Comments on Advance Indiana™: Bart's Disinformation Campaign

I emailed on Monday the mayors office via the comm...

2007-06-19T06:16:00.000-05:00

I emailed on Monday the mayors office via the comment box on the Indygov site asking about the 450 million. No reply as of yet.

To me this is the unanswered question.Is the mayor...

2007-06-18T06:19:00.000-05:00

To me this is the unanswered question.

Is the mayor saying we need a one time lump sum of 450 Million this year to satisfy some new accounting rules ? Or is he saying we will need 450 million over the next X number years.

The difference to me is that scenario one is like buying a house - you have to pay everything up front like a bank loan - then you pay it back overtime.

The other way is like paying for cable. You know you have to pay X amount each month or year but you do not get a loan to pay your cable bill for the next 30 years !

If he is proposing to raise taxes and 35 mill goes to pay toward the pension fund and its new accounting obligations it seems the second way is the preferred method.

Lots of junior-rate civic accounting going on here...

2007-06-17T20:47:00.000-05:00

Lots of junior-rate civic accounting going on here...how about some reality?

Yeah, the commercials point out a rosey picture. And? You expected him to highlight his failures?

Pension obligations are more strenuous than before for two main reasons: Wilson mentions one, a change in the customary accounting procedures adopted by the federal standards board. It called for more reserves and multiple other safeguards, that have not been in place heretofore...all cost more money.

The other is simple:

We're living longer, thus pensioners are collecting more.

This will not improve. In fact, the federal accounting standards board is contemplating adopting yet another, tougher set-aside standard.

Gird your loins. Accounting-wise, that is.

And:

* the city has zero influence over Carl Drummer's ridiculous land grabs, which have the unintended effect of driving up Center tax rates, to make up for the tax-exempt land. Not to mention the rent Center folks don't collect while he stores his personal property in these white elephant properties.
His day is coming. Have no fear.

* I'm not a huge Stadium fan, but to dispel the common urban myth, not one cent of property tax dollars went to Irsay.

Bart 61%, that other Republican guy 39%/...at best.

Wilson - The pension problem has been growing wors...

2007-06-16T22:23:00.000-05:00

Wilson - The pension problem has been growing worse for years now -- financing solutions for it hasnt been easy. Obviously!

So are you in favor of Borrowing 450 Million now to pay toward the pension ? How much INTEREST are we paying back on those bonds ?

Large debt, such as bonds, is usually paid off over a period of 10 to 35 years. As an example, at an interest rate of 6%, the cost of
paying off debt over 20 years would be about $1.73 for each dollar borrowed–$1 for the dollar borrowed and 73 cents for the interest.

So on 450 Million bond paid back over 20 years will cost on average 780 million - over 20 years that is almost 40 mill a year.

But if we just paid the 450 mill over 20 years that would cost us 22 mill a year.

It would have been easier if we didn't have to giv...

2007-06-16T20:57:00.000-05:00

It would have been easier if we didn't have to give Irsay millions of tax dollars AND a new stadium.
All the other NFL owners paid for at least 1/2 of the stadiums they play in. What makes Indy so much richer? Oh, yeah. Bart made the deal without consulting the taxpayers first!

The first thing I thought of when first seeing the...

2007-06-16T20:47:00.000-05:00

The first thing I thought of when first seeing the Peterson commercial was the famous 1984 Ronald Reagan "Morning in America" TV spot. An effective "feel-good" re-introductory advertisement ...

The pension problem has been growing worse for years now -- financing solutions for it hasnt been easy. Obviously!

Wilson.. Lets look closely at Barts Lies! 4:05 cov...

2007-06-16T20:34:00.000-05:00

Wilson.. Lets look closely at Barts Lies! 4:05 covered them pretty well.
Why don't you jump on the band wagon with us Wilson? Get Bart out!! Will it take you being a victim of Barts increased crime wave, spending 25 minutes on hold with 911, and waiting 2 hours for a cop before you realize that Bart has done NOTHING for this city!
I hope none of that happens to you, but if it does, be prepared. The waiting is what you can expect!

And about the pension . . . What Bart wants to do ...

2007-06-16T20:21:00.000-05:00

And about the pension . . .

What Bart wants to do is BORROW 450 million to pay 35 million a year to cover the pension fund.

From his 85 million plan - 35 million -
Debt service on $450 million bond issue to pay unfunded liability for city’s share police and fire pensions.

Wilson - This is not something NEW. Back in 2001 t...

2007-06-16T19:24:00.000-05:00

Wilson - This is not something NEW. Back in 2001 the Mayor said Pensions were a priority.

12/18/2000

Media Contact:
Steve Campbell, [317] 327-3690
Jo Lynn Garing, [317] 327-3690

Mayor makes police, fire pension relief city’s top legislative priority

Indianapolis – Mayor Bart Peterson today called police and firefighter pension relief his "number one priority" in the 2001 legislative session and called for a united effort by the City-County Council, Marion County legislators and other local officials to push for a solution.

AND

"There will be many important issues for our city before the General Assembly, but there is none more important than this one," he added. "This pension shortfall is a ticking time bomb that can threaten the financial future of Indianapolis and many other cities across the state."

But since 2001 the city has come up with the money to meet their obligations.

The question is why are they having a problem this year that requires 85 million more - and is it PER YEAR - EVERY YEAR ?

A major problem about those pensions is a change a...

2007-06-16T16:50:00.000-05:00

A major problem about those pensions is a change accountants made recently - it's hitting all entities. The percentage required to be set aside for future pensions was increased by prudent professional accountants.

It isn't that pensions are paid out of current revenues but that money has to be allocated for future pensions. I gather Indianapolis had never really been setting aside sufficiently for that future pension kitty. Now it's finally beginning to catch up with the taxpayers.

Wilson,Every year the budget has money in it to pa...

2007-06-16T16:30:00.000-05:00

Wilson,

Every year the budget has money in it to pay toward the pension plans for the Police and Fire pension funds.

Now this year the Mayors wants to raise taxes by 85 Million to cover the cost of those budget items for the pension funds.

My question is - If the city had the money last year and they say they need 85 million more this year is the city bringing in 85 million LESS in revenue this year or is that that money that was paying toward the pension fund now being spent elsewhere ?

I also liked this analysis on Bart's 'plans':In Pe...

2007-06-16T16:05:00.000-05:00

I also liked this analysis on Bart's 'plans':
In Peterson Plan I, Bart promised to reduce crime, improve education and build better neighborhoods. He also promised 200 more cops (pg. 2). What do we have, more crime, horrible education and unsafe neighborhoods and he's 177 cops short of that 200.

In Peterson Plan II, he said he opposed consolidating IPD with MCSD (pg 49), he promised to promote more financial literacy for the poor (pg. 55) and he promised to enhance the quality of life for our seniors (pg. 57). What do we have, a consolidated department, more home foreclosures and seniors getting attacked in their own homes.

AI, I have recently found Polis Politics too and I...

2007-06-16T16:01:00.000-05:00

AI, I have recently found Polis Politics too and I really enjoyed the take on the TV ad. I have added it to one of my favs with yours.

pssst: the City of Indianapolis has absolutely no ...

2007-06-16T14:05:00.000-05:00

pssst: the City of Indianapolis has absolutely no authority whatsoever over Township property. Learn some basic civics before making uninformed comments about budgetary matters! Solutions won't come from ignorance and sleazy sloganeering...

"GOP: Honor your past promises to the cops and fir...

2007-06-16T13:40:00.000-05:00

"GOP: Honor your past promises to the cops and firemen! Don't penalize widows and children for partisan political gain!"

Again Wilson distorts the truth. Blame it on the Republicans after eight years of a Democrat Mayor?
We had the money, Peterson diverted it elsewhere.

Raise taxes? We may have to.
First the City needs to sell off assets, like the real estate held by Center Township and other city property not being used.
Account for all the money now budgeted and raise taxes only after we know how much is really needed.
Spend, Spend, Spend has to stop.

Lie, Lie, Lie by the Mayor isn't helping.

Why do Republicans want to throw little old ladies...

2007-06-16T13:26:00.000-05:00

Why do Republicans want to throw little old ladies who are widows of retired police and firemen out onto the streets and onto public welfare? How does the local GOP plan to deal with the massive underfunded pension debt they dumped onto the taxpayers? They hollered "No New Taxes!" while promising LEOs a secure retirement. Peterson now has to make good the hollow promises of past Republican administrations while the out-of-power Republicans of today just holler once again "No New Taxes!"

GOP: Honor your past promises to the cops and firemen! Don't penalize widows and children for partisan political gain!