NBC television news crews hit the streets of Coatesville (10/5/2012). Video can be seen with the link: http://www.nbcphiladelphia.com/video/#!/news/local/Coatsville-May-Not-be-Able-to-Pay-Its-Bills/172904491.
- · The City’s failure to present current financial reports:
- · The City’s failure to post the City’s 2011 Annual Report submitted to Council on 8/13/2012.
- · Per the 8/13/12 Approved Minutes, the City’s outside auditor reported to Council that the City ended 2011 with a positive 2011 Year End fund balance of $526,688.[i]
- · Which figure is correct? Auditor’s positive Year End variance $526,688 or Finance Director’s positive Year End variance $450,000?
- · The Financial Slide from the 10/3 PowerPoint Slide #2[ii] as presented, below, does not note ‘when’ the gap will be realized nor explains how the gap originated. What is the time frame? What are the facts?
- · Slide #2:
- · City’s Finance Director notes the use of the Reserve Trust Funds in Slide 4 of his presentation. The expenditures noted pertain primarily to extraordinary expenditures and undefined police salaries. The Use Of Trust Funds do not provide funding for the 14 pending legal claims against the City (noted in Slide 7)[iii], nor the ordinary expenditures that are postulated under ‘austerity’ to still be due by Year End. The current withdrawal does not establish funding for the current payables unfunded as of today. The only legal claim to be paid from the proposed Trust withdrawal is for Docket # 385-4819 - settled and is currently awaiting payment.) Expenditures to be paid are shown in the ‘Use of Trust Funds’ below:
Total $2,200,000 (plus ‘?’)
What about the tally of the Accounts Payable that the Finance Director states are to be presented to Council for approval on Monday night’s Councils Session (10/8/12) that are currently unfunded? What will they add to the $2,200,000 that’s assumed to become due by Year End?
Normal Operating Revenues postulated to be received from today through Year End:
 Minutes of the 8/13/2012 Council Meeting (Presentation # 1): 2011 Financial Statements – Pam Baker, Barbacane Thornton
Powerpoint presentation by Finance Director John Marcarelli at the October 3,2012