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The Waukesha School District's Trust Fund is the Poster Child Nationwide |
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Saturday, 27 September 2008 |
Timeline of OPEB Trust
10/1/08 Update: Districts Sue for $200 Million lost
updated 4/28/08 Director of Business Services/Comptroller Erik Kass is Leaving the District This follows the retirement of Superintendent David Schmidt announced at the end of January.
May 10, 2006 Board Approved OPEB Trust Fund
Aug 9, 2006 Board approved a $15.7 million borrow for Trust Fund & approved taxing for it. The $15.7 million was to be used as collateral for the Trust Fund.
Nov 14, 2006 Erik Kass (SDW), David Noack-Sr VP, Stifel, Nicolaus & Co Inc, Jane Russell, DEPFA Director (overseas investment house) present Taxable Bond Structures at 5th Annual Great Lakes Public Finance Conference in Illinois.
Nov 27, 2006 Board authorized up to $90 Million in bonds and the purchase of one or more credit linked secured notes by the trust. David Noack, of Stifel Nicolaus is financial advisor.
Jan 10, 2007 Erik Kass, Director of Business Services School District of Waukesha was appointed trustee for the Trust by the School Board.
Mar 29, 2007 Erik Kass (SDW), David Noack-Managing Director Robert Baird & Co present The Path to Bonding for Your OPEB Liability in Florida.
May 9, 2007 Finance and Facilities reported to the board that the district has invest $65 million of a possible $195 Million. This allows them to invest more in the future.
Nov 14, 2007 Finance and Facilities reported again that the trust has a total investment of $65 million.
Jan 9, 2008 The School Board approved a $40 Million borrow for the Trust Fund & approved taxing for it. The $40 million would be used as additional collateral and potentially to payoff the original borrow done in August 2006.
Feb 7, 2008 The School Board and administration were notified that the district owes $13.3 Million in additional collateral (cash) or face default on their $65 Million Trust fund due to plumetting value.
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Wednesday, 13 August 2008 |
District 2 Eric Payne 544-4688
District 3 Christopher Hernandez 262-446-9739 Flyer
District 4 Joe Pieper 896-0454 WTL Guest Column
District 5 Paul Ybarra 544-6323 James Wigderson's Take
District 6 Paul Furrer 262 536-1159 Frame Park Development
District 7 Peggy Bull 547-3552 Part 1
District 8 Emanuele Vitale 544-5850 Mayor Nelson Calls Citizens Amatuers
District 9 Kathleen Cummings 547-6272
District 10 Steve Johnson 547-6814
District 11 Randy Radish 548-0738
District 12 Charles Lichtie 547-7930
District 13 Rick Tortomasi 544-5373
District 14 Joan Francoeur 547-9149
District 15 Carl Waldenberger 524-8937
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Thursday, 19 June 2008 |
 UPDATE: Just how much will this affect the students? The trust fund is now making less money than it costs for the interest in the borrow--and it still doesn't include the $12 Million lost in value that taxpayers will need to pay if it doesn't return to its original $50 Million value.
The district trust fund is barely earning enough money to pay the interest on the $15.7 million non-referenumdum borrow it did two years ago. This doens't include the interest payment for the $50 Million that the trust borrowed and nor does it cover any of the the shortfall in value of the trust fund. In May, the value of the trust fund was still at $38 Million instead of the $50 Million real dollars borrowed. READ this as a $12 Million loss until or if it ever recoups to its face value. If the school board must borrow money to shore this up, it will be a total loss to taxpayers--who by the way, are on the hook for any money lost from this scheme and the early retirement benefits we still have to pay. As taxpayers, we hate paying twice for cushy benefits. And has any one really questioned why administration is jumping ship and the board just sits there and says,'don't worry about it, it will be just fine.'? If this were a private business, heads would be rolling--right up to and including the board. The state refuses to audit this for various reasons, so calling again on Bill Kramer to seek an audit, is pointless. Criminally, don't know, we aren't lawyers and this kind of stuff usually doesn't go anywhere. JUST WHAT OTHER ALTERNATIVES ARE THERE FOR THOSE THAT PAY THE BILLS OTHER THAN BEND OVER AND GRAB YOUR ANKLES?
$1.3 Trillion in losses do to bad loans--Royal Bank of Scotland Group Plc predits the worst is yet to come
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Just Read Between The Lines |
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Friday, 06 June 2008 |
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Freeman article today leads one to believe Todd Gray is our new Superintendent. By the way, he is the financial guy--hopefully a new direction for the district.
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Our Costs Have Gone Up TOO |
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Thursday, 15 May 2008 |
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WCTC has given its blessings on a 3.8% tax increase for this upcoming year citing increases in costs--utility, gas, staffing, benefits, etc. Not to repeat an old but true thing, just what are we taxpayers supposed to do? Personally speaking, my morgage payment went up $60 a month due to increased taxes, my utility bill went up $70 a month, my grocery bill went up substantially (even shopping at Aldi and other discount stores), gas is breaking the piggy bank, but you know what? I CANNOT GO RUNNING TO THE TAXPAYER FOR MORE MONEY and my boss gave me 2% because he is affected by the same increases. (And any increase my spouse gets will not make up the difference.) Taxpayers wake up and taxers get real.
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