Thursday, August 13, 2009

Notes from the budget hearings - August 12

Here's what piqued my interest in last night's budget hearings. Again, this is not a list of the important things discussed.

Under the proposed budget for 2010, City Controller David Reynolds has proposed depositing $16M in the City's rainy day fund. If I heard right, this $16M is from County Option Income Tax revenues. Councillor Bob Cockrum inquired about the rules governing on what the rainy day funds could be spent. In particular he wanted to know if that $16M could be taken from the rainy day fund to be spent on a 'municipal corporation'. The Capital Improvement Board is a municipal corporation.

1 comment:

Anonymous said...

The Pacers Minions Are Relentless!

The very premise of Pacer losses and a taxpayer bailout is built upon quick sand.

It is outrageous that the Pacers claim that they have never made any money should go unchallenged.

Releasing partial and unaudited financials to a few friendly insiders, who are forced to sign non disclosure agreements, is NOT enough to convince anyone with ANY brains to believe this fairy tale that the Simons are not making money on their Pacers entertainment enterprise.

Public disclosure of audited financial statements from the Pacers and all other related entertainment companies along with legal affidavits from the team owners, accountants, auditors, and bankers would be a good start to legitimacy and creditability.

Anything less should be disregarded as fantasy and possibly a crime.