IS IT TRUE Some additional information about the composite of the funds at August 31, 2013 and 2014 is now presented for analysis?…on Aug 31, 2013, operational fund balances were $2,513,000, but in a year later at Aug 31, 2014, they are negative by $2,965,000?…the capital funds as of August 31, 2013 were $17,415,000, but on August 31, 2014 they are $14,935?…the restricted funds as of August 31, 2013 was $31,011,000, but August 31, 2014 they are $28,612?…Debt Svc at Aug 31, 2013 was $6,251,000 but was $8,236,000 at Aug 31, 2014?…this is due mainly to the principle requirements on the Ford Center coming due. So here’s the following summary of the changes in the accounts during the last year?
Operational = -218.0%
Capital = -14.2%
Restricted = -7.7%
Debt Svc = +31.8%
IS IT TRUE the composite weighted average of declining balances is approximately 15%?… Umbaugh’s assessment at Dec 31, 2013 must not have considered the fiscal year information and deep negative spending trend?…in spite of that Umbaugh’s bought and paid for opinion still acknowledged declining balances and called for a corrective action “sometime”?…This MUST be discussed in tonight’ City Council meeting even if some egg is tossed onto some unknowing faces and some of our elected officials are embarrassed at the simple analysis that show just how fast Evansville is heading toward its credit limit?…it is interesting to see that even Mayor Winnecke is now admitting that the debt obligations of the underperforming Ford Center in the underperforming TIF district that was supposed to pay for it is a big contributor to the city budget problems?…with declining reserves, uncertain revenue, and increasing debt service the City of Evansville had better get its house in order this year because the chickens of no reserves will be coming to roost by this time next year on the trajectory things are on?
IS IT TRUE one member of the Mole Nation who is in the know tells us that the Vanderburgh County Democrat Party has not yet paid the Bauerhaus for the chicken dinner from 2011?.. Some people who felt shame for the party’s dead beat ways have actually paid for what they ate thinking they had paid the party for it?…the financial malaise of the party matches the issues of the city but is actually worse?…if the democrats are planning to mobilize to make a run for Mayor of Evansville in 2015 they had better get their house in order first because that election will cost about a million bucks to run and a group that can pay for a couple of hundred chicken dinners has no business running a million dollar campaign?…if they can’t we may just see a repeat of the 2007 mayoral election where an incumbent mayor runs against a ghost of a candidate and claims of a 80% approval rating because they beat a nobody?
IS IT TRUE the rest of this IIT will be dedicated to the outcome of the City Council meeting?…in spite of the reality that the revenue for the city was overstated by as much as $11 Million your city council approved a budget that was only reduced by about $3 Million?…this happened after Councilman Conor ODaniel proposed a 3/4% cross the board cut that failed to muster enough votes to pass?…it was encouraging to see the nonsensical Roberts Park cut from the budget but that was simply not enough and the reserves will continue to be bled like leaches bled humans in the dark ages?…the day of reckoning is looming and the taxpayers of Evansville have once again been left holding the bag?…we are sorry to see a budget that did not have a defensible revenue stream as the fundamental assumption on which to construct a spending profile?…the party rage on but the people are still getting the shaft?…the depth of that shaft is not yet known as the City Council reversed an earlier decision and voted the compromised budget down 6-3 in general session?…the saga will continue on for several more days?…it will be interesting to see if we have a budget or a real groundbreaking on the hotel first?
