Sunday, July 08, 2007

The Bond Brothers exposed

Jennifer Learn-Andes has a great story in the Times-Leader today about how the commissioners have been borrowing money left and right. I've been complaining about this practice since I started blogging. They keep borrowing for one purpose then spend it on another.

They have borrowed $29.5 million to cover general fund budget deficits and $11 million to fund the so called Life Transition Plan that resulted in all the people that had been let go being hired back through OneSource Staffing Solutions.

That's $40 million bucks to just meet expenses that will be have to be paid backed later.

Some highlights:

The county already owes roughly $309 million in bond principal and interest over the next 19 years.

Commissioners could have opted to return that $10 million in unneeded bond money but have apparently decided to use it for other things. The county gets away with this deviation by adding a clause in most bond documents that gives commissioners freedom to add or subtract capital projects.

The county’s master capital plan prepared by Skrepenak and Vonderheid calls for the county to take on another $161.4 million in new bond debt from 2007 through 2011 – $100 million for a new prison and $61.4 million for other projects.


$9.2 million in bond money that had been earmarked for a new juvenile detention center has already been spent on other projects because Skrepenak and Vonderheid decided to lease a facility in Pittston Township.

And on and on.


$309 million in debt and they want to add more.

2 comments:

Anonymous said...

Yeesh,

Let's get a write in candidate going. How about that guy who ran against Kanjo?

Sorry this belongs here under the bond brothers post

Bill Fitz said...

What are we going to call the new team