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City’s dormant accounts could yield millions - The Galveston County Daily News: Local News

December 10, 2016

City’s dormant accounts could yield millions

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  • Jarvo posted at 11:21 am on Sun, Jul 20, 2014.

    Jarvo Posts: 798

    This is a very interesting , article.

  • DRS47 posted at 11:37 am on Sun, Jul 20, 2014.

    DRS47 Posts: 105

    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 posted at 11:39 am on Sun, Jul 20, 2014.

    rah Posts: 212

    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 posted at 11:49 am on Sun, Jul 20, 2014.

    npappous Posts: 578

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

  • justaman posted at 11:56 am on Sun, Jul 20, 2014.

    justaman Posts: 213

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

  • Jake Buckner posted at 1:10 pm on Sun, Jul 20, 2014.

    Jake Buckner Posts: 2240

    This is a very encouraging development!

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

  • RonShelby posted at 3:01 pm on Sun, Jul 20, 2014.

    RonShelby Posts: 1061

    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.

  • RonShelby posted at 3:05 pm on Sun, Jul 20, 2014.

    RonShelby Posts: 1061

    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 posted at 3:29 pm on Sun, Jul 20, 2014.

    John Ferguson Posts: 85 Staff

    Ron, the CAFRs are posted here.

  • gecroix posted at 4:29 pm on Sun, Jul 20, 2014.

    gecroix Posts: 6451

    '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....

  • npappous posted at 6:46 pm on Sun, Jul 20, 2014.

    npappous Posts: 578

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

  • dbeard57 posted at 10:39 pm on Sun, Jul 20, 2014.

    dbeard57 Posts: 1322

    dream on you dreamers

  • OnTheMark posted at 8:11 am on Mon, Jul 21, 2014.

    OnTheMark Posts: 73

    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.

  • gecroix posted at 9:59 am on Mon, Jul 21, 2014.

    gecroix Posts: 6451

    Superman - Kryptonite
    'Progressive' - tax cut

  • cocodrie2013 posted at 1:30 pm on Mon, Jul 21, 2014.

    cocodrie2013 Posts: 163

    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.


  • rah posted at 9:43 pm on Mon, Jul 21, 2014.

    rah Posts: 212

    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]