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12-05-2012, 12:30 PM
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Originally Posted by CasualFan View Post
Aa3 and on the way to junk status.

Tomorrow, the Council of Dunces is going to deal with the next most immediate crisis: Arizona Industrial Commission works on a calendar year, not a fiscal year ending in June. Workers Comp Trust Fund and Risk Management Trust Fund must be at 55% confidence level by Dec 31, 2012.

Good News: Risk Management TF was at 90% confidence when staff stole made questionable transfers. They can skate until next FY with just a $489k adjustment.
Bad News: Workers Comp TF was not at 90% when they stole transferred from it. Departments have to come up with $1.4MM in the next 3 weeks. Good luck with that.

Approving the JIG subsidy in the face of Moody's telling them they'll be downgraded if they continue to provide irrational financial support to the team while ignoring the Industrial Commissions calendar year mandate is just another reason Glendale is so special.
Well, it all tells me the American economy finally topped out (that and getting laid off a couple weeks ago ). Spending money for the sake of spending money with no care on how it is being spent has caught up to governments globally, be they in Spain or in Glendale, Arizona.

We'll know it's bad when Coyotes fans call on the Mexican government to nationalize them to save the team.

rj is offline