Financials

The Official Unofficial Minutes of the WL BOA
Oct 4

What is usually a one way conversation,  Jerry highlighting the latest update to the Board, turned a bit interesting as Vic had a question about one line item.  He asked Jerry why we were overspent in the Debt Service Fund (that being the debt service on the bonds).  Jerry began the explanation by saying we "called more bonds than we thought"  and "we didn't know how that would work".  He went on to explain a" previous administration" believed the City was required to keep two years payments in reserve.  Hizzoner did not mention who that was exactly, was it York, Henderson or Kendrick (my guess, none of the above)?  Jerry must have a bit of amnesia because it was he and the BOA in the first year of his administration that the bond levy was set substantially higher than necessary.  I pointed that out to the Mayor and BOA, in public comments, before they set the levy to no avail.

What caused Vic to ask the question in the first place?  The debt service fund showed an "overspend" of $118,000 on the financials passed out to the BOA.