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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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Interviews Done, School Board to Decide Thursday |
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Wednesday, 04 June 2008 |
The citizen committee finished interviewing the two superintendent candidates. It was requested that all discussions that took place during the last two days were to remain confidential (kind of like a closed session of a sub-committee of the board with an agenda that never got posted). (Some wiseguy in the group questioned me with "Since when do you follow instructions?" Must know me too well.)
Being respectful of the request to the best of my ability, I am issuing the following statement:
Both candidates had their strengths and their weaknesses. One had a very strong financial background, the other had was more of a people person. Both had a good grasp of the impact of state laws on the budget. Both were motivated to raise the standards of education our children were receiving by thinking outside the box and being creative. I could go on, but I think I would only be restating what Dan Warren said, "these are two very qualified candidates".
In my mind, the decision the board must make Thursday night will be a tough one. The board must, in a very large way, decide what direction it wants to go over the next several years. The board should have a much better feel for each of the candidates that we got with an hour each (without any background prior to meeting with the candidates).
That being said, the success or failure of either candidate is directly related to the board, the board's goals and just where the board wants to lead this district and the ability of each candidate to deliver on what they stated during their respective interviews.
I am thankful for this opportunity to meet with the candidates.
Chris Lufter, President
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Monday, 02 June 2008 |
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The WTL has been invited to meet with the two superintendent candidates. We will post questions and answers after the interview with the second candidate. We fully believe it would be unfair to publish one interview before hearing from the second candidate. Just as it would be unfair to publish a bid contract before receiving all of them.
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This Makes It Easier to Understand |
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Thursday, 22 May 2008 |
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Here is an article that shows exactly what happened with the trust fund for the School District of Waukesha--how it works and how Moody's screwed up the ratings of the bonds. The district did invest in AA bonds but they really should have been rated a lot lower. The current Trust Fund Asset sheet shows the value of the bonds greatly depreciated. According to the flow sheet in the article referenced above, it will take another school district borrow to shore up the fund to its original value. Thus the fund will have to spend more money on increased interest payments on the school district loans when the second borrow is intiated. Currently, the fund needs to earn $875,000 PER YEAR to make the interest payments on the first borrow.
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The Freeman Takes On the School Referendum |
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Friday, 16 May 2008 |
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And does it very well.
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