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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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