Daily Archives: July 21, 2015

Bankruptcy Stalks the Guardian Building

Dead Man Walking JPEGThe ball is now in the Governor’s court, so to speak.  The report is not public yet, but the press release is out.  It only took the State independent review team 18 calendar days to figure out what everyone knows: Wayne County is in a ‘Financial Emergency’.  Here is the money shot from the Michigan Department of Treasury press release:

The team’s extensive report indicates that numerous conditions led to the determination that a financial emergency exists in the county. Those conditions include the following:

  • The county’s last four annual financial audits re­­vealed notable variances between General Fund revenues and expenditures as initially budgeted, as amended, and as actually realized. In addition, County officials underestimated actual expenditures in three of the fiscal years by amounts ranging from $16.7 million to $23.7 million.
  • County officials engaged in unbudgeted expenditures in violation of Public Act 2 of 1968, the Uniform Budgeting and Accounting Act.
  • Although there was agreement among county officials that existing de­tention facilities are inadequate, there is no consensus about whether to complete construction on a new jail or to renovate existing facilities.
  • According to the county executive’s recovery plan, unfunded healthcare-related liabilities were estimated to be $1.3 billion as of the last actuarial valuation with funding set aside for this purpose of less than one percent of liabilities. Healthcare-related liabilities represent 40 percent of the county’s long-term financial obligations.

The Governor now has 10 days to take one of five actions: do nothing, conduct another ‘neutral’ evaluation, arrange a consent agreement, impose an emergency manager, or file the County for Chapter 9 bankruptcy in U.S. Bankruptcy Court.

You Betcha! (12)Nuh Uh.(0)

$18,000,000.00 that Did Not go to Fixing Roads

Our tax dollars at work because we all need virtual reality in Detoilet.

So, there you have it. The Nerd’s affirmative action toad had a pet project to oversee.

Really, dingbat? Perhaps, Little Ronna should be telling us what Hillary would be doing any different from, Lansing Republicans.

You Betcha! (11)Nuh Uh.(0)