(16) comments Back to story

Jarvis Buckley

This is a very interesting , article.

Dwight Strain

For years, headline like this made me think, "another desperate ploy and/or wild goose chase that will cost galveston more in the end" - but, after reading, actually sounds like a great plan. - Go Galveston - Go Big Jim

rah

Maybe you all need a rainy day fund that never gets touched unless under EXTREME emergency. I know that you guys think you have an emergency everyday but, I am talking something like IKE for city services not to rebuild all your islander's good 'ol boys houses. Look at Perry. He may be dumb as dirt but, at least he has a rainy day fund

npappous
Norman Pappous

We have a 90 day reserve as mandated by state law as well as a reserve for emergencies like Ike.... We are well "reserved"....

RonShelby
Ron Shelby

Norman, you are Absolutely correct, but there also needs to be a separate Fund Balance policy, above and beyond reserves, meant for rainy day. Check out GFOA's recommendations. The County always had a target for it. It will lower your borrowing costs as well as be a good fallback during recessions (rather than just hurricanes). Unlike other jurisdictions, as a coastal entity you'll need to be doing "more" than what the rest does to protect the city financially. Not criticizing, just making an observation having recently looked at fund balances (after reserves) in various states during the recession.

npappous
Norman Pappous

The city has an emergency line of credit that is reauthorized annually.....

RonShelby
Ron Shelby

Where is the City of Galveston 2013 CAFR online? I cant seem to find it. The latest one that kicks up by googling is 2012. Maybe you can post the link. Thanks.

John Ferguson
John Wayne Ferguson

Ron, the CAFRs are posted here.
http://www.cityofgalveston.org/Archive.aspx?AMID=41

Robert Young

Big Jim knows what he is doing..City Gov't is improving around here.

Steve Fouga

This is a very encouraging development!

The mayor is right: lazy, sloppy work. Hopefully that's all in the past.

Kathy Maddox

It's NOT in the past. The current Finance Director needs to be fired. I'll bet she know nothing about all of this until it was looked into. They also hit the nail on the head about the high turnover, which has been going on for a LONG time. The cure for that is to hire good management, which has not happened for a LONG, Long time. Finance hasn't had good management for at LEAST a decade. That includes ALL managers in Finance.

CLEAN HOUSE!

George Croix

'Four or five years. Probably longer'.
That spreads it out far enough to make finger pointing bipartisan, so not worth doing at all.
Move forward....

Doyle Beard

dream on you dreamers

Mark Johnson

It seems to me if there is "extra" money that has been unallocated and unused and for years it was not needed to begin with. The term is OVERTAXED. My suggestion is to return it to the taxpayers by means of a tax reduction. I know, I'm dreaming.

George Croix

Superman - Kryptonite
'Progressive' - tax cut

rah

Yea, Big Jim knows what he is doing. That is why he was successful in his last two endeavors. Oh, wait! Was he given his last post because the previous one boiled over. Oh. we cannot be talking about the same Jimbo could we?[scared]

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