Post in Minneapolis Pension Levies

Apr 02 05:24 UTC

This is becoming very complex...to me, at least. It's not just the pea under
the shell ...it's that the pea keeps moving.

  Ms. Becker wasn't on the Board at the time the big chunk of change was
diverted (Lane, Benson, Goodman...resolution).  My memory suggests this was at
the same time a million was taken off the top of NRP for safety...without
asking the neighborhood assns if it were okay (came out of their allocations).
If 'asked', I am sure they would have approved that allocation...but it was a
centralized, top-down city 'negotiation'.  Was that the intent of the state
legislation that established NRP--to have NRP acting as a __**city
'contingency' fund**__?

  I am concerned about the state of the Legacy fund.  Legacy means Legacy and
should have "Trustees".  I am pleased that  its investments manage risk better
than when the city transfered the  investment decision to the old MCDA at the
height of the dot-com boom avoiding a prohibition on high risk/return
investments (and we know how that turned out). The has continual draws against
this fund...exceeding the income produced?...and needing continual infusion
from NRP's Common Project fund (neighborhood investment money at ++$3M/year).
From what I understand, even more money was diverted this year. And they don't
have to pay it back to NRP?  Oy vey.

  NRP is generating its own income (revolving loans as an example).  I remember
a few years ago the city wanted control over that income. And what about
interest income on the NRP money before it goes to the neighborhoods...if any,
who gets that?  Then the city tried to get early decertification...and then
'double-dipping' by charging 'excess' administration fees for NRP projects
contracted out to  non- NRP aministration groups in violation of the city's own
cost recovery fees?

  After feeding at the NRP trough, the city should be **grateful**.  Instead it
has it's final solution...skuttle NRP for the Framework for the Future.  For
the tiny 7/10 of one percent of the city budget, looks like neighborhood
investments have produced a pretty good return on investment.

  These pensions are an ethical and legal obligation. Bonding, creative
transfers, the city fighting mortality table and other fiscally responsible
changes (per Rep. Kahn) concern me...and I would guess, taxpayers...and those
believing in the original intent of the NRP legislation.

  If any legislation comes out of this session, I would hope the state would
put controls on it protecting the intent (and vision) of NRP.

  Best wishes,
  cheryl luger
  nokomis east

I never wonder to see men wicked, but I often wonder
to see them not ashamed.
                     --- Jonathan Swift