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11-11-2012, 10:47 PM
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Originally Posted by blues10 View Post
It looks like the COG did move $20 million to the NHL. Seems like they are still $5million short if the true figure was $25 million.
Lovely. The $20 million that was required for the NHL's subsidy in 2012 was taken out of other funds (mainly water / sewer) and needs to be paid back. They are proposing to defer that repayment out of the General Fund until 2014 (thank you for the parting gifts Beasley, Clark and Frate). So, the current operating budget deficit is onerous, even without including this past year's NHL subsidy. If the lame duck council passes a "midnight ordinance" for Jamison's lease, then in 2014 alone, the incoming mayor and council will be saddled with a $35 million bill for the Coyotes' subsidies (2014 AMF and the 2012 subsidy).

If they manage to pull this off, it will be a remarkable feat. I have serious doubts that this will be allowed to proceed. I think that the real question is who will put the kibosh on this, and how.

Whileee is offline