June 7, 2007
A BAD SAD DAY AT CITY COUNCIL
Yesterday the City Council hit rock bottom in profligate, spendthrift management of the taxpayers’ money. Look at what they did.
• Three million dollars for that bottomless hole called Lemoyne Owens College.
• Approved $29 million dollars for the Beale Street Landing project, a completely worthless boondoogle intended to benefit the downtown supporters and contributors to the Mayor and also to provide good jobs to former supporters and administration people who worked for the Mayor and now work for the Riverfront Development Corporation.
• Passed a toothless, worthless ethics ordinance which will not stop or even slow down the unethical conduct of many of the City Council members. Only complete and transparent electronically available open records will have any ethical benefit on the now corrupt system.
• Completely ignored the GASB 43 and GASB 45 requirements that have been due and supposed to be accounted for in our City budget for several years and which would require a tax increase. However the Mayor does not want to talk about a tax increase before the October election.
Where is the outrage from the taxpayers? Only by throwing out the current collection of bums from the City Council and City Hall will we get any relief.
We have just received the GASB 43/45 projections for the MLGW. I see this requiring $36.6 million dollars extra for the upcoming year from the ratepayers of the MLGW to finance this benefit. And the MLGW in the past had the foresight to put some money aside ($56 million dollars) for this future obligation. The City and the County have not done anything. We have asked the City for their projections but they have not replied as yet and it is not shown in their 2008 budget. See the attached report of the extra money required of ratepayers to meet the new government accounting standards. Shelby County is already talking about cutting back promised retirement health care and insurance benefits in order to cut back on the cost of implementing this new accounting requirement. What is the MLGW and the City going to do? Nothing until after the election.
Click here to see the actuarial report on how much the MLGW is going to have to pay over and above what they have been paying annually to finance health and insurance benefits for present and future retirees
A BAD SAD DAY AT CITY COUNCIL
Yesterday the City Council hit rock bottom in profligate, spendthrift management of the taxpayers’ money. Look at what they did.
• Three million dollars for that bottomless hole called Lemoyne Owens College.
• Approved $29 million dollars for the Beale Street Landing project, a completely worthless boondoogle intended to benefit the downtown supporters and contributors to the Mayor and also to provide good jobs to former supporters and administration people who worked for the Mayor and now work for the Riverfront Development Corporation.
• Passed a toothless, worthless ethics ordinance which will not stop or even slow down the unethical conduct of many of the City Council members. Only complete and transparent electronically available open records will have any ethical benefit on the now corrupt system.
• Completely ignored the GASB 43 and GASB 45 requirements that have been due and supposed to be accounted for in our City budget for several years and which would require a tax increase. However the Mayor does not want to talk about a tax increase before the October election.
Where is the outrage from the taxpayers? Only by throwing out the current collection of bums from the City Council and City Hall will we get any relief.
We have just received the GASB 43/45 projections for the MLGW. I see this requiring $36.6 million dollars extra for the upcoming year from the ratepayers of the MLGW to finance this benefit. And the MLGW in the past had the foresight to put some money aside ($56 million dollars) for this future obligation. The City and the County have not done anything. We have asked the City for their projections but they have not replied as yet and it is not shown in their 2008 budget. See the attached report of the extra money required of ratepayers to meet the new government accounting standards. Shelby County is already talking about cutting back promised retirement health care and insurance benefits in order to cut back on the cost of implementing this new accounting requirement. What is the MLGW and the City going to do? Nothing until after the election.
Click here to see the actuarial report on how much the MLGW is going to have to pay over and above what they have been paying annually to finance health and insurance benefits for present and future retirees
posted by watchdog at
8:29 PM
1 Comments:
Without having an exact line-item budget sheet and a pledge from LeMoyne-Owen that the money will be spent in a frugal manner, the City Council should not have handed over a dime to LMC. Had it had those things, I think a case can be made that LMC props up a decent neighborhood that will become just like Hickory Hill or Binghampton if the college leaves.
By
Anonymous, at 3:00 PM
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