Ive searched everywhere online about this story and nowhere can I find mention of State usury laws or regulations being violated by Henriettas hoarding of surplus revenues in its general fund and associated unused cash checking accounts. The State doesnt (or at least didnt) like its creatures squirreling away cash in excess of operating budget expenses and debt service to a level that they could invest it to accumulate additional interest revenue (harder to do measurably in this cash investment environment) OR ultimately to use to finance or defray borrowing for a capital project. This may sound strange to a person who only has private sector experience, but in government they like to borrow for non-cash capital expenditures and they dont like excessive cash reserves building-up in the general fund or unused checking accounts. So, aside from the fact that Henrietta also had 40 charge cards issued to an employee payroll of 80, it seems that the prior administration was less than transparent with voters, the common council had emphasis on common, and there is a serious lack of citizen oversight in the town. At least the town could have held open forums with its taxpayers on what to do about this good problem and if the taxpayers wanted to use the funds for a capital project some or all the funds could have been methodically transferred to dedicated cash capital accounts or public improvement accounts for further use. But that would have be transparent. And God forbid, the taxpayers might have said return the money to us with a real estate tax reduction over the next few years. And, life in New York goes on. 13wham/news/features/top-stories/stories/nys-comptroller-critiques-henriettas-finances-9169.shtml
Posted on: Thu, 30 Jan 2014 14:41:57 +0000
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