Our City Council has told the public they want to legally
streamline the transfer up to 25% each year from the Revenue Fund of Glendale
Water and Power (GWP) and not from the Surplus Fund. By continuing to transfer
money first from the Revenue fund and not the Surplus Fund, the public
will not be aware there will be little money left over for infrastructure
repairs within the GWP. Some would say the streamlining, and transfer would
make the violation of Proposition 26 and Proposition 218 appears legal and council
wants the voters’ approval in April, 2013.
Our current charter is not obsolete as the City Manager and
City Council members want the public to believe. Transferring money from the
Revenue Fund first will be like stealing from the GWP for the benefits of our
city work force.
Had our current city council and previous councils not
illegally violated Proposition 218 since the year 2000 with transferring
approximately $4 million annually from the Water Fund account to the General
Fund, then our current council would not be discussing the need for a $35
million water revenue bond to shore up the infrastructure of the GWP.
Additionally, council imposed water rate
increases from 2007 to 2015 of 51%, so why would we it be necessary for a new
water bond?
Instead of keeping Glendale Water and Power revenues with
our utility company first for needed infrastructure repairs, except for
councilman Manoukian, council members want to
continue doing the bidding for our city unions in making sure there is
sufficient money to continue to pay the bloated salaries and pensions of our
city employees. Many will leave the city as “millionaires” retiring after 30
years at age 50 or 55.
In election year 2009 and 2011, our city unions, through
their “political action committees,” contributed thousands of dollars for the election of
Friedman, Najarian, Quintero and Weaver.
If the public wants to insure we have needed money in the
GWP to handle future infrastructure repairs, we need to vote no to any GWP
charter changes in April 2013, and vote for council candidates who are not
beholden to the city unions.
Because of council mistakes in July, Fitch Investor Service
downgraded $50million worth of water bonds issued in 2008, partially due to GWP
lack of liquidity. Today, Moody Investor
Service put Glendale on “credit watch” as it reviews possible downgrading of
future bonds.
Why the cover-up at
the GWP?
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