By: Diane Benjamin
I can see why the finance documents aren’t included in the packet on the Bloomington Council nights where the monthly recap is presented. I’m sure it’s much more fun to claim everything is fine than show the proof. See what was reported Monday night here: http://www.cityblm.org/Home/ShowDocument?id=20321
When they talk about Sales Tax revenue, according to their own report – the numbers are THREE months behind. See PDF page 3:
PDF page 4 – Arena has already lost $710,683.
PDF page 6 shows the PLANNED losses for the BCPA. This chart does not include the Home Rule Sales tax dedicated to pay the bonds and interest. That chart follows this one:
Revenue from operations is budgeted at $1,373,270.
Expenses from operations are budgeted at $2,322,194.
That means the City planned a loss of $948,924.
Who do you think is paying that loss? Add in the $1,700,000 in Sales Taxes and taxpayers are paying $2,648,924 for Quality of Life! Between the Arena and BCPA losses, there isn’t money for essential services.
By the way, I heard from a person who attended the Naked Magicians. It was an obscene show that would have had the owner of any other established jailed if they had booked it. The half off sale did sell more tickets though.
PDF page 7: Miller Park Zoo has a planned loss of $583,233.
PDF page 8 still references Pepsi Ice without collecting any money for the name, but at least they show a planned profit: $114,832. Not nearly enough to cover the bond payments though.
PDF page 9 shows the tax summary David Hales used to include in his City Manager reports. Hotel/Motel tax and Building Permits are way down.
PDF page 27 recaps the Arena budget. Six months in revenue is dismal.
Meanwhile, PDF page 30 shows capital spending to replace aging equipment. Just a measly $183,750 was budgeted.