Lamont McClure on 3/1/12: "County Councilman Lamont McClure opposed Stoffa’s [$25 million swaption buyout] plan, saying it ensured a massive financial loss to the county that would hamstring the county’s ability to balance this year’s budget and next year’s."
The same Lamont McClure who insisted that Northampton County was sitting on a $60 million mountain of cash is now worried about its ability to pay its bills?
Gee, if you subtract $25 million from $60 million, wouldn't the County still be sitting on a $35 million mountain of cash?
Gee, isn't McClure the same guy who insisted that Gracedale, the County's nursing home, has actually added $2 million to our surplus in the worst economy since the Great Depression?
Let me tell you what is going on. McClure knows, and has always known, that this supposed $60 million "slush fund" was a myth. He spread this manure in the hope that it would con you in to thinking there was plenty of money for Gracedale.
It worked, too.
Now he says that paying off the swaption will make it impossible to balance the budget. That's just more manure. What McClure is really saying is he'd like to hold on to as much of that money as possible so voters don't notice when the County has to pay between $6 and $8 million for Gracedale. He'd also rather you not notice when the County has to spend at least $3 million for new union contracts next year. He's prefer that you think there's a big money tree at one of the county's parks.
Are you still fooled?
Executive John Stoffa's plan to pay the swaption NOW makes the most fiscal sense. The County will be able to recoup most of that money in 8 1/2 years by refinancing the rest of the bonds. That's not great, but it's better than paying some of it now in the vain hope that things get better down the road.
That's what got us into this mess in the first place. County Council Prez John Cusick, who like McClure is more concerned about the political implications than doing the right thing, went along. Ken Kraft's decision to side with McClure is a mystery because he gave every indication he would side with Stoffa. I suspect he voted against what his brain was telling him was right because he had no desire to incur McClure's wrath.
Tom Dietrich is ... well ... [redacted].
Fortunately, five Council members sided with Stoffa. They include Peg Ferraro, Bruce Gilbert, Scott Parsons, Barb Thierry and Bob Werner.
Parsons and Werner demonstrated they can think for themselves. The Express Times credits Peg Ferraro for breaking the logjam, and she apparently was the swing vote. But I would credit the two new Democrats on Council, who seem to understand we have to work together.
You forgot to include the Stoffa comment ,that he is so optimistic that the next meeting he will introduce the Archieves building proposal. So which is it?
ReplyDeleteThere is money according to Stoffa
and everything is fine or....
There isn't money according to the fat man?
Why not tell the whole story for a change.
I forgot
ReplyDeleteWhy is it now we only need to keep 8 mill and it was 16 mill?
There is 60
subtract 25
leaves 35
keep 8
leaves 27
That is 27 million MORE than they needed to collect over the years.
Not considering that swaption was a boondoggle. It would have been
52 million MORE than they needed to collect.
How much does Lehigh have on hand I think I read 11 million.
And they say they are good shape.
Fuzzy math here in NorCo
Stoffa has a few of his rubber stamps left and some of the new folks. I don't think the two new fellows understand how devious Stoffa is.
ReplyDelete"Executive John Stoffa's plan to pay the swaption NOW makes the most fiscal sense"
ReplyDeleteno, it really doesn't...
I'm glad it"s being paid off. But Stoffa should get a very large portion of the blame. He's a fiscal nitwit who has alternately called for fiscal restraint and $186,000 parking spaces paid for by more debt spending. He hasn't a clue about how to manage money. He's a lifelong spender.
ReplyDeleteBetween mathlete McClure and fiscal retard Stoffa, it's no wonder this became so much more of a mess than it was already.
I hope Reibman suffers painful hemmorhoids for the rest of his miserable, trough-slopping life. Whata terrible stain on the county. Let's name a landfill after the dope.
You weren't there. Did Stoffa write this for you?
ReplyDeleteThe answer seemed so obvious to 4 of the council members. Peg to her credit did finally hear enough to vote yes. The delays on this vote got us where we are. Why did it take 2 new member to make the right choice? Peg has been sitting through this for years and they almost lost her vote. She truly struggled. This is the only way to recoup any monetary benefit. There is millions at stake here and why not get most of it back? The other choice was just money gone. We owed it and it has been terminated. Thank God. Move on. If things do get tight then our council members will have to do what they are suppose to do. Stop spending...but there are millions left so if we spend it all shame on them.
ReplyDeleteDoes Dietrich even know how to write a check? If he is the bill payer at home and IF he is on top of his bills then he should know this vote of his was STUPID. The common sensed vote was the same as the best vote. Not that any are good. There are levels of bad though and his choice would leave more money in the county checkbook but still have us at risk for almost half a swaption. And no way to get any of it back. A child in a man's body. Just what we the taxpayers need. Hellertown please find someone to run against him in 2013. Any adult will do.
ReplyDeleteNot an accusation, but an observation. Dietrich looks stoned much of the time.
ReplyDeleteHow Cusick and Dietrich can walk around outside without just walking into traffic is beyond me. Do they share a brain?
ReplyDelete"You weren't there. Did Stoffa write this for you?"
ReplyDeleteI was not at last night's meeting, but am reacting to news accounts and what I know about McClure's deceptive argument about a $60 million slush fund. He knew it was baloney when he made it, just as he knows it is baloney now.
The County does have a $60 MM fund balance, but most of it has been earmarked by Council for different needs, including the swaption. McClure wanted to keep kicking the can down the road so that he can avoid making the tough decisions that have to be made about county finance.
Thank God this is over..Peg made the right decision..It's good it's done and out of the way..Obviously it should have been done a few years ago but whatever..The county didnt need it hanging over their head anymore...
ReplyDeleteOf all the things the county doesn't need, the first would be an archives building. Good God, we have to many buildings already that serve limited purposes. Heaven forbid we actually have a consolidated plan for a building.
ReplyDeleteThe archives are in a leased space that is paid for with dedicated fees at no cost to the taxpayer. Now Stoffa, famous for his $186,000 parking spaces, wants a building to put old records in. Of course, why not, he probably thinks they will name it after him.
This has to be the most backward government in Pa.
A waste of money.
ReplyDeleteEverything should be moved out to the Gracedale area
Prison, offices....etc
keep the jail to house inmates on a temp basis during trials
build a huge prison...because I heard they expect pop. increases for some odd reason.
Central heating, a southern exposure for solar and mt. top ridge for wind.
Think long term.
Let's see. 25 million for the swaption coming out of the general fund and money shot right in the ass. Then we refinance the bonds and the money comes back to us over the next eight years (all except a couple million). Think of what could have been accomplished during this administration if only we would have had a leader. We've been overtaxed for the last eight years. We remebered this abuse last November when we kicked the bums off Council and we won't forget the Bums next year either.
ReplyDeleteElections have consequences and now county voters realize that. Even the "big money" candidates are nervous. The people will decide who serves in office.
ReplyDeleteWe certainly learned our lesson with Stoffa.
Anon: 8:47 AM, you question
ReplyDeleteTom Dictrich on his check writing, yet one of the people that presented this swaption fix - was proven he couldn't handle his own check book ,and the other can only move her head up and down and sided with Stoffa ??????
sounds like a cartoon to me.
Northampton county is the laughing stock of all the countys in the area.
dietrich is a bonehead. Ever try to listen to him? It took a vote of 5 to pass this. Guess the new D's agreed with Stoffa. The vote was the point not who shows agreement. What is that about? I for one an happy the plug was finally pulled and not left partially in for continued risk and no monetary benefit. At least it isn't just a lose. More like a lose/win. If Barron is so smart then there is plenty of money and those who believed him are now worried? Hummm. Can't have it both ways.
ReplyDeleteGreat win/win. Now Stoffa will put us in debt for an unnecessary new building for the Archives. Yeah, he is a real genius.
ReplyDeletePlease the guy has been a disaster for the county and his bobbleheads on county council have not helped. Two went by the wayside last election, more to follow.
Amen!
Lamont has been honest about this from the start. Stoffa has tried to hoodwink people form the start. Sadly, Stoffa has been successful and will leave the county a mess when his term is up.
ReplyDeleteThe entire Human Service Department is way over budget and out of control according to Department insiders.
Lamont's stance on this has been dishonest from the start. His attempt at a partial payment now and a hope that things get better demonstrates clearly that he never believed for a minute that the County is sitting on a $60 MM mountain of cash. All along, he has known that money is restricted for several purposes, including payment of the swaption. He knows he can kick the can down the road and use the swaption money to avoid a tax hike. But eventually, there will be a major hike, as there was when Reibman tried this trick.
ReplyDeleteYou have made claims about HR for years and have yet to back them up with anything.
Most of the over budget information won't come to light until the new executive takes office. There is the fear of being targeted by Stoffa guys.office. People don't want to be hassled on their jobs. Or lose them. People at the courthouse don't have the romanticised view of John Stoffa you do, we know what is going on.
ReplyDeleteWhat has been said by the poster is true and many of us know it. We see it everyday.
Stoffa had a chance to make this right for over six years and he bailed. Whatever the mess, he owns it. Many beleive and with justification he wanted this to be a mess for alterior motives.
ReplyDeleteAnd were you telling 6 year ago to make this right? No, because you had and continue to have no clue. Stoffa was placed in the unenviable position of being forced to gamble with the people's money. no matter what he did, you'd claim it was wrong. Anonymously, of course.
ReplyDeleteYes Bernie he was forced into the position by running for it. Something about being the County Executive usually implies leadership not excuses.
ReplyDeleteBy that logic, every member of Council is culpable as well, including McClure. So is the Controller. They control the purse strings.
ReplyDeleteThe truth is that your logic sucks. Stoffa and Council were laced in a damned if you do, damned if you don't, position. No matter what they did, they'd be gambling. And they were put in that position by reibman and a 2004 County Council. That's where the blame lies. Nowhere else, But go ahead and make an ass out of yourself.
Can't, you won't let us. You are the judge, jury and executioner in your little world. That is why we go to "Lehigh Valley rumblings" or "Saving private Gracedale" for unedited free speech.
ReplyDelete