Tuesday, November 16, 2010

Houston is Running Out of Money

The Chronicle ran an article today about how much money the City of Houston doesn't have ... 

"In many ways, for the remainder of fiscal 2011, which ends in June, and the coming budget year, that is just the beginning. A draft of the fiscal 2012 budget, which begins in July, shows a projected shortfall of at least $118 million. For fiscal 2012 through fiscal 2015, the shortfall is an estimated $542 million."

Its even reported that some of City Council is getting a little bit 'miffed' at 'the administration.'

"The feeling is, we're going in the wrong direction," (Councilmember) Clutterbuck said.

Here's a bit more light to shed on the situation ... 

"The city has reeled for several years as revenues from sales and property taxes have declined, even exceeding worst case scenarios."

So, the City Council (Except for Gonzalez, Rodriguez, Jones, and Noriega), voted, under pressure from Mayor Parker's Office, to give a Tax Incentive, based on property and Ad valorum tax, to the biggest company in the universe ... I know, I know ... I'm a broken record, blah blah. 

But cmon now ... is this really positive public management and good decision making coming out?  All this did was take out money that could have potentially been counted on, in calendar year 2012 (The developer is aiming to open in 2012), and enable private enterprise to make more money ... at the expense of taxpayers, and now the budget of the city ... 

But hell ... in the face of $100 Million + shortfall, whats another $6 million anyway, right? 

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