City debt budget

The city’s financial reports for the first six months of fiscal year 2015 reveal a lot about what they are doing.

They budgeted forty million dollars for the year to make principal payments against our debt.  At the six month mark they had made no payments, zero.

They also budgeted 51 million dollars to make interest payments.

Yes they budgeted more money to make interest payments than they did to pay down principal.

There is good news in that of the $51 million they only spent $23 million.  We don’t know why but if this shows up as real savings it will be good news.

We deserve better

Brutus

4 Responses to City debt budget

  1. mamboman3 says:

    How can it possibly be “good new” or “savings” when we make zero principal payments and not even half of the budgeted interest payments. This reminds me of people who incur a sudden debt and decide to make as tiny payments as possible every month just so they won’t get in trouble. Yes, it might be OK for some people who are struggling and still trying to be responsible, but it is certainly not OK for those who have the means and are just playing the system. It is even less OK when the debt is heavily due to one “quality of life”/ unnecessary / luxury item. Do we have a savvy bunch of players as our financial team of experts? Is it all about “play now, pay later?” Is it really “all good,” locos?

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    • Reality Checker says:

      The savvy players are the ones who got Wilson, Cook, Niland and others to give them a ballpark and whatever else they want for downtown development. They are the only ones benefiting financially. Those who sold you out think they are savvy because they believe they are now “in” with the big boys.

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  2. Reality Checker says:

    The pattern continues from the Wilson/Arrieta-Candeleria regime to the Gonzalez/Sutter/Bartlett administration. These people can’t budget worth a #$%!. Their financial management skills suck. What they are good at is building empires and creating titles.

    This is our “Executive Leadership Team”.

    + City Manager

    + Chief Performance Officer

    + Chief Financial Officer

    + Deputy City Manager

    + Public Information Marketing Manager

    + City Manager Assistant I

    + City Manager Assistant II

    + Economic Development Managing Director

    + Quality of Life Managing Director

    The newly created position of Chief Performance Officer, filled by a Gonzalez import, ranks above the CFO, which gives you a sense of where financial management is on the priority list.

    Like

    • Exactly! I have said it before, and you just said it again (for me)! If we did NOT have a City Manager, our budget would drop by a very significant amount. The problem is that apparently nobody bothered to take into consideration the cost of that person, and then add all their administrative costs. Millions and millions, I tell ya!

      Like

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