Should Have Done Their Homework All Along Thursday, 15 May 2008 The Waukesha School Board is talking referendum once again--no suprise.  Board Member Joe Como said it's time for the board to do their homework.  The board would have been more credible if they had done it all along--not just when it is time to go to referendum.  In response to the teacher stating it's time for more taxpayer dollars because education is labor intensive, we say it is time for the union to bring their salaries and benefits in line with the rest of the state.  After all, as Dean Culver stated, residents of this area (as well as everywhere) are being hit hard with rising energy prices and food prices--the necessities in life.

Duh..... Friday, 02 May 2008 Wisconsin spends more than the national average on education primarily due to benefits.    Just Beautiful Thursday, 01 May 2008 James Wigderson does it right...Will our illustrious elected representative of the people, Bill Kramer, do what he needs to do?   Double AA Bonds Tuesday, 29 April 2008 Here is how subprime morgages became AA rated.   More on Wacked out CDOs Thursday, 24 April 2008 While our school board members want to reassure the public that there is nothing wrong with their two year old Trust Fund, here are some differing opinions from those that know more than we do.  Much of the reading is dry, but goes to the same question we raised to Representative Kramer--just who is protecting the taxpayer? As a reminder, the district may need to borrow $13 Million due to a sharp decline in the value of the bonds within the trust.  The district is only two years into this with five more left to go.    Kramer Asked to Reconsider Audit Requests from the Public Wednesday, 09 April 2008 Updates:  Asset/Liabiliteis sheet that shows $50,000,000 long-term notes payable in addition to the $15.7 Million the school board already borrowed for collateral.  A margin account described--including risks.  The notice of deficiency the School District of Waukesha received. West Allis/South Milwaukee School District's Response to the Journal Article               These two items give clearly a different picture and perspectives.  The notice of deficiency is pretty clear that the district owes additional colleteral (cash) to avoid defaulting on the trust fund.  The district borrowed and invested just over $15 in the trust fund for collateral.  In turn, the trust fund borrowed $50 Million on behalf of the Waukesha School District.  The value of the fund has dropped from the 101% required to 74.59%.  This is why the district has been asked for an additional $13+ in cash to avoid default on the trust fund.  According to West Allis school district states "under the moral obligation of the district the trustee would request that the board consider payment but have no legal authority to require such payment."  Additionally, the Journal reported that the districts involved needed to change their languange and have changed their language to make taxpayers directly responsible.  It sounds like the understanding of both parties are worlds apart and additional information will be requested. Due to the complexities of the School District's Trust Fund, the Waukesha Taxpayers League has requested that Representative Kramer reconsider his decision to audit the trust fund.  As a reminder, the School Board authorized the borrowing of $15.7 Million in 2006 without voter approval to invest in collateralized debt obligations to pay for the $195 Million early retirement costs the district is projected to owe over the next 20 years.  This past January, the board has approved an additional $40 million borrowed.  It was reported in Sunday's Journal that taxpayers may need to come up with an additional $13+ Million to avoid default on the trust fund.  Because this trust fund is something new that very few districts have done, we are requesting that the state review what the district has done to verify that the taxpayers are as protected as possible.  In addition, depending upon the report from the state, we may ask for new legislation in this area. Why are we going to the state with this?  I have requested information from the district on March 4th and still have not received it.  What did I request?  A copy of the union bargaining contract that was voted on in January,  teacher salaries (so the teacher study for this year can be done) and the spreadsheet for the early retirement benefits paid out each year for the last three years.  All of this is standard information that should be readily available.  Here is David Schmidt's response.  Why haven't we gone to the DA?  Would the DA really do anything?   Here Comes the Referendum Word Monday, 07 April 2008 The School Board Agenda for the Wednesday, April 9th lists Referendum Discussion under the Superintendent's report.  Just what do they expect to gain from this?  Previous experiences say that the board will need to hear the cry from the public, convene a task force, and go to referendum as predicted.  Will it be done the same way again?  Instead of Ruth Page Jones leading the tax increase charge, will it be Waukesha Forward?  Will the current, soon to be gone, superintendent lead the charge or will our new superintendent, yet to be named, lead it or will a potential 'fill in the gap' superintendent lead the charge?  We already know that Mayor Larry will lead something--probably the sales pitch, the content, etc. so Waukesha can make the highest taxed around again.  Funny, or not so funny, is just what role will the school board take this time?   This Sounds More Like A High Stakes Poker Game Monday, 07 April 2008 Five Wisconsin public school districts have made an investment gamble that could force taxpayers to finance multimillion-dollar bailouts--and Waukesha taxpayers may need to come up with and additional $13.3 million or risk default on $50.5 million in bonds. Update:  The latest borrow that the Waukesha School Board did was in January of 2008 (3 months ago) for $40 Million (passed on a 9-0 vote), following several other borrows less than two years ago.  Some of the borrowed money was to pay off an earlier debt where the 'taxpayers' did not bear the responsibility of the borrowed amount.  The board, since this trust was intially began in 2006, has changed the language putting the burden solely on the taxpayers. Is there anyone out there that believes this would have passed had it gone to referendum?   The Ideal School District of Waukesha Superintendent Monday, 25 February 2008 The WTL was asked by the Waukesha School District what three criteria we would be looking for in a new superintendent.  Here is our response. 1.  Strong fiscally conservative background with a desire to be creative in finding solutions to budget woes other than referendums and new fees.  Stability is a must to protect the children and deliver a high quality of education.  2.  Knowledge and belief in charter and virtual schools including but not limited to "IQ academies".  These are great tools to address different learning styles, abilities and interests of children so they can succeed.  3.  Belief in high academic standards in the core subjects to be competitive not only locally but worldwide.  We have a worldwide economy and thus must deliver an education that will allow our children to compete worldwide.

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