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Little Lamb
Godfather
Joined: 13 Nov 2007
Posts: 8712
Location: CSRA
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 Posted: Sun Nov 01, 2009 8:05 pm Post subject: J.R. Hatney - Augusta's Bernie Madoff |
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Johnny Edwards has hit another one out of the park: | Johnny Edwards, The Augusta Chronicle, wrote: | While it was Mayor Pro Tem Alvin Mason who brought up the notion of dipping into water bill revenues to ease the city's budget woes at the last commission meeting, the biggest proponent of the idea has been Commissioner J.R. Hatney. The super District 9 commissioner has long been eyeing the funds to take pressure off the commission every fall when the time comes to balance the next year's finances. About once a year, the Utilities Department gets a request from Finance, initiated by Hatney, asking for a report on net income and cash on hand. "I'm still talking about it," Hatney said.
For 2010, commissioners face what City Administrator Fred Russell called "the toughest budget that we've had to put together in the eight years that I've been here," with a deficit of nearly $8.6 million and a likely tax increase to make up a $5.9 million shortfall in law enforcement. With Utilities having $65.8 million in its enterprise fund, it's easy to see why some commissioners might be salivating. But under current agreements, that money is untouchable, and the reasons why go back to the water and sewer debacles of the 1990s -- water main blowouts, turbine failure, countywide watering bans during a drought, brown water and a sewage spill into the Savannah River -- brought on by the old preconsolidation city government's quiet use of water revenues to balance the budget instead of improving the system.
Mr. Hatney remembers those days well; he was one of the old city's last council members.
SINCE THEN, in order to raise the money to bring the system up to speed, the consolidated government vowed never to transfer water revenues into the general fund or any other account. It was written into bond covenants so the city could get favorable ratings and underwriting. If the city broke its word, bonds values could drop and the city could be sued on multiple fronts by bondholders, bond attorneys and insurers, according to Utilities Department Assistant Director Finance & Administration Steve Little.
Mr. Hatney says that's not what he's looking to do. He said he wouldn't want to repeat the mistakes of the past by digging into water funds. Instead, he wants to set up an arrangement where around 15 or 20 percent of future water bill proceeds go to funds other than Utilities. "What I'm suggesting is that they do not need the whole 100 percent. Perhaps 5 percent could go to public safety, 5 percent could go to the bus system, 5 percent could go to the general fund and 5 percent could go to reserves," he said, "I'm sure that would be enough to bring us out of the hole."
Jerry Brigham, one of the commissioners who warned against raiding water coffers at the Oct. 20 commission meeting, called the idea "Charles DeVaney Governmental Finance 101." It would still amount to a transfer, violating the bond agreements, he said. "If it's in the water rates, it's got to go into the water department," Mr. Brigham said. "That's stupid. That would be an accounting nightmare." What's more, he said, water rates would inevitably be raised, and because water customers are also taxpayers, it would be tantamount to a back-door tax.
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Mr. Hatney concedes that, given the resistance to the idea, mustering enough votes to change how water money is distributed would be a long shot. "That would be as hard to get as a chicken growing teeth," he said. |
Yes, Commissioner Hatney is treating the city government like one big Ponzi scheme. Shame on him.
The above quote is just an exerpt. Concerned citizens would do well to read Edwards' entire article at Scam . |
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Sargbaby
El Presidente de Nascar
Joined: 28 Sep 2007
Posts: 13272
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| Posted: Mon Nov 02, 2009 10:40 am Post subject: Re: J.R. Hatney - Augusta's Bernie Madoff |
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| Little Lamb wrote: | Johnny Edwards has hit another one out of the park: | Johnny Edwards, The Augusta Chronicle, wrote: | While it was Mayor Pro Tem Alvin Mason who brought up the notion of dipping into water bill revenues to ease the city's budget woes at the last commission meeting, the biggest proponent of the idea has been Commissioner J.R. Hatney. The super District 9 commissioner has long been eyeing the funds to take pressure off the commission every fall when the time comes to balance the next year's finances. About once a year, the Utilities Department gets a request from Finance, initiated by Hatney, asking for a report on net income and cash on hand. "I'm still talking about it," Hatney said.
For 2010, commissioners face what City Administrator Fred Russell called "the toughest budget that we've had to put together in the eight years that I've been here," with a deficit of nearly $8.6 million and a likely tax increase to make up a $5.9 million shortfall in law enforcement. With Utilities having $65.8 million in its enterprise fund, it's easy to see why some commissioners might be salivating. But under current agreements, that money is untouchable, and the reasons why go back to the water and sewer debacles of the 1990s -- water main blowouts, turbine failure, countywide watering bans during a drought, brown water and a sewage spill into the Savannah River -- brought on by the old preconsolidation city government's quiet use of water revenues to balance the budget instead of improving the system.
Mr. Hatney remembers those days well; he was one of the old city's last council members.
SINCE THEN, in order to raise the money to bring the system up to speed, the consolidated government vowed never to transfer water revenues into the general fund or any other account. It was written into bond covenants so the city could get favorable ratings and underwriting. If the city broke its word, bonds values could drop and the city could be sued on multiple fronts by bondholders, bond attorneys and insurers, according to Utilities Department Assistant Director Finance & Administration Steve Little.
Mr. Hatney says that's not what he's looking to do. He said he wouldn't want to repeat the mistakes of the past by digging into water funds. Instead, he wants to set up an arrangement where around 15 or 20 percent of future water bill proceeds go to funds other than Utilities. "What I'm suggesting is that they do not need the whole 100 percent. Perhaps 5 percent could go to public safety, 5 percent could go to the bus system, 5 percent could go to the general fund and 5 percent could go to reserves," he said, "I'm sure that would be enough to bring us out of the hole."
Jerry Brigham, one of the commissioners who warned against raiding water coffers at the Oct. 20 commission meeting, called the idea "Charles DeVaney Governmental Finance 101." It would still amount to a transfer, violating the bond agreements, he said. "If it's in the water rates, it's got to go into the water department," Mr. Brigham said. "That's stupid. That would be an accounting nightmare." What's more, he said, water rates would inevitably be raised, and because water customers are also taxpayers, it would be tantamount to a back-door tax.
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
Mr. Hatney concedes that, given the resistance to the idea, mustering enough votes to change how water money is distributed would be a long shot. "That would be as hard to get as a chicken growing teeth," he said. |
Yes, Commissioner Hatney is treating the city government like one big Ponzi scheme. Shame on him.
The above quote is just an exerpt. Concerned citizens would do well to read Edwards' entire article at Scam . |
Isn't it unique how "scum" and "scam" rhyme?
_________________
""A man does what he must – in spite of personal consequences, in spite of obstacles and dangers and pressures – and that is the basis of all human morality." W.C.
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marvincates
Newbie
Joined: 19 Sep 2009
Posts: 91
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| Posted: Tue Nov 03, 2009 9:41 am Post subject: |
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Why is it other businesses and governments are making cuts and laying off people to help with this Obama created crisis but yet NOT ONE Augusta dead beat employee has been cut? NOT ONE!!!!
There is something wrong with that when they stand around in clusters at work sights watching one guy with the shovel.
Why do we have people writing parking tickets that no one collects on? Is that stupid or what? Does Deke ever watch "Parking Wars" on A&E?
PS Someone please give me some money so I can run for mayor or commissioner, I will fire them all and start all over again. It's whats needed. |
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marvincates
Newbie
Joined: 19 Sep 2009
Posts: 91
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| Posted: Fri Nov 06, 2009 9:48 pm Post subject: |
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Hatney is Madoff so what is Fennoy? Augusta's Mike Tyson? Iliterate with a short fuse. Just what we need more of, on top of the Useless Bunch we have now.
Fennoy is an old time racist. No matter how much you kiss up he STILL can't get past slavery. Blames everything wrong in his life on the fact he is black. He had as many chances in life as anyone else. What he did with his life is HIS fault. No one else to blame. He carries a big chip on his shoulder. It will be good to see him defeated. Can't wait to see who he blames that on.
Deep down inside he is a devisive person who does not have the best interest of August as his main priority. |
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