I want to watch the replay tonite of Mon.'s council meeting before I comment, but I caught some of Ald. Venita(LarryBot)Hervey on WNTA and see made claims I found hard to believe so I did some checking...
She played Defense for the LarryBoy Spend-all-you-Can Budget Process...' no one could forsee the current financial mess....
Now, I'm no accountant, but looking at the city financial information...from the 2007 budget
"...the last few years have been more challenging because of lower than anticipated elastic revenues as a result of the slowing economy....This five-year budget forecast indicates annual deficits for the entire period...."
Not much difficulty understanding THAT....
And THIS stuff 2007 CAFR..." The decrease is primarily the result of slowing growth in elastic revenues. Elastic revenues are those revenues that tend to change with economic conditions such as, sales tax, use tax, state income tax, and personal property replacement tax. As a result of a slow down in the state and local economy, revenue from sales taxes finished $1,485,778 below the budgetary estimate...."
Bullcrap 'couldn't forsee it'....DIDN'T WANT TO STOP THE DEBT TRAIN!!!!!!!!!!!!