Post in Minneapolis Pension Levies

Apr 02 16:14 UTC

This is where I may have been confused, I was originally told that the Legacy
fund was dedicated to NRP and was not an unregulated pool of money. I was also
told that this fund was set up to be used on an interest only basis, thus the
term Legacy. I was foolish enough to ask, when Minneapolis murder rates were
escalating, and we were in dire need of more policemen, why the city insisted
in paying off roughly $90,000,000 in principle a year on our general obligation
debt instead of re bonding this amount of money at 1 1/2% interest to pay for
the police force until such time as the tax base increased. How can it be good
fiscal policy to give away $225,000,000 worth of books and another $200,000,000
worth of property to Hennipen county while retaining $150,000,000 in general
obligation bonds and incuring fee's of $7,500,000 a year,give or take, to
incorporate our libraries in the the county. I almost forgot to mention that it
would have cost the city only an additional $5,500,000 a year to retain
$425,000,000 in assests. My thoughts after reading the budget and attending
many Ways and Means committee meetings were that the accounting irregularities
were so gross that the city did not want to expose what items were posted to
what ledger. A good example of this type of accounting is when a $120,000 study
of a rail line between our city and Duluth Superior was debited from the
parking fund ledger this year. I have always ben a fan of Ms Becker and have
read her post with great enthusiasm, the the line that comes foremost to my
mind when I review this sort of creative accounting ledger post is that you
have the right to remain silent, anything you say or post can be used against
you. ect.