Monday, April 5, 2010

BREAKING NEWS: DWP Tells L.A. City, "Sorry Charlie" (NO) To Shady $73 Million Money Transfer, and L.A. Controller Announces City is Broke in June

Oh no...DWP just told L.A. City to stick it and says, "NO" to Wendy "Hellen Keller" Greuel's request for an emergency transfer of $73.5 million to help pay the bills and keep the lights on in city hall. Oh well, it's so bad and salvageable anyway, what's another $73 million when you're on your way to the judges for bankruptcy talks. WAY TO GO, L.A. CITY COUNCIL! ONE BIG HAPPY FAMILY OF LOSERS!


L.A. controller warns that city could exhaust general fund by May 10

Los Angeles Controller Wendy Greuel on Monday said she expects the city’s general fund “will be out of money" by May 10 and that L.A. will likely deplete its reserve funds and be in the red by June 30. (Maybe "We The People" should rush and emergency measure on the November ballot to raise our taxes to help pitch in with the problem that was not their fault, because no one could have predicted this mess.)

Greuel alerted Mayor Antonio Villaraigosa and the City Council of the city’s dire financial situation after the head of the Department of Water and Power stated he would oppose sending $73.5 million in utility revenue to the city treasury. Interim General Manager S. David Freeman said the council’s vote to block a proposed electricity rate hike last week threatens to put the utility in a deficit. (Can't argue with the facts!)

Greuel urged the council and mayor to immediately tap the city’s reserve funds so that city has enough cash to cover payroll. (They've already tapped the general fund over the past four years, funneling it into their crony non-profits and private contractors...why stop now?)

“This is the most urgent fiscal crisis that the city has faced in recent history, and it is imperative that you act now. That is why I am asking you to immediately transfer $90 million from the city’s reserve fund to the general fund so I can continue to pay the city’s bills, and to ensure the fiscal solvency of the city,” Greuel said. (And that reminds me, Zuma Dogg needs you to PayPal him $5 bucks, so he can eat lunch.)

Councilman Greig Smith said the decision by the DWP had put the city in a “very risky” situation. (Ironically, electing Mrs. Smith to City Council turned out to put us all in a "very risky" situation.")

“Our reserve fund was already very marginal to begin with. This could push it over the edge,” Smith said. “That would mean we would have nothing in the tank on June 30,” at the end of the fiscal year. (Very insightful, Mr. Obviously, After The Fact Loser.")

Smith said he could not envision a scenario in which the city could recoup that much money before July 1. Even additional layoffs could not be processed that quickly. (Zuma Dogg couldn't envision a scenario where Grieg Smith could have sat there for ten years on his pompous-ass and let this happen under his nose as he said, "all is fine and we are outperforming the worst of losers.")

“The question is what are we going to do next? That I don’t know,” Smith said. (YOU NEVER KNOW, YOU FRICKIN' MORON! THAT'S WHAT I'VE BEEN TELLING YOUR ARROGANT & DUMB ASS FOR FOUR YEARS, THIS WEEK, MRS. SMITH!)

-- Phil Willon and Maeve Reston at Los Angeles City Hall

EXTREMELY SHORT TERM FIX?: "By tapping into reserves, Greuel also warns the CITY WILL EXHAUST THE RESERVES by June 30."

Follow by Email