Read here on Billboard fiasco
At the last Budget meeting, Finance Director, Steve Carr, stated that $700,000 from the billboard "settlement" would be used to balance the Budget. I don't recall the exact use. Through the years, we have had a lot of money that was transferred out, transferred from one account to another and no one has been able to connect the dots. In fact, we burned through $12 million dollars several years ago when we had different finance directors and approximately $3.5 million went "missing" from our beach fund.
The billboard deal was a deal from hell. In one way I blame the paranoia of the city that has been scared and petrified of anyone threatening a law suit and in this case, made a terrible decision to allow billboards into our city for a term of 20 years minus one day that was against our code. Instead of fighting it, the city capitulated. That city attorney is now gone.
The Clemens Commission dedicated the billboard "settlement" money to a specific use. Present commissions need to know this so that any use of funds can be discussed by the commission as well as the public and that transfers of large sums of money must be with the full history and knowledge of the commission. This should never be a staff decision.
On September 14, 2011 the Finance Advisory Board had a discussion on the proceeds from the Billboards and said that it wanted Staff to bring back the history of the Commission decisions on how to use the funds and then they would have more discussion on any use of funds.
We continue to have transparency issues. When it comes to hundreds of thousands and/or millions of dollars, staff needs to present ALL of the facts because commissions change every year as well as staff. It was promised under Stanton that each commissioner would get monthly financials in order to keep up with it all so that they would be able to compare line item discrepancies.
Instead of the reported $424,000 being taken from Reserves along with $100,000 from the Simpkin Trust, we are taking another $700,000 from a dedicated fund. That totals $1,224,000 of our cash to balance a budget in order to give back residents pennies on their electric bill. What else is going on to balance this budget of which we are unaware?
The one that was really GOOD at shuffling money was Stanton.
ReplyDeleteShe STOPPED the raid of our Reserves. Tell us all how she shuffled funds. Look at her record when she was here. You are flat wrong. Were you at the Budget meeting...did you see the graph and how it all changed under Stanton,,,spending less with revenues ahead of the expenditures. You really are showing your total lack of knowledge on this subject of Stanton and our budget.
ReplyDeleteStanton had a very solid foundation in finance. She understood the idiocy of using "one offs" for operating expenses. There wouldn't be a reserve for them to raid if not for Susan Stanton. This crew is robbing Peter to pay Paul.
ReplyDeleteThe mayor's budget strategy of "counting on good times ahead" is utterly ridiculous. Has she read any economic forecasts? I guess not. She doesn't seem too concerned about the forecasted $5 million budget shortfall around the corner for Lake Worth. Textbook tea party finance policy.
We're back to raiding reserves once again. Dumb.
ReplyDeleteThis is why Maxwell ,Triolo,and Amaroso refused to allow Lake Worth to have an internal auditor.They do not want us to know who is stealing what.DISGUSTING!!!
ReplyDeleteTextbook tea Party finance policy--what in the hell does that mean? It is you Democrats that are spending like drunken sailors.
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