Sam Rand money management -- whatever
City auditor LaVonne Griffin-Valade has discovered that to the boys running the City of Portland, debt service reserves are sometimes just a cookie jar that can be raided for whatever toy they see:
Portland issued about $300 million in pension obligation bonds in 1999. At the same time, the city also created an internal reserve to protect the general fund from the obligation. The city won't pay off that debt until 2029.Since 2008, however, the city has moved $8.1 million from the internal reserve to help pay for SAP -- the city's controversial software system whose price tag ballooned from $14.2 million to $47.4 million. It also moved an additional $600,000 from reserves to pay for a policy analyst position, the audit found.
The policy analyst was hired to work on pension matters, at least. But when the Sam Rands tell you about "cost savings" that magically appear to pay for their latest bright idea, spending out of reserves is one of the things that may be going on.
| Posted at 1:33 PM | Permalink |
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Comments (5)
And out of their fat a$$e$, where their (and others') bright ideas incubate.
Posted by Mojo | August 28, 2012 1:55 PM
Six? Hundred? Thousand? For a policy analyst? This had better be the Dalai Lama of policy analysts.
Posted by dyspeptic | August 28, 2012 2:17 PM
I'm sure as soon as Jefferson Smith or Charlie Hales gets elected, they will vigorously end such waste, fraud and abuses ... JUST KIDDING !!
So are we going to need ANOTHER bond measure to make up for the one they diverted fraudulently?
Posted by ltjd | August 28, 2012 2:31 PM
Wonder if there are just a few cookie crumbs left? As I mentioned in another thread, seems like all kinds of "new ways" to try to get revenue are rolling out of our city hall.
This avenue for apartments without parking may be that as well, as someone else brought up, the more units the more money collected. Quite frankly, I see zero having to do with our livability here except some nice amenities for bicyclists. I am thinking that too may come to a halt, as the city decides to get meters for parking them or whatever else they can initiate. I actually am concerned that our livability is for sale for any number of reasons or through various avenues. For example, is the city somehow making more money by going along with our garbage being picked up every other week? We also have to wonder just what is going on when our elected officials continue to debt swamp us?
Posted by clinamen | August 28, 2012 8:57 PM
There's no controlling legal authority. You may wish to get out before they take it all.
They'll keep stealing until there's nobody left to pull the cart. You don't want to be stuck in there with the other free-riders when the music stops.
Posted by Downtown Denizen | August 28, 2012 9:58 PM