesting when our bond rating hits A rating and of course BBB is junk bond territory  Btwthe SBOA is worthless.  Just another political org. Investors in Eville bonds better beware at least at the interest rate being offered😕
