We have to go all the way back to December 6, 2010. (Item #16, FF: 41:00) Great conversation. The mayor, councilor Diamond Jim and Bob Litz claim to be ‘confused’ about the ordinance. I’m no attorney or accountant, but I think the language is pretty clear. I think a 5th grader could understand it. It’s just a bunch of smoke and mirrors to get it to fail. And in Mayor Mike’s classic ‘sour grapes/Crybaby style’ since it passed he didn’t sign it. Same with the bus passes.
The city council was simply reinstating ordinance that was rescinded during the Munson administration (Doc Res. 109-10) which is a great fiscal tool for the city.
Councilor Brown actually does a great job of explaining the measure.
Basically a security blanket so there is reserves at the end of the year and monthly. As I understand from what happened back then, (some) on the city council feared that the mayor was going to dip in the cookie jar for extra money for the Events Center.
What is ironic about him being against this back then, TODAY, he is constantly bragging about how big of reserves we have now.
This guy calls himself a banker with business acumen but doesn’t understand two simple percentages? One about monthly cash balance and an end of the year reserve balance.
He was full of BS four years ago and still is today.