Today's incompetence from NOLA Sewerage and Water Board

LINK

quote:

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After months of mounting worries about the Sewerage & Water Board’s finances, it turns out the public utility ended 2018 with plenty of cash in the bank. A last-minute infusion of more than $20 million in reimbursements from FEMA and the discovery of $25 million that had not previously been accounted for pulled the S&WB out of a downward spiral that had caused it to draw down most of its reserves throughout the fall, officials said Wednesday. The surprisingly rosy year-end financial statements left the S&WB with more than enough cash to stave off a scenario that seemed likely just weeks ago: that its sewerage department would end the year with so little money that it would violate agreements it signed when it issued bonds in 2015.

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I kind of understand the 20 million in FEMA reimbursements - it's damn near impossible to tell when the feds are going to do their job and make payments.

But the $25 million that they "found" - how the F do you just find 25 million? That money was in a slush fund somewhere, hidden so Quarter-Moon could make an argument for even higher taxes.

Just imagine how much shite would be still occuring if that 2017 rainstorm didn't happen. That day of rain was truly a cleansing from above, it that it has show just how incompetent, if not outright criminal, this group is.