By: Diane Benjamin
The Coliseum has been borrowing money from the City. You pay more for water than it costs the City, so excess money is sitting in that fund. At least some of it has gone to cover the losses at the Coliseum. These numbers are straight from the City Financial Statements at the links provided. In 2013 the City stated they didn’t expect to be paid back in one year. In 2014 and 2015 the City did expect to be paid back. The question is: Did it get repaid? Since more was loaned in 2015, I’m leaning toward NO.
Water is an Enterprise Fund with a profit. If Solid Waste, also an Enterprise Fund, will be forced to break even when your fees are raised – why aren’t water rates lowered? Is the excess water fund the City’s slush fund?
2013
5. INTERFUND RECEIVABLES AND PAYABLES – Continued
b) $2,400,000 to the U.S. Cellular Coliseum fund to cover operating expenses. Repayment is not expected within one year.
Page 91
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2014
d) accrued but unpaid transfers of $439,373 from the U.S. Cellular
Coliseum fund to cover operating expenses. The City expects the obligation will be liquidated within one year.
page 86
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2015
d)
accrued but unpaid transfers of $240,000 from the U.S. Cellular Coliseum fund to cover operating expenses. The City expects the obligation will be liquidated within one year.
Page 88
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.
.
HA! I see what you did there–Water is the City’s “Slush” Fund. Yes, Hales transfers “excess” revenue from Water, Storm Water and Sewer to whatever fund he wants. And one wonders why the city has flooding problems.
BUDGET AND APPROPRIATION ORDINANCE FISCAL YEAR ENDING APRIL 30, 2015 CITY OF BLOOMINGTON
Section Four. Pursuant to 65 ILCS 5/8-2-9.6, and the home rule authority granted to the City of Bloomington pursuant to Article 7, Section 6 of the l970 Illinois Constitution, the Finance Director, with the concurrence of the City Manager is authorized to revise the annual budget by deleting, adding to, changing or creating sub-classes within object classes budgeted previously to a Department, Board or Commission, and to transfer amounts within a particular fund established by this Ordinance, with the restrictions that no such action may be taken which shall increase the budget in the event funds are not available to effectuate the purpose of the revision, and that the City Council shall hereafter be notified of such action by written report of the City Manager.
I’d be willing to bet: next will be a study concluding that a water rate increase is needed to pay for deteriorating water infrastructure. Any takers?
Prophetic!
doubtful. Doesn’t their management contract expire in March? Doesn’t the US Cellular naming rights contract expire in March? Doesn’t the Pepsi Ice Center contract for naming rights contract expire in March? I am basing this on BLNNEWS reports over the past few months…
Correct!
Lower our taxes?
Whoa now…lemmetellya….That’s CRAZY thinkin’ crazy talk there!