LOUISVILLE BUDGET SURPLUSES:WHERE DID IT GO?

I alluded in an earlier post to the Comprehensive Annual Finance Report (CAFR) and have received some emails asking when this comes out and what it has to do with the budget talks now.

The CAFR is a required annual report due from the Finance department each December. It is a FINAL accounting of our finances.

In the past 3 years it has been reported on Dec 21, 2007, Dec 12, 2006, and Dec 21, 2005.

The annual CAFR report is a final annual budget report and tells us more about where we really are financially. Most financial advisors would recommend that before ANY cuts are approved to wait and see just what this report reveals.

In short how can we have a solution when we do not even understand the real financial problem. Do we take Abramson's word on this? Why should we. He has been bragging about what great shape we are in so he rammed the Cordish deal down our throats never once revealing a $20 million shortfall, that was announced mere days later, or once revealing that the shortfall is most likely due to his LOST lawsuit against the firefighters for backpay. A lost lawsuit that cost us thousands in outside legal fees to his lawyer buddies inclduing the appeals process he wanted to push knowing he was wrong.

This does not exactly fill me with confidence that he can be trusted BEFORE the CAFR even comes out!

Thanks to the Abramson machine we do not, nor can we, have a clear understanding of the financial mess he says we are in. His word just does not add up based on his history of half truths and outright withholding of pertinent financial information.

While I have been critical of the rubberstamps on the Council in many areas I also know that there are some who genuinely do care. They just are scared to stand up to the Mayor for whatever reason. It is easier to go with the flow than stand by your conviction. Most know that, however, we must stand for the greater good and this is the time. For some of you Council members reading this, yes I know you do ISP's are great, quit living in fear of retribution from Abramson and start doing your job.

You were elected to do 2 things serve the needs of your District and serve the needs of the City at Large. You were NOT elected to serve the needs of whatever Abramson wants. Be the check and balance we need you to be. We deserve that.

I am attacked all the time called a lot of things whack job, idiot, and some you just cannot print. So what? Should my needs outweigh the needs of the rest of us? No. I will not live in fear of retribution and I am not an elected Councilperson. It will not stop me from doing what I think is necessary to reveal the problems we have. It is time you, the Council members that are scared, just stood up and said enough is enough. Do the job you were elected to do.

Respect is something you earn this would help earn it.

BEFORE any action is taken on Abramson's alleged $20 million budget deficit, it would be WISE to WAIT and SEE in order to examine the REQUIRED CAFR (Comprehensive Annual Financial Report) for the period ending June 30, 2008.

Finally look at these numbers:

According to METRO LOUISVILLE's very own Financial Reports provided by the city's Finance Dept. to Jerry Abramson and to all 26 members of the Metro Council.

BUDGET / REVENUE vs. ACTUAL EXPENDITURES---> GENERAL FUND <---

This is real money just like our household budgets. We certainly do not need an accounting degree to understand this stuff.
FY 2007 - $64,837,000+ SURPLUS (page 79)
FY 2006 - $44,412,000+ SURPLUS (page 75)
FY 2005 - $44,787,000+ SURPLUS (page 72)
FY 2004 - $39,564,000+ SURPLUS (page 71)
FY 2003 - $ 6,547,000+ SURPLUS (page 69)

TOTAL = $200,147,000+ SURPLUS over the last 5 years.

Source: Louisville Metro Finance,

Click here: Comprehensive Annual Financial Reports (CAFR)Police, Fire, and EMS - ALL had budget SURPLUSES!

Over $200 million surplus since merger? Notice how that number has grown each year?

Maybe I am what some call me because I just do not understand one thing.

Where did the money go?