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Where's the other $1.5 Million?

Started by Wrinkle, February 05, 2008, 10:42:04 AM

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Wrinkle


cannon_fodder

Damn good question.  I hope it doesn't take 15-20% overhead for our government to spend a dime.  That's horrible.

Add the 50% overhead for FEMA compliance and then the overhead FEMA has to process the payments (not to mention the IRS to collect or the treasury to issue the debt) it surely we have more in overhead than payment.

Yay government.
- - - - - - - - -
I crush grooves.

RecycleMichael

I don't think these are the same things.
Power is nothing till you use it.

swake

Wouldn't the trash board fund and the general fund be two differing funding locations?

MDepr2007

Is this a temporary end to our lower rates for their past over charges, that created the $11 Mill in the first place?

Wrinkle

quote:
Originally posted by RecycleMichael

I don't think these are the same things.



Are you suggesting:

a.) These are two different deals, resulting in a clean up fund of over $20.5 Million with the TARE loan?

b.) The TARE funding hasen't arrived yet?

or

c.) Cash can be transferred from a Public Trust (i.e., Authority) directly into a Project Account, bypassing the General Fund?

I think it has to be formally received by the City of Tulsa into the General Fund, then distributed internally into the accounts desired, as was implied by the Agenda item.

Except, the transfer was $1.5M short.

Actually, it is said to be a 'loan' from TARE which is to be reimbursed once FEMA blesses the City.

Anyone laying odds TARE never sees this again?
Besides, in another six months, at the current rate, TARE will have another $11M lying around.

...which leads to the other item I posted.



Wrinkle

Okay, now they're just trying to confuse me.



Again, there's $4M missing. Though, with these sums of money, it's not necessarily unusual for them to be made in smaller pieces, multiple times due to shear interest revenue possibilities.

But, the process is also odd. There's no loan agreement between the City and the Authority. The Authority's fund account appears to be under the control of the City, thus described here as a simple redirection of funds from one account to another, and directly into the Debris Cleanup Account, not the General Fund for further disbursement.

I would think the Council would have to authorize the 'loan', then make/authorize the transfer of funds.

The Authority is a real, descrete entity and can't really be handled as a department of the City.

It's the equivalent of obtaining of loan from a Bank. In fact, I'm not sure the Authority shouldn't be charging the City interest. It is their money, not the City's.


Wrinkle

Actually, if the truth be known, it is TARE who should've been the contracting agency for the cleanup effort, not the City. Then, they'd just be funding their own effort.

But, TARE was being slow to participate, and surely didn't wish the expense. When confronted by our flaming Mayor, the vote was unanimous to fork over the funds, which they had plenty of since trash rates are sufficient to pay for an incinerator which has been paid off now.