Go to all4word’s Twitter account for details I’m missing.
Coffey and Price have succeeded in making Clere cool his heels for a while, perhaps as payback for being shown up yesterday. I still believe that Ed’s timing yesterday was brilliant. Coffey went to his town hall meeting not knowing that another proposal was on the table.Not that he needed help looking foolish.
Mr. Skompf of CroweHorwath now is permitted to continue, all seven members in attendance having apeased thw crowd by voting “no” on the version of the sewer rate ordinance that called for 70%. Everyone knows that a counter-proposal evolved during the course of the past few days, and now there will be an overview of it.
I’m not going to repeat all the aspects of the Skompf presentation, except to note that our vote against a settlement tonight will be reported to bondholders, who apparently COULD get annoyed. Now, there are two further votes. He also notes that because the sewer utility has not made sufficient sinking fund transfers, the EDIT subsidy must remain a part of the settlement.
CPA Skrompf: “The things being offered to you are extraordinary.” The package from SRF is good. “I’m shocked” that the ordinance didn;t pass tonight; “never seen a utility in this bad a shape,” having to work so hard to rescue it. Nice, terse 15-minute — “we’re losing money every month” and need to get this moving.
Skrompf: Explains’s Gahan’s previous “million out of nowhere” comment. Garry had to transfer money to the sinking fund to prevent bonds being recalled, which is where Gahan’s scoff originated. It was necessary. Contractors now waiting for their money.
Coffey: Early draw on EDIT?
Coffey: “I know you got a job to do,” but you told us that it would take care of it.
Skompf: Wasn’t me, wasn’t our company.
Fifer: Utility has suffered from the economy owing to less revenue. Almost 30% unpaid bills.
Woman: But won’t that get worse?
Fifer: We have pledged the assets of the utility and the city to the bondholders. If we default, a receiver will run the utility. (will there be choices then?)
Fifer: The 70% increase did not address a deficit in the reserve fund. The new increases bring it into line.
Price: What about the million dollars in 08 and 09? Georgetown money? Told y’all two years ago about raises …
Fifer: I can assure you that Kelly’s raise didn’t cause this.
Fifer: It was never $3 million.
Kochert: What was it?
Fifer: You know what it was. Explains. They have paid everything except $450,000.
Attorney Andrews: Nope, we don’t owe that, either.
The people Coffey and Price didn’t want hearing this now are asking questions, and imagine that’s good.
Fifer keeps explaining. Like that Old Democrat, it would appear that Coffey and Price live in the state of Denial.
Price: We’re losing people — boarded up — people say they’ll leave. What happens then? You won’t be able to collect.
Fifer: Your body has an affirmative duty to keep the utility in sound financial position.
Price: USE EVERY EDIT MONEY BEFORE RAISING RATES. I was waiting for this.
Coffey denies that there’s an uneven burden.
Skompf: You will have to run future EDIT draws through the sewer bondholders.
Price: Begins waving his arms and screaming. Found it on-line.
Skompf: If the bondholders send a receiver in here, rates go back to where they would have been , and YOU WILL HAVE NO CONTROL.
Price keeps repeating: “There’s gotta be other options.”
We now argue over who has the bigger increases, Us or Jeff.
Coffey: Wants to argue the past. We now must …
This has become a scrum … I’ll be back in a few minutes. John just doesn’t have it in him to be in control.
Folks, we can’t make the axis of the earth stop turning. We might, but none of you are John Galt.