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CITY AUDIT RESULTS TO BE RATIFIED WEDNESDAY

It's Your Money
It's Your Money
http://www.imperialbeachca.gov/vertical/sites/%7B6283CA4C-E2BD-4DFA-A7F7-8D4ECD543E0F%7D/uploads/LMA...
This last minute agenda item was posted Monday 3-17 by City Hall.  Hope you are good at math and law if you want to understand this..

Unless you are a CPA you might not be able to make heads or tails out of this audit report but one fact is glaring.  The RDA that was outlawed has left Imperial Beach with and incredibly high bond debt. READ-EM AND WEEP.  Tax revenue that could be used for public services in the future will have to be diverted to pay off this bond debt and interest. Does $74 million sound right?

While I applaud this information being made public.....it is doubtful that 48 hours would allow the average citizen time for analysis or comment....if they even understand it. It does appear that some funds were held in common by both the City and RDA.  Maybe someone with a professional accounting back round would
 like to weigh in.

Any comments?




Ed Kravitz March 20, 2014 at 03:03 AM
That doesn't include the debt service...so $100 mil or more by the time the debt and interest is paid off is probably not that far off.
Curmudgeon March 20, 2014 at 12:27 PM
The only way to pay for city services is either property taxes from residents or property taxes, sales, and other taxes from businesses. I think considering all the other cities that are in or facing bankruptcy, and how IB is not, they are doing a good job. But there is always room for another idea... perhaps it could be better. Ed Kravitz for Mayor! Let's give it a shot and see what happens, and doubtful it would be worse!
Dakota Cole March 21, 2014 at 11:04 AM
Kravitz does not live in IB so he could never run for office here.
Ed Kravitz April 05, 2014 at 09:12 PM
I'm glad you know so much about my comings and goings! Perhaps you could also book my business travel...you know...stuff like airline tickets, hotels and rental cars. Some of us have to travel in our business lives. I'm still active with tourist railroad stuff and as I mentioned to another writer...AMTRAK's Hub is in Chicago and a railcar shop I am involved with is in St. Louis area. I am not in Imperial Beach every day because of my work related travel and personal obligations to elderly family members. Maybe if I sat in front of you across the table and bought you a cup of coffee you would feel better?
Jon Hall April 06, 2014 at 12:29 PM
Not sure why you are so defensive Ed --- there are many others that like you do not live within the city limits yet care what happens in our hometown ------------------------------------------------------------------------------------- If all they have is "you don't live here" then you must really be getting to them again --- but like before there are no skeletons hiding ...

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