What the Town (and Yes On F campaign) leaves out of the news of Liberty’s 2016 Financial Report:
- Liberty made $3.2 million in capital improvements, despite the Town’s efforts to block system improvements. Schedule A-1, pdf page 19 shows $3.678 million in capital improvements – approximately $400,000 was contributed by outside sources (developers). Liberty is on pace to invest $6.5 million in 2017.
- The report shows not a single ratepayer dollar was spent on condemnation or political activities – pdf page 10 Income statement adjusted to exclude non-regulated activity. (note – schedule C-5 discloses all NON-ratepayer 2016 expenses for Measure V/W at $560,793).
NOW in addition to the more than $4.2 million missing from the Town’s numbers for net income, the Town’s press release lists a number of shortfalls in other calculations:
- Liberty collected $661,724 less from customers for water service in 2016, compared to 2015) pdf page 41 – schedule B-1, line 30. Oops, that’s $661,724 less for Measure F debt.
- Administrative and general salaries were reduced by $57,371 (line 22) — $57,371 less
- Liberty cut operating costs significantly. According to pdf page 44 – schedule B-2, line 42, operating expenses have decreased by more than $1.6 million. Within that $831,101 was reduced in administrative and general expenses (line 36). Oops — that’s $1.6 million gone for debt service
GRAND TOTAL MISSING FROM MARC PUCKETT’S CALCULATIONS (AT LEAST): $6,519,095.
Yikes! Where is tax-increase loving Dr. Christopher Thornberg when you need him!