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Message
re: CPA firm's analysis shows higher taxes needed to support St George City
Posted on 12/19/14 at 6:27 pm to Kramer26
Posted on 12/19/14 at 6:27 pm to Kramer26
Unless you read the actual report produced by the accounting firm you won't know what assumptions were made and who was responsible for the assumptions. Accountants can arrive at just about any results imaginable with the right assumptions. And they will produce reports for clients based on assumptions provided by the clients. The report will usually include a disclaimer with respect to the likelihood of the assumptions being correct.
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Posted on 12/19/14 at 6:52 pm to LSURussian
A total SHAM evaluation by this CPA Firm based on assumptions provided by BRAF and BRAC without contacting the organizers of St. George. Total unprofessional evaluation! How much of your tax dollars were used to pay for this SHAM evaluation?
What legacy costs for St. George? Zero!
Who encumbered these legacy costs? City-Parish Government and City of Baton Rouge they are in a Catch 22 situation! Will not have the funds to cover these legacy costs. $18 Billion in unfunded liability to pension funds by the State of LA.
After St. George is incorporated, City of Baton Rouge will be bankrupt in 36 months! The annexed areas, much of which do not pay property taxes, (tax exempt and assessed as farm land) will bankrupt the City of Baton Rouge and will be called Detroit South.
What legacy costs for St. George? Zero!
Who encumbered these legacy costs? City-Parish Government and City of Baton Rouge they are in a Catch 22 situation! Will not have the funds to cover these legacy costs. $18 Billion in unfunded liability to pension funds by the State of LA.
After St. George is incorporated, City of Baton Rouge will be bankrupt in 36 months! The annexed areas, much of which do not pay property taxes, (tax exempt and assessed as farm land) will bankrupt the City of Baton Rouge and will be called Detroit South.
Posted on 12/19/14 at 8:15 pm to WindboyCajun
quote:
What legacy costs for St. George? Zero!
Uhh. I can't take you seriously.
Posted on 12/19/14 at 8:24 pm to Asgard Device
Response on the SG page:
"Initial Response to BRAC/BRAF Report:
As expected, the Baton Rouge Area Foundation and Baton Rouge Area Chamber released a study today that claims taxes must rise if St. George is incorporated. Of course that’s what it says. These are the same two groups who released a study earlier in the year claiming St. George would have so much money that it would bankrupt the entire parish if formed. As a pure political tactic, they now claim that we are dirt poor and will need to raise taxes to exist.
That's patently inaccurate.
The status quo is scared of us. They are scared that you now know the truth. They will literally say anything to prevent this from happening. If we are successful, gone are the days of insiders being able to influence the direction of the parish to benefit themselves. Gone are the days of their reign over this town and parish. We are a direct threat to them.
They have polled this area extensively and believe that threatening you with higher taxes is their best hope of fracturing our efforts.
But we know better and this isn't a game. This is about our future in this parish; our children's future in this parish. This is about standing up to the status quo and saying, “no thank you.”
At first glance, we can already tell the "study" is grossly inaccurate. It is based on biased assumptions and out-right inaccurate data. In addition, they assume this city will be run in the same irresponsible way the City of Baton Rouge is run. We will not use failed models of the past to create a city of the future. We will create a city that is responsive to the needs of its residents and responsible with their tax dollars. Your tax dollars will no longer go to downtown projects for the insider elite.
As part of this ongoing process, we will be releasing detailed budget data prepared by an independent firm that has no connections to the area. Voters will make the informed choice that's best for their families.
This has been a long fight and we will continue to fight for you, and fight for the future of this parish. This will not be the last time they attempt to derail our efforts, but we are determined to take this to a ballot and let the people decide their future.
From everyone here, we’d like to wish you all a Merry Christmas and Happy Hanukkah and we hope that your holidays are filled with joy and laughter."
"Initial Response to BRAC/BRAF Report:
As expected, the Baton Rouge Area Foundation and Baton Rouge Area Chamber released a study today that claims taxes must rise if St. George is incorporated. Of course that’s what it says. These are the same two groups who released a study earlier in the year claiming St. George would have so much money that it would bankrupt the entire parish if formed. As a pure political tactic, they now claim that we are dirt poor and will need to raise taxes to exist.
That's patently inaccurate.
The status quo is scared of us. They are scared that you now know the truth. They will literally say anything to prevent this from happening. If we are successful, gone are the days of insiders being able to influence the direction of the parish to benefit themselves. Gone are the days of their reign over this town and parish. We are a direct threat to them.
They have polled this area extensively and believe that threatening you with higher taxes is their best hope of fracturing our efforts.
But we know better and this isn't a game. This is about our future in this parish; our children's future in this parish. This is about standing up to the status quo and saying, “no thank you.”
At first glance, we can already tell the "study" is grossly inaccurate. It is based on biased assumptions and out-right inaccurate data. In addition, they assume this city will be run in the same irresponsible way the City of Baton Rouge is run. We will not use failed models of the past to create a city of the future. We will create a city that is responsive to the needs of its residents and responsible with their tax dollars. Your tax dollars will no longer go to downtown projects for the insider elite.
As part of this ongoing process, we will be releasing detailed budget data prepared by an independent firm that has no connections to the area. Voters will make the informed choice that's best for their families.
This has been a long fight and we will continue to fight for you, and fight for the future of this parish. This will not be the last time they attempt to derail our efforts, but we are determined to take this to a ballot and let the people decide their future.
From everyone here, we’d like to wish you all a Merry Christmas and Happy Hanukkah and we hope that your holidays are filled with joy and laughter."
Posted on 12/19/14 at 8:24 pm to WindboyCajun
I'm with Asgard, you can't be taken seriously.
You think the Mall of Louisiana, the new casino, Costco, Celtic Studios and that residential subdivision that was recently annexed don't pay taxes.
And you think the BRAF and Chamber of Commerce are government agencies.
And somehow the unfunded liabilities of pensions of the state of Louisiana are relevant to St George's or Baton Rouge's budget?
You think the Mall of Louisiana, the new casino, Costco, Celtic Studios and that residential subdivision that was recently annexed don't pay taxes.
And you think the BRAF and Chamber of Commerce are government agencies.
And somehow the unfunded liabilities of pensions of the state of Louisiana are relevant to St George's or Baton Rouge's budget?
Posted on 12/19/14 at 8:30 pm to Sprocket46
quote:That's a lie. Pure and simple.
These are the same two groups who released a study earlier in the year claiming St. George would have so much money that it would bankrupt the entire parish if formed.
The study by Dr. Richardson did not say the parish would go bankrupt if SG was incorporated. Didn't happen. It's a complete lie.
How anyone can believe these blatant liars is beyond me.
This post was edited on 12/19/14 at 8:32 pm
Posted on 12/19/14 at 9:41 pm to LSURussian
Richardson (paid by BRAC and BRAF) was the one who came out with the numbers stating BR would face a 53 million dollar shortfall if St.George incorporates. He has said "It would be very hard to cut their budget by $53 million," Richardson told NOLA.com | The Times-Picayune. "They're going to have to raise revenues."
The report also stated police and fire services in Baton Rouge would have to be cut. I think the SG post was being a bit dramatic, but there is no doubt that his report was a forecast of doom and gloom for BR.
LINK
Bonus:
LINK
The report also stated police and fire services in Baton Rouge would have to be cut. I think the SG post was being a bit dramatic, but there is no doubt that his report was a forecast of doom and gloom for BR.
LINK
Bonus:
LINK
This post was edited on 12/19/14 at 9:49 pm
Posted on 12/19/14 at 10:01 pm to LSURussian
Pay $2,000 a year more in taxes, don't have to pay tuition.
I imagine a decent number of people would be ok with that.
I imagine a decent number of people would be ok with that.
Posted on 12/19/14 at 10:16 pm to LSUFanHouston
What about the majority of households which don't have children?
And businesses which pay the biggest share of property taxes?
No wonder the Mall and other businesses didn't want to be in St George. Twenty mills plus of additional property taxes on 50% higher assessed real estate over residential plus no homestead exemption for commercial property. Ouch!
And businesses which pay the biggest share of property taxes?
No wonder the Mall and other businesses didn't want to be in St George. Twenty mills plus of additional property taxes on 50% higher assessed real estate over residential plus no homestead exemption for commercial property. Ouch!
Posted on 12/19/14 at 10:31 pm to LSURussian
quote:
LSURussian
why do you hate St.George?
Posted on 12/19/14 at 10:41 pm to LSURussian
My guess is that they will use a sales tax to try and spread the costs to people who come to shop from other areas.
A cent for St George.
But yeah, they are turning people into tax and spend liberals.
A cent for St George.
But yeah, they are turning people into tax and spend liberals.
Posted on 12/19/14 at 10:56 pm to Asgard Device
It's easy for the incorporation effort to say "it's not accurate" on the part of the study conducted...all they have to do is back up their side with accurate, rock solid data showing how they will NOT have to raise taxes and can make their Government plan work based upon whatever income they know will be coming in...this whole "trust us, we can make it work" route will not work with me. And for the record, I live in the effected area, pay tuition somewhere, and happily do so knowing where I stand.
Posted on 12/19/14 at 11:18 pm to Shepherd
I think a lot of people share your sentiment. The level of detail in the SG proposals will make or break the election
That said, there is one glaring error/assumption in that article. There is no way SG will agree to continue funding 100% of the constitutional offices (17 million per year ) that they do now. Even paying 50% makes up for the alleged deficit.
That said, there is one glaring error/assumption in that article. There is no way SG will agree to continue funding 100% of the constitutional offices (17 million per year ) that they do now. Even paying 50% makes up for the alleged deficit.
Posted on 12/19/14 at 11:32 pm to Sprocket46
quote:
That said, there is one glaring error/assumption in that article. There is no way SG will agree to continue funding 100% of the constitutional offices (17 million per year ) that they do now. Even paying 50% makes u
WTF? There is no mention of the issue of paying for constitutional offices in the article I linked in the OP. The article specifically says the analysts could not give an opinion on the budgeted spending in the SG organizers budget because of the lack of details given in the budget.
The SG organizer's published budget lists the constitutional offices payment. So you're saying their budget is wrong? Or is it that their budget can't be believed?
I'm glad you're finally agreeing with me on that. I've been saying their budget was a lie from the start.
The study focused on revenues available to SG post annexations.
ETA: and only a fool would believe a future city government would honor any financial "commitment" made by unelected citizens who had no authority to commit the city's revenues.
This post was edited on 12/19/14 at 11:41 pm
Posted on 12/19/14 at 11:47 pm to LSURussian
quote:
The SG organizer's published budget lists the constitutional offices payment. So you're saying their budget is wrong? Or is it that their budget can't be believed?
I'm glad you're finally agreeing with me on that. I've been saying their budget was a lie from the start.
Per your first argument, the study was based off the proposed SG budget, which included constitutional office funding.
That budget also included revenue from MOLA and casino, which has obviously changed.
In response to the annexations, SG has said publicly for many months that the constitutional office funding would likely change in response.
So, like I said, the proposed deficit in the BRAF/BRAC analysis you linked can easily be made up withe constitutional office funds. And even that assumes that the rest of the analysis is correct.
Posted on 12/19/14 at 11:56 pm to Sprocket46
quote:It was never going to happen anyway. As I said, only a fool would think it was.
SG has said publicly for many months that the constitutional office funding would likely change in response.
Additional annexations are coming. What else in the SG expense budget will no longer be believable?
I can't wait to see them present an actual budget for voters to examine and not a one page scribbling on a napkin.
Posted on 12/20/14 at 8:03 am to LSURussian
The Disclaimer by this CPA Firm must be at least 3 pages long to cover any liability issues.
On another note, when was the last several economic forecast by any LSU professor accurate. I'll answer that - Zero!
Even the Revenue Estimating Council by the state has been inaccurate over the past several years. Who is on that Committee! BAM!
On another note, when was the last several economic forecast by any LSU professor accurate. I'll answer that - Zero!
Even the Revenue Estimating Council by the state has been inaccurate over the past several years. Who is on that Committee! BAM!
Posted on 12/20/14 at 8:20 am to LSURussian
I hope they print out at least 2,000 of these reports and they publish on tissue paper so I can use to wipe my butt!
The CPA firm used numbers from the City of Baton Rouge, the same City of Baton Rouge that will be bankrupt in 3 years when St. George is incorporated, to assume these pro-forma projections. Pro-forma and assumptions are purely that, fantasy numbers.
The CPA firm used numbers from the City of Baton Rouge, the same City of Baton Rouge that will be bankrupt in 3 years when St. George is incorporated, to assume these pro-forma projections. Pro-forma and assumptions are purely that, fantasy numbers.
Posted on 12/20/14 at 9:18 am to LSURussian
Nah, this can't be true. We were told no higher taxes.
Posted on 12/20/14 at 9:48 am to WindboyCajun
quote:Does your mommy know you're using her computer?
I hope they print out at least 2,000 of these reports and they publish on tissue paper so I can use to wipe my butt!
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