Borough Finances 11-28-09
I visited the Kutztown Borough Office and asked to see the Budget and was given a loose leaf notebook with the 2006 actual, 2007 actual, 2008 actual, the 2009 YTD (10\12), the 2009 Budget and the 2010 budget. These were the headings shown in the report.
For starters the pages were not numbered. I asked for and received copies of the section on Hometown Utilicom which was 9 pages.
On the 9th page under Fund Totals: Telecommunications Fund, was posted
2006 Actual $ (412,172.56)
2007 Actual $ (428,320.36)
2008 Actual $ (560,473.89)
2009 YTD 10\12 $ 498,980.62
2009 Budget $ 2.00
2010 Budget $ 0.00
The figures in parenthesis are negative numbers which proves Telecom loses money and the loss increases every year.
The reason 2009 figures are positive is because the Borough under Bond and Note Proceeds (3rd page) added $900,000.00 and $959,184.00 to the 2009YTD and the 2009 Budget respectively and noted them as revenue.
I will explain the 2006 Actual in this post. I will explain the others in future posts. When you add interest income of $1,875, rent of land $48,624, telemetering $58,848, security services of $85,800, transfer from electric $305,000 and transfer to operations of $194,200 to 2006 actual it equals what HU lost in 2006 which is $1,106,519. The above amounts are from services provided by HU to the Borough. There are more illegal transfers in the report. Don’t forget there are no figures noted as audited.
This can all be seen in the records at the Borough desk, just ask to see the Budget. I will, in the near future analyze the 2007, 8, and 9 budgets which all lose about $1 million a year. I think this is proof that HU is a loser and can’t wait to hear from you. Thanks. As always Jerry
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6 comments:
Once again, these are Your interpretations, you posted nothing other than your own words. Print the actual documents so everyone can see the other half of the entry. That's right Marino, the ledger has Debits and Credits, Revenues and Expenses. You did not post the revenues! How come?
Obvious why you do not print the actual document and instead use your own words. Your falisfying once again. If you posted the same for electric, water/sewer, refuse, you would see these as losses as well because they are the expenses and that's all you reported. Show the revenues, even in your own words.
You truly believe people in Kutztown are stupid and ignorant.
If what you say is true, you would post the entire document, the real document, not your rewritten version.
Mr Gerry Marino:
Most times I enjoy reading your information but I have questions for you. I must agree with the previous postings, you seem to only provide information you feel the people should know. For obvious reasons, I do not believe Hometown could survive as long as it has with losses as you have posted.
I too have to wonder why you have not posted the revenues. If they were posted we could subtract the expenses and see the loss or profit. If what you say is indeed the numbers you claim then there is a serious issue. Because you are choosing to only print a one-sided view it is painfully obvious that you are distorting the real facts and truth about Hometown.
I also know that any venture must begin with Capital Investment and that Capital is paid off over time. So I would expect losses the first few years due to the Capital outlay exceed ding the Revenues.
I would appreciate very much if you would print all the figures so we can make our own decisions based on facts, not fiction.
Élan ore McBride esp, jag, cpii
Marino, hate to burst your mind bubble. In Fund Accounting, Revenues (sales) are posted as negatives and Expenses (sale of goods) are posted as positives. Since you never learned the mechanics of Fund Accounting I can understand your confusion. Where did you take your accounting classes? Most legitimate Colleges and Universities touch on this in Accounting 101.
Since my statement is fact, what you show is PROFIT and not LOSS. You are now showing HU made $1.8 million since 2006.
I hope you didn't get too excited about this and blow a gasket in your shorts thinking you have something.
For those of you really interested in the facts, the Borough has the Financials posted on the Web. Look for yourself. The Accounting Method of all government entities is Fund Accounting. Look up the details on the web to learn more.
You did it again Mr Marino, you show how inept you are at reporting. Too late to jump on the success bandwagon now Marino,but, nice try.
Marino, hate to burst your mind bubble. In Fund Accounting, Revenues (sales) are posted as negatives and Expenses (sale of goods) are posted as positives. Since you never learned the mechanics of Fund Accounting I can understand your confusion. Where did you take your accounting classes? Most legitimate Colleges and Universities touch on this in Accounting 101.
Since my statement is fact, what you show is PROFIT and not LOSS. You are now showing HU made $1.8 million since 2006. Thank You for finally reversing your position. Although it is too late for you to take credit for this, nice try though.
I hope you didn't get too excited about this and blow a gasket in your shorts thinking you have something.
For those of you really interested in the facts, the Borough has the Financials posted on the Web. Look for yourself. The Accounting Method of all Government entities is Fund Accounting. Look up the details on the web to learn more.
You did it again Mr Marino, you show how inept you are at reporting.
To all you Marino naysayers out there. Ten to one he will not reply, or he will reply and continue to distort the truth. Take notice as i have so many times, all he posts are accusations, NEVER ANY PROOF!
There you have it Marino. More challenges.
Funny how you hide when the heat is on.
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