Friday August 12, 2011 is the day, the topics are numerous
The10 Highest Paying Jobs in America
These people may just respond to the economy by saying “What Recession”
10. Attorney
9. Pilot
8. Air Traffic Controller
7. Information Systems Manager
6. Natural Sciences Manager
5. Podiatrist
4. Engineering Manager
3. Chief Executive Officer
2. Physician
1. Dentist
Check out the qualifications and salaries on the following link
http://www.investinganswers.com/a/10-highest-paying-jobs-america-2939
City of Evansville Loan Funds: Year to Year Differences, 2007 – 2008 – 2009
CCO Examines State Board of Accounts Audits for 3 Consecutive Years
After posting the Loans Receivable from the 2009 Audit we received many inquiries about just what the purpose for these particular loans were for and what were the details involving the granting of such loans and the differences in their terms. The two groups of loans that attracted the most interest were the loans that were made to Citizens Bank, the Kunkel Group, and the Evansville Convention and Visitors Bureau.
Citizens Bank
With respect to the Citizens Bank loan in the amount of $2,300,000 in the 2009 summary the loan was reported to have been made on March 25, 2008 at an interest rate of 2% with a remaining balance of $1,367,419. The things that prompted some questions were the large discrepancy in the balance for such a new loan, the fact that there was no Citizens Bank in 2008, and the close proximity in time to the loan that was made by Fifth Third Bank to City Centre Properties for the McCurdy Hotel project.
An examination of the City of Evansville Audits for the years 2007 and 2008 does actually yield some new information that may explain some of the questions raised by our readers. In both audits the date of the loan is reported as March 25, 1982 and the purpose given for the loan is “business-constructionâ€. The original loan amount and the interest rate are unchanged.
These discoveries lead one to believe that a favorable loan was made to Citizens Bank back in 1982 for a construction project and that the loan is continuing to be assumed by each successive company that has bought the former Citizens Bank of Evansville. As the interest rate is only 2% it is in the best interest of Fifth Third Bank to simply service this debt rather than to pay it off.
The real question is why would the City of Evansville extend a loan to a bank?
Kunkel Group
There have been three loans made to the Kunkel Group that are reported on the State Board of Accounts Annual Audits of the City of Evansville. All three loans are reported in each of the years of 2007, 2008, and 2009.
The earliest loan in the amount $221,250 that was made on December 15, 2005 and carried an initial interest rate of 0% for the Renaissance on Main project and had been paid down to a balance of $22,300 by the end of 2009. The interest rate reported on this loan in 2009 had been raised to 7.25% and has an annual payment of $4,072.
The second loan listed to the Kunkel Group is in the amount of $310,000 and originated on December 20, 2006. The 2007 and 2008 audits show an interest rate of 3% with an annual required payment of $62,000. On the 2009 audit this loan that was also for “Renovations – Downtown Apartments†had been altered to reflect an interest rate of 0% with no annual payment required. The balance as of December 31, 2009 was $310,000.
The final loan in the amount of $150,000 was made on June 20, 2007 and carries an interest rate of 6.25%. The balance at the end of 2009 was $105,420 and the annual payments were reported to be $26,512. The purpose for the loan is listed in the 2007 and 2008 audits as “Renovations – Downtown Apartmentsâ€.
Evansville Convention and Visitors Bureau
There are two loans made to the ECVB according to the 2007 and 2008 audits.
The first loan in the amount of $500,000 was made on February 25, 2005 at a 0% interest rate with and annual required payment of $125,000. The purpose for this loan was reported as “African American Museumâ€. The balance was reported to have been paid down to $2,000 by the end of 2009.
The second loan in the amount of $400,000 was made on June 20, 2005 at an interest rate of 0% and an annual required payment of $150,000. The purpose for the loan was reported as “LST Dockâ€. The loan does not appear at the end of 2009 but every indication is that it was paid off.
Remainder
There are numerous loans recorded at interest rates of between 3% and 5% with the bulk of the loans being for construction projects associated with real estate. There are three notable exceptions where the loans were made for the purpose of purchasing capital equipment.
The bulk of the loans were made in 2007 and earlier.
VHS Pet of the Week: “Wascally Wabbit”
Greetings from Wascally Wabbit, a 1-year-old neutered male Rabbit. This little guy got off to a rough start in life and is now looking for just the right family to give him all of the love and attention that he needs and deserves. He loves to cuddle and enjoys munching on carrots. He has lived in a home with an older child and would enjoy having that special someone to bond with. Wascally Wabbit’s adoption fee is $30. Wascally Wabbit is one of ten rabbits currently up for adoption at the VHS. Rabbits are the third most surrendered animal in animal shelters and require a lot more care and responsibility than a hamster or a gerbil would. For more information on how to make Wascally Wabbit or any one of our wonderful rabbits a part of your family visit www.vhslifesaver.org or call (812) 426-2563.
Downtown Today: 8/9/2011
Time 8:30 AM – 9:30 AM
Subject DESIGN REVIEW
Location 318
Recurrence Occurs the second Tuesday of every 1 month effective 8/9/2011 until 8/9/2011 from 8:30 AM to 9:30 AM
Reminder 15 minutes
SARAH @ 7825
Categories ROOM 318
Time 9:00 AM – 12:00 PM
Subject PTABOA
Location 301
Recurrence Occurs the second Tuesday of every 1 month effective 8/9/2011 until 8/9/2011 from 9:00 AM to 12:00 PM
Reminder 15 minutes
TIFFANY COLLINS @ 5269
Categories ROOM 301
Time 9:30 AM – 10:30 AM
Subject SUBDIVISION REVIEW
Location 318
Recurrence Occurs the second Tuesday of every 1 month effective 8/9/2011 until 8/9/2011 from 9:30 AM to 10:30 AM
Reminder 15 minutes
KATHIE @ 5228
Categories ROOM 318
Time 12:00 PM – 1:00 PM
Subject ENFORCEMENT/TREATMENT SUBCOMMITTEE
Location 318
Recurrence Occurs the second Tuesday of every 1 month effective 8/9/2011 until 8/9/2011 from 12:00 PM to 1:00 PM
Reminder 15 minutes
CYNTHIA OWEN
Categories ROOM 318
Time 1:00 PM – 3:00 PM
Subject VANDERBURGH ALCOHOL BOARD
Location 301
Recurrence Occurs the second Tuesday of every 1 month effective 8/9/2011 until 8/9/2011 from 1:00 PM to 3:00 PM
Reminder 15 minutes
Scott Bedwell 812-882-1292
Categories ROOM 301
Time 3:30 PM – 5:00 PM
Subject ELECTRICAL BOARD
Location 318
Recurrence Occurs the second Tuesday of every 1 month effective 8/9/2011 until 8/9/2011 from 3:30 PM to 5:00 PM
Reminder 15 minutes
LINDA PENDELETON @ 7880
Categories ROOM 318
Time 5:00 PM – 6:00 PM
Subject COUNTY COMMISSIONERS
Location 301
Recurrence Occurs every Tuesday effective 8/2/2011 until 8/30/2011 from 5:00 PM to 6:00 PM
Reminder 15 minutes
KRISTIN @ 5241
Categories ROOM 301
Indiana joins suit against Brown Mackie, Art Institute parent company
Zoeller: For-profit colleges wrongly received more than $12 million in student aid
INDIANAPOLIS – Today the State of Indiana filed a joint complaint in a whistleblower lawsuit against Education Management Corporation, alleging the for-profit college company and two of its subsidiaries received more than $12 million in state financial aid after making false claims and misrepresentations to the state.
Indiana Attorney General Greg Zoeller’s Office joins three other states and the federal government in seeking redress from Education Management Corporation (EDMC) by filing a complaint in intervention in the whistleblower lawsuit. The states and federal government allege the EDMC defendants violated a federal law that bans incentive compensation for college admissions employees based on the numbers of students they enroll. By using a system where college recruiters’ compensation was tied to enrollment numbers, EDMC and two of its subsidiaries operating in Indiana violated Title IV of the Higher Education Act of 1965, the lawsuit alleges.
Named as defendants in Indiana’s portion of the complaint are EDMC and six EDMC-owned schools in Indiana: the Brown Mackie College campuses in Fort Wayne, Indianapolis, Merrillville, Michigan City and South Bend, as well as The Art Institute of Indianapolis.
The complaint alleges a total of 16,814 student financial aid awards were claimed by the six EDMC schools that falsely represented their compliance and eligibility to the state. By claiming more than $12 million in student financial aid for which it was not eligible since 2003, EDMC defrauded the State of Indiana, the lawsuit alleges.
“Paying recruiters incentives based on the number of students they enroll is a violation both of federal aid regulations as well as the responsibility to the students that the school serves. This violation renders the company ineligible to receive funds under the Indiana financial aid programs, and using the False Claims Act we will seek to hold EDMC accountable by making it pay civil penalties,†Zoeller said.
In his separate role enforcing the state’s consumer protection laws, Zoeller said he will closely monitor the situation to ensure that students’ interests are protected. He emphasized that the State’s intervention is in its initial stages and that the lawsuit’s allegations are not directed at students, but at the colleges and EDMC. Students who wish to report issues relating to transactions with the college can do so by contacting the Consumer Protection Division at 1-800-382-5516 or at www.IndianaConsumer.com
The State Student Assistance Commission of Indiana (SSACI) is in charge of awarding student grants and has already announced student aid awards for this year. Students can confirm their award amounts by checking eStudent, SSACI’s online grant status web application, available at www.in.gov/ssaci/ At this time, SSACI does not anticipate the pending litigation will impact student award offers. For-profit colleges in Indiana are regulated by the Commission on Proprietary Education (COPE), which has the ability to investigate student complaints. Students with questions about their financial aid can also contact their school’s financial aid staff.
To prevent abuses by college recruiters who sign up students without regard to their likelihood of success or ability to repay loans, Congress passed the Higher Education Act (HEA) that specifically forbids colleges from paying recruiters incentive compensation based on the numbers of students recruited. The whistleblower lawsuit alleges EDMC violated Title IV of the HEA by improperly compensating its college recruiters with bonuses such as expensive vacations to Puerto Vallarta, Cancun, Las Vegas or other destinations based on the number of students they recruited to enroll.
The lawsuit originally was filed by private plaintiffs in the U.S. District Court for the Western District of Pennsylvania. In June, Indiana filed its notice of intervention in the lawsuit against Pittsburgh-based EDMC. Also intervening are the states of California, Florida and Illinois and the United States.
Indiana’s portion of the lawsuit seeks civil penalties of at least $5,000 for each false claim submitted, treble damages, attorneys’ fees, litigation costs and interest.
Under the Indiana False Claims and Whistleblower Protection Act, a company insider who knows of fraud against the state can become a whistleblower and file a private lawsuit on behalf of the state. After investigating the allegations, the state then can intervene and join the case as plaintiff. If at the end of the case the defendant pays a judgment or settlement, then the whistleblower – also known as a “relator†– is eligible for a percentage of the recovery, usually between 10 percent and 30 percent.
Zoeller’s office has participated in a number of whistleblower lawsuits, called qui tam (pronounced “key tamâ€) cases, filed against pharmaceutical companies that submitted false claims to the State for reimbursement of illegal drug-marketing schemes. Settlements of those cases have resulted in nearly $24 million in payments to the Indiana Medicaid program since January 2009. Zoeller and his staff have given presentations around the state to health care workers about their legal right to bring whistleblower lawsuits under the False Claims Act.
The EDMC case is the first time Zoeller’s office has used a whistleblower lawsuit to seek civil penalties due to false claims paid out of state financial aid, rather than out of Medicaid.
Zoeller noted the cooperation between Indiana, the United States and the three other states in bringing legal resources to bear to seek repayment and halt EDMC’s improper compensation scheme for recruiters.
City of Evansville–Outstanding Economic Development Loans
Over $4 Million in Outstanding Loans
Loans Receivable – Economic Development Loan Fund
IS IT TRUE? August 9, 2011
IS IT TRUE? August 9, 2011
IS IT TRUE that both of the new football stadium that are under construction for the EVSC have had construction delays and will not be available for the scheduled first games of the season?…that both Harrison and North will have to reschedule their opening games to other venues as they have for years since they have not had stadiums of their own?…that we hope that the new downtown Arena does not have last minute delays in opening that cause events to be moved?…that Harrison and North had the good sense and good fortune not to mothball the stadiums that they have called home and that their problem will be an inconvenience but not a big deal?…that if the Arena is not completed on time and UE games with Butler and IU need to be moved that we wonder with Roberts Stadium mothballed exactly which high school these certain sellouts will be moved to?…that some oversights are simply unnecessary risks?
IS IT TRUE that Nexstar has taken another dive into the Evansville video media market?…that WEHT Channel 25 has been bought by Nexstar for $18.5 Million?…that is a parallel move that Nexstar which has owned WTVW (Fox 7 or Local 7) is being sold to a subsidiary organization called Mission Broadcasting for only $6.7 Million?…that when the ownership and the passion for a business moves out of town that it all comes down to numbers and just going through the motions?…that we hope for additional investment in these stations so that competitive high quality local news will survive and thrive in Evansville?…that we hope that these investments will be a conduit to grow and become better?…that we will not be holding our breath on this one?
IS IT TRUE that the City of Evansville through a subsidiary non-profit organization was at one time semi active in making loans to local businesses?…that at the end of 2009 there were a total of 21 loans outstanding amounts to $4,017,015 with the smallest balance being only $2,000 to the Evansville Convention and Visitors Bureau and the highest being a balance for $1,367,419 on a $2,300,000 to Citizens Bank which was reportedly made on 3/25/2008?…that we are certain Citizens Bank was taken over by Fifth Third Bank at least 5 years prior to that date so we are sort of confused how that could be possible?…that the range of interest rates on the loans is from a low of ZERO PERCENT to a high of 7.25%?…that the Kunkel Group occupies both ends and the middle of that spectrum having a loan for $310,000 at 0%, $150,000 at 6.25%, and $221,250 at 7.5%?…that the most common interest rate is 3%?…that a list of the loans with amounts and holders is on the following link?
http://city-countyobserver.com/2011/08/09/city-of-evansville-outstanding-economic-development-loans/
IS IT TRUE that a certain trip recently made to California originated and terminated in our very own Evansville Regional Airport?…that despite all of the hoopla about the FAA and the government shutdown that the flights all left and arrived on time?…that there was not a single thing that could have been improved with respect to the travel experience into and out of EVV?…that when the flights into and out of EVV are compatible with ones schedule and priced competitively that EVV is just about the most pleasurable airport experience in the United States?…that the City County Observer encourages all local air travelers to give EVV a chance with your next trip?…that all things being equal our airport delivers great value and needs to be supported locally?
IS IT TRUE? August 8, 2011 Special Evening Edition
IS IT TRUE? August 8, 2011 Special Evening Edition
IS IT TRUE that the downgrade of the debt of the United States caused a bit of a panic at the stock market today and that the words of President Obama only accelerated the slide in stock prices?…that the one thing that did not seem to get its price chopped by the debt downgrade was the debt that was downgraded?…that it looked as though investors were exiting positions in American companies to stick their cash into American debt?…that there was even discussion among the so called “financial elite†that many of the companies that are considered “bellwether†stocks actually have much lower bond ratings than the USA?…that these businesses do not have armies to back up their collection power?…that some folks will ask “just what on earth does this have to do with Evansvilleâ€?…that is in the next paragraph?
IS IT TRUE that in the middle of a discussion regarding how to price additional risk into debt and stocks as such risk is created a discussion that is most applicable to the Evansville IceMen and the Arena was touched upon?…that this discussion centered on just how illogical it is to increase the interest rate on the debt of a business that is growing rapidly and struggling with cash flow?…that the agreement was that what may be good for the debt holder (or leaseholder) in the short term may just destroy them in the long run?…that forcing the IceMen to pay more when less people attend is exactly the same as raising interest rates on a business that has marginal cash flow?…that if the City of Evansville wishes to be seen as competent in financial matters and as a good partner for future tenants or events at the Arena, they must assume some of the risk associated with playing in a $128 Million venue?…that if the eyes of the world were on the Evansville Arena and that if it were a stock that this is one stock that would be dropping like a rock due to instability and counterintuitive financial decisions?
IS IT TRUE if John Kish (Arena Czar) and the Mayor didn’t want Ice Hockey at the new downtown arena then the people of Evansville deserve to know why they spent nearly $2 Million on tubing and condensers to establish and maintain an ice surface in the new Arena?…that this floor ice system shall stay intact in a frozen state through most of the year even when basketball is being played above it?
IS IT TRUE our that one of our “MOLES” working for the state tell us that Indiana State Board of Accounts shall be conducting a 2010 “State Audit Exit ” interview with key members of the Weinzapfel inner circle on this coming Tuesday between 9:00 to 11:00 in the morning in the Mayors conference room? …that we hear that the 2010 State Audit should be an interesting read?
IS IT TRUE that if the Weinzapfel Administration was serious in talking with the Evansville IceMen Hockey management team then why did he allow the Arena Czar John Kish to go on vacation this week? …this would be a great time to allow Evansville City Councilman John Friend, CPA and Budget Chairmen, At Large City Councilmen Curt John, Attorney and 1st Ward Councilmen Dan McGinn, Attorney to sit down and talk directly with the “IceMen” management team to hammer out an agreement that both parties can prosper with? …that this is a great example of why the Mayor has made financial and legal mistakes time and again because never takes advantage of the free “Brain Trust†that the population of Evansville offers?