already said it, but let me say it again. Based on the third quarter financial report, NorCo Fiscal Director Jim Hunter is projecting that the County will end the year with just a $21 million fund balance. Since John Brown is projecting to use $20 million of that fund to balance the 2015 Budget, that means the County will start off the new year with a reserve of just $1 million.
This is irresponsible.
In June, the County's independent auditor criticized the County for spending $14 million more than it took in during 2013. She recommended that there should be at least six months of expenses in the till at all times, which is approximately $60 million. Other accounting firms are a little more lenient, suggesting that one or two months are sufficient. Even others suggest 10% of the total budget. By any accounting standard, this is insane.,
In recent years, Northampton County's stabilization fund has hovered between $18-25 million. But this is contrary to Northampton County Council's GASB 54 policy, under which it calls for a stabilization fund.
I have yet to hear any accountant recommend starting off a new year with just $1 million in a County that spends $10 million per month.
After the meeting was over, Shortell walked up to Brown with a question. Most of you don't know Shortell, but he's nothing like me. For one thing, he's nice. Brown answered the question, and then just walked off when a follow up question was posed. It was though he might get dirty by lowering himself to speak to an inferior.
This follows his abuse of taxpayer money to say everyone should thank him.