Sunday, April 25, 2010

Did Someone in Guilford County's Government Lie to the Greensboro News and Record on the Budget Deficit?

A budget deficit occurs when an entity spends more money than it takes in.

"Once we were able to pry loose the information from the county, we were told the looming deficit could range between $20 million and $25 million."

Allen Johnson: I want my county government back
Greensboro News & Record

Budget Deficit

The amount by which a government, company, or individual's spending
exceeds its income over a particular period of time.

Also called deficit or deficit spending.

Opposite of budget surplus.

If Guilford County's projected deficit consists of $17 million in cuts
plus the $34 million the county intends to spend more than it recieves,
does the 2010/11 budget deficit = $51 million?

If they can get you asking the wrong questions, they don't have to worry about answers

Thomas Pynchon

Summary of Revenues, Expenditures, and Changes in Fund Balances
Fy 2010 – 2011 Proposed Guilford County Budget, Page 19 at the bottom

"TOTAL Expenditures (17,210,932)

Excess (deficiency) of revenues over expenditures (34,000,110)"

Budget Deficit

(Government, Politics & Diplomacy) the amount by which government expenditure
exceeds income from taxation, customs duties, etc.,
in any one fiscal year

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Anonymous said...

Maybe that's why Fox refused to offer a number to the question "what is the deficit" as opposed to "here are the proposed cuts"

Anonymous said...

How did who recieve the info from the county sent by whom?

If the question is asked, is it not an information request that has to be in writing?

this may or may not be interesting.

Anonymous said...

How much do they intend to borrow this year?

Anonymous said...

2010/11 Total Debt Service $77,015,664 from $49,250,147 in 2009.

Anonymous said...

"Based on estimates of future debt service for all currently authorized general obligation debt
and annual operating budgets, the County will exceed its guideline for general obligation
debt service in fiscal years 2012 - 2016. At its highest, debt service will peak at just under
18% of the operating budget in Fiscal Year 2012-2013. This spike in debt service is due to
payments on the initial issues of the $651,430,000 in bonds approved by voters in May 2008."


Anonymous said...

If the county spends down to thier reserve limit this year, where are they going to get the $27,502,224 for increased principle and interests payments in 2011/12?

3rd Page, and the chart on the 5th shows debt payments going over the county guidlines

Anonymous said...

Does that spreadsheet on page 5 mean the county government, ie taxpayers, are going to have to come up with $108,224,358 in the next 3 years?

Anonymous said...

This must be wrong.

The paper or whoever would have pointed it out by now.

Anonymous said...

So if the county goes down to the reserve minimums this coming year, will they have to cut the $34 million and then another $27 million from the budget in 2011/12?

$61 million either represents major, major cuts, a huge tax increase or big cuts and tax increases.


Anonymous said...

Doesn't Guilford County and Greensboro have an Inspector General or something for this stuff?