city budget Archives - Page 2 of 2

City Still Shirking Responsibility for Financial Woes // Eliot Singer

January 26, 2018January 9, 2018

I looked at the PR for public input on city financial woes, and it appears they still want to blame others, without acknowledging any financial mistakes by city government. These mistakes, some outrageous, have come at a cost of tens of millions of dollars. Even if what is done cannot be undone, unless city officials are willing to admit these mistakes and take measures to prevent recurrence, they have and will recur.

1) More than $50 million in unfunded debt service for the DPW … Read more →

Response to Mark Lanedson re: implications // Eliot Singer

February 13, 2018January 8, 2018

I purposely wrote a technical piece without offering concerns and interpretations. I hope ELi will be able to obtain a copy of the Bond indenture with numbers filled in, at which point it will be easier to ask questions and offer interpretations.

The balloon payment I alluded to is speculation. We don’t know how Scottsdale Capital, associated with the father or the Harbor Bay principal, came up with $25 million to purchase the bonds. As far as I have ascertained, this is not someone … Read more →