In an article in today's paper concerning the city's financing of ECP, Coleen Balzarini took exception to claims made by local accountant, Larry Rezentes, that the city has lost $6 million in its venture into public power.
By the way, in all of the numbers that were presented, the $1.4 million security deposit to SME was not mentioned. (Thanks Mary for the reminder).
Coleen claims that he's "double-counting somewhere" and is evidently overlooking the company's assets. Yet, "she recently did the math and discovered that if Electric City Power...suddenly was liquidated, the city would lose about $4.75 million on paper".
By the way, in all of the numbers that were presented, the $1.4 million security deposit to SME was not mentioned. (Thanks Mary for the reminder).
Coleen claims that he's "double-counting somewhere" and is evidently overlooking the company's assets. Yet, "she recently did the math and discovered that if Electric City Power...suddenly was liquidated, the city would lose about $4.75 million on paper".
So what is she saying? That no, $6 million is not the loss, but $4.75 million would be? Gee. That should make us all feel better.
And what's with the "the city would lose about $4.75 million "on paper" comment? What does that mean exactly? Usually, when the "paper" shows a negative number, that means $$ have been lost somewhere.
And what's with the "the city would lose about $4.75 million "on paper" comment? What does that mean exactly? Usually, when the "paper" shows a negative number, that means $$ have been lost somewhere.
Suffice it to say, that if you have tried to follow the accounting of ECP since its inception, you are confused. At every ECP board meeting I have attended where Coleen discusses the numbers, it is one of the most convoluted diatribes I have heard.
That's the whole point.
2 comments:
"the city would lose about $4.75"
Would lose? in the future?
so if you add what the city "would lose" to what the city has already lost, plus other hidden losses,
would that come up to about 6 million, or more?
Funny thing about scam artists, they always talk but never prove anything.
Where is the proof. If Colleen wants to disprove Larry, why doesn't she "prove it".
How much was lost Pre/Post Lawton? Would be interesting to see if accounting methods have changed. Common practice under Lawton was to move money around to hide actual ECP/SME related expenditures, is this still the case?
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