remember the parker property bond issue voted on in September of 2002 ?

the city manager was so engrossed in accessing the citizens tax dollars (for his private retirement),  did  he completely ignored the collecting of his personally touted above bond issue ?

The City Manager forgot to put the bond on the taxing rolls, so the first year they couldn't even pay the service debt of the bond and had to borrow to make the payment.

please scroll down the page -- the two page agenda item was taken from the City web site !

COMMISSION AGENDA
REGULAR X
PUBLIC HEARING
INFORMATIONAL
 

CONSENT
 

ITEM E
 

January 27, 2003
MGR /DEPT
Authorization
Meeting
REQUEST: The Finance Department requests the City Commission approve an Interfund Loan from the General Fund to the Central Winds Debt Service Fund in the amount of $225,330 to pay the FY 03 Debt Service on the Central Winds Limited Obligation Bond.
PURPOSE: The purpose of this agenda item is to request the City Commission approve an interfund loan between the General Fund and the Central Winds Debt Service Fund for purposes of paying the FY 03 debt service obligation on the bond.
CONSIDERATIONS:
• The property tax bill sent out in November 2002 did not include the quarter of a mill that was approved by the voters for repayment of the debt service on the Central Winds Limited Obligation Bond.
• The resolution approving the final “operating” millage rate should have also included a section approving the “voted debt service” millage rate of a quarter of a mill. Verbiage regarding the voted debt service was not included in the resolution and hence not billed.
• Alternative funding is necessary to pay the Central Winds Limited Obligation Bond FY 03 debt service of $225,330.
• David Moore, our Financial Advisor with Public Financial Management, advises that the loan amount is so small that it would not warrant the cost of issuance with an outside lender. Therefore, he recommends a short term loan from the General Fund.
• Michael Williams, our Bond Counsel with Akerman Senterfitt stated that the interfund loan option would be satisfactory and no disclosure is necessary.
• Staff estimates that the loan would be repaid to the General Fund by November 2005 from excess tax proceeds.
FUNDING:
The General Fund would loan the Central Winds Debt Service Fund $225,330 in FY 03. Staff estimates the loan would be repaid by the Central Winds Debt Service Fund in full by November 2005.

(This was NEVER brought forth during the tax increase hearings, but cleverly hidden by the City Manager with at least THREE/FOUR elected officials in on the increase scam.)

RECOMMENDATION:

Staff recommends that the General Fund loan the Central Winds Debt Service Fund $225,330 to pay FY 03 debt service on the bond and that the Central Winds Debt Service Fund repay the General Fund with the future excess tax revenues that it is projected to receive above that necessary to fund future debt service.

ATTACHMENTS:
 

Loan Repayment Schedule
Ad Valorem Tax Assessment Projection
Property Tax Value History
Resolution 2002-32
DR-422
DR-420
COMMISSION ACTION: (Vote 5 - 0.    All Ayes -- McGinnis, McLeod, Martinez, Blake, Miller.)

            In essence what it says is --- the parker property bond you voted on in September of  2002 slipped through the cracks, and the illustrious city manager, who spent thousands of tax dollars promoting the bond,  FAILED TO GET IT PUT ON THE TAX ROLLS !

            So, now they have to borrow from the general fund $225,336.00 to pay just the DEBT SERVICE.     It will take until the year 2005 to get the money back into the general fund.

               Any responsible business would fire the person responsible for this half-a-million dollar blunder.   The city manager must have fallen asleep.    After all he's in charge of the city's business !    But then again, one has to look at his commission, and know they will accept his blunder.     Let's see how many "thumbs down" come out of this financial blunder.      Should be at least three !

look at how little care is taken by the city spending frenzies below.   it's a never-ending plunge into your tax dollars for fantasy items.

        As the United States fought the war with Iraq,  stock markets were down.  Pension plans had fallen after the 9-11 terrorist attack.   Unemployment rate in U.S. rose as job growth slowed.   The Senior citizen prescription drug benefit plan was nowhere in sight.   People are losing jobs due to cutbacks.

        City of Winter Springs Public Works is requesting the Commission at its January 27 regular meeting, to approve a change order of almost $17,000 to install triple luminaries instead of single luminaries at the intersection of SR 434 and Tuscawilla Road to make it more "impressive" and to keep in character with the main entrance of the Town Center.  

        If a traffic study was properly conducted it would find approximately over 90% of the traffic at this intersection is - THROUGH WINTER SPRINGS TRAFFIC !     Really folks -- it's just an ego trip!

        Score "0" for City of Winter Springs and its warped and out-of-step priorities.   Our unemployed citizens and seniors will be so grateful you are spending more of our tax dollars to keep that ONE intersection well lit and impressive so that everyone can see MacDonald's and Wendy's better when they drive by!   Wendy's is now well hidden from the through Winter Springs traffic on SR434.    For those that can't find them --- they're located at the back of "Tiny Town" away from any traffic.

Bulletin Update:  City has to build TWO high rise parking garages in "Tiny Town".    They forgot people park when they go shopping.     This blunder can be clearly placed upon the commissioners.   They THOUGHT they were engineers.     In fact, the main road --Doran Drive to the high school -- doesn't even have sidewalks.    The City has little regard for safety in "Tiny Town".

        The traffic signals installed at the intersection at Winding Hollow had these same globes installed in September 2002.   One was shot out in October 2002.   The City Manger said in November they were on order, but they are not a stock item and very expensive.    He said they should be in in about four weeks.   Hey, McLemore, this is almost February 2003, and the City is full of these worthless wonders of a street lighting for which the taxpayers will be billed.   The cost of the "McLemore Lights" should be taken out of his exorbitant salary.

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