Phoenix LXIV: Will You Still Need Me, Will You Still Read Me, on Thread LXIV?
View Single Post
11-12-2012, 12:41 PM
Join Date: Oct 2008
Location: Quebec City
Originally Posted by
Sometimes I don't slow down and discuss the nuances enough.
The agenda item for tomorrow's meeting is to approve the Clean-Up Ordinance schedule. By itself, that's one of the more benign events in municipal governance. Many local govs use a Clean-Up Ord as part of their budget process. It just approves the final accounting to close last year. They're not changing anything for this FY year at all. In most places, this item is not even severed for discussion at a board/council meeting.
But Glendale is a bit different.
What the agenda item does, specifically the call outs related to the Coyotes, is provide a platform to discuss the current year's problems even though the agenda item is related to last year. The Coyote call outs are $1.3MM in revenue above projection on the plus side; $1.1MM for repayment of the first fee paid to the NHL and $20MM in transfers for the second NHL fee on the negative side.
If and how these transfers are discussed during tomorrow's meeting will provide some insight into how this is going to wind down. At this point, it's difficult to focus so much on the Coyotes as the city has such massive and widespread problems. The failure of fiduciary duty in Glendale is at an order of magnitude that is really just stunning. The agenda item is for last year so it doesn't contemplate the Beasley Transfers at all. It will be interesting to see if there is discussion about the audit. It seems like they might want to discuss it, since Glendale is very likely looking at misconduct that extends far beyond the Arena/Coyotes. Sure, paying the $50MM was the kill shot that collapsed the pyramid and no competent council would ever have agreed to the NHL terms at bankruptcy; at the first $25MM; or the second $25MM. But on top of all of that, now they know the GF ledger is cooked. Even an incompetent council would stop and figure out exactly what is going on, right? Would a reasonable municipal board that is 4/7 lame duck approve a debt obligation of over $300MM for an agreement primarily negotiated by a city manager who was just featured in an audit report for bid rigging and unauthorized fund transfers, when the audit action plan results in an estimated GF balance of (-$20MM)?
I don't know, Glendale is a bit different. It's going to be great to see what they do with this.
Man, I could really use your expertise to completely understand the intricacies of the Glendale saga to write my next article on this messy situation!
View Public Profile
Find More Posts by Slashers98