It looks like Laredo Independent School District (LISD) will move forward at tonight's board meeting and vote to approve the purchase of the Laredo Civic Center from the city.
I guess having $16 million in cash laying around in an "unassigned fund balance" comes in handy when you need to buy a building.
Just so you know, my complaint here is not that LISD is talking of buying the Civic Center. I have not seen the plans of what LISD will do with the buildings and property. I will reserve the comments on that when I know what they are going to do with the property.
My issue here, is that LISD and our other school district would have these massive fund balances on hand, beyond what they need to cover emergency expenses. Folks, these fund balances are nothing more than a school district overtaxing it's residents. Let me repeat this. The school districts are "overtaxing" you and therefore have these massive fund balances. Normally, a school district would have to float a bond issue to build a new auditorium or school. But with a huge fund balance, the voter gets no say in the project, except through it's elected school board members, who are responsible for approving the high taxes in the first place.
So, like the President and his whine over sequestration, we should hold both of our school districts accountable when it comes to wanting to raise taxes for anything, be it for the general operating fund or a bond issue to build new schools. (PS, UISD is studying whether to float a $300 million plus bond issue right now.)
We, including all media outlets and bloggers need to ask the school districts: How much of this new revenue increase will be going to "fund balance rat-hole" that you can spend at anytime without our voter approval?
Look at Webbcad assessment of 2400 San Bernardo for taxyear 2012 $12,124,300. Like to know how old that building is to determine renovation expectation. Why can't LISD and UISD combine assets for projects like auditoriums, natatoriums, etc.
ReplyDeleteAnyway if LISD plans on spending 16 mill, they had better be prepared to justify it especially if the property valued around 12 mil. Is the city going to bilk the taxpayers for the construction of a new civic center. Watch out
Tom will you be at the board meeting tonight to speak out?
ReplyDeleteThe civic center should NOT BE SOLD. It is a useful event site and I see this as a ploy to force people to pay to use to LEC.
ReplyDeleteI believe once the city sells the Civic Center, they will put that money to another use, and then tell the taxpayers that they will use the sports venue tax to build a smaller version of a convention center near the LEA where they can supplement each other. That is not a bad plan, but lots of questions about the funding, and what are our real needs for a convention center in the first place.
ReplyDeleteAnd no, I cannot go to the board meeting tonight.
Why is the city able to keep adding debt to the sports venue tax fund. It was supposed to be only for the LEA and then for the baseball park.
ReplyDeleteShame you can't go to the board meeting.
I think they have found a loop hole on the sports venue tax. We really need a city council person to champion the question, or at least our newspaper. Oh well, dreaming I guess.
ReplyDeletePS, I see LISD approved the purchase. Well now let's see how the city responds.
This is a huge "rainy day" fund. Makes me wonder what else is being funded without the tax-payers knowledge. Who is accountable for this fund? How did so much money get in there? How many teacher/paraprofessionals salaries could be funded and for how long just on the interest alone? What is being done with the accumulated interest?
ReplyDeletethis was only out.. greater fool theory evidenced here by ZERO interest in these properties
ReplyDeleteby the private sector.
true value is probably half of what LISD taxpayers paid..