By: Diane Benjamin
Remember the celebrations when VenuWorks announced they ONLY lost $276,367?
They budgeted a loss of $495,514, so everybody happily reported they lost less than expected. See PDF page 27: https://www.cityblm.org/Home/ShowDocument?id=23151
Long time readers won’t be surprised to learn the auditors didn’t agree with the VenuWorks accounting.
The audited financial report has appeared on the city website without a peep from anyone: https://www.cityblm.org/Home/ShowDocument?id=23331
How much did VenuWorks REALLY lose?
Since government assumes silly things like depreciation aren’t a real expense, I will subtract it.
Without it – VenuWorks lost
That is $214,496 more than they reported.
(and really close to the budget!)
How about we just round the 1 year loss to a half a million. Remember that number because the media will be reporting $214,496 for the entire year. Truth in reporting doesn’t exist.
Depreciation is a real expense. It is used to account for how much it cost to build. Of course, true costs are usually immaterial, especially how much interest taxpayers are forced to pay.
That means you need to share this story!