Longboat Key vs. Sanibel

Currently 2 Responses

1.
Mr. Kelly is correct that Sanibel could have dipped into the "Retirement Adjustment Reserve Fund" and various other legally earmarked and separate "reserve" funds after Charlie. Sanibel chose to barrow money instead.

LBK has beach reserves and sewer reserves and utility reserves that can also be used after a hurricane by order of the commission. I suspect we too would barrow money until we are compensated by insurance and FEMA.

The bigger question is how to we prevent the town government from mixing apples and oranges and have any way to know what we are actually talking about.
gene jaleski
Mon 7th Sep 2009
at 11:34am

2.
The reserve issue aside, a valid reason for a nominal increase in the millage rate would be to apply the increased revenue generated to reducing the amount of the underfunding of the pension plans. While the amount needed for disaster reserve is subject to debate, the $25 million underfunding of the pension plans is a reality. The funds' investment choices and actural assumptions need to be reviewed as well.
Bob White
Wed 2nd Sep 2009
at 10:43pm