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11-12-2012, 12:15 PM
  #542
barneyg
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Quote:
Originally Posted by Whileee View Post
They are proposing to defer that repayment out of the General Fund until 2014 (thank you for the parting gifts Beasley, Clark and Frate). (...) 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).
Quote:
Originally Posted by Thomas L View Post
Not to worry. In 2014 they'll just borrow from a few funds to finance the repayment to the funds! What happens to the lease after November 4, 2014 will be interesting.
I believe both of you guys have it wrong. Taken from the 11/27 meeting agenda (also linked above):

Quote:
A repayment schedule similar to the FY 2011 loan for that FY’s payment to the NHL will be incorporated into the FY 2014 budget.
The FY 2011 repayment schedule is 1 million per year for 25 years IIRC (it's in the 2011 annual report). So starting in 2014, the general fund expense will be the AMF at that time, but the GF will be reduced by AMF+2 million for the next 25 years (1 million each for the 2011 and 2012 transfers). No big payment in 2014.

Not sure anybody else noticed this hilarious sentence:

Quote:
Staff is requesting that Council waive reading beyond the title and adopt an ordinance approving the FY 2011-12 budget amendments.
Don't worry, staff.

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