Fri
Jan 18 2008
11:37:am
By: Dumping Ground  shortURL

From the DT (link...) :

In September 2006, the county’s undedicated fund balance, its equivalent of a savings account, had dipped to just about $800,000 because of the spending of previous commissions.

“That was frightening,” Cunningham said. “We were in precarious financial shape as related to our rainy-day fund.”

Because of spending restraint and other measures, the fund balance now stands at about $3.2 million and is expected to reach about $6 million next fiscal year, Cunningham said.

“We’re moving in the right direction,” he said. “We need to continue building this fund (to about $9 million). I’m asking your help in doing that.”

The mayor also went on at length about having a ridiculous arrangement with an insurance policy that cost $300K a year, had a $250K deductible and only paid a max of $1million. He stated we had never paid more than the deductible (although we are a couple of broken arms away from it staying that way) Smartly, we dropped that policy and are now self insured.

The mayor also stated the "rainy day fund" was needed in case of a catastrophe. The question: Why do we need two different "insurance" policies?

At any rate, would it be more likely that Blount is going to have a "catastrophe" or a certain bank will get $9million dollars richer?

Wouldn't you trust yourself with your money in case of a "catastrophe" more so than you would trust Blount County's fiscal governence? "I'm from the government, and I'm here to help you." used to be a joke. I don't think many local and national leaders get it anymore.

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