comments

Reader shares letter to city manager

-A +A
Hi Jim Estep, I have read your response to Carol Feineman’s editorial (Dec. 16, page 4, “City officials should be more forthcoming”) on the misallocation of the city’s investment losses. I have a few simple questions that I think will clear up things: 1) Had the losses been properly re-allocated across all the funds shortly after June when the error was confirmed, would any public safety officers have received pink slips for the 2010-2011 budget year? If so, would those pink slips have been rescinded during the 2010-2011 budget year at a later date assuming that the losses would have been properly re-allocated for the 2010-2011 budget year? 2) Were union contracts re-negotiated based in whole or in part on the premise that the 2010-2011 budget would run a General Fund deficit? If so, when did you intend to tell the unions about the misallocation and the possible one-time infusion of 3 million to the General Fund for budget year 2010-2011? 3) Why wasn’t the misallocation ever mentioned at your budget workshop in August or the Oct. 26 City Council meeting? 4) Did the council tell you not to mention the misallocation? 5) But for The Lincoln News Messenger articles, would you or the council have come forward with this information earlier? 6) Since Lehman Brothers went bankrupt, aren’t the losses on the Lehman Brothers bonds realized, as opposed to unrealized, losses for accounting purposes? 7) Who else in the city’s management, including the city attorney, knew of the misallocation and when did they know about it? 8) Did you or anyone else in city management approve of any written educational materials on the effect of Measure K that were distributed by the city after you found out about the misallocation? Did those materials reflect the possible one-time infusion of 3 million to the General Fund in budget year 2010-2011? I look forward to your responses. Feel free to forward them to Carol Feineman, too, as I think they may clear up a lot of inferences or misunderstandings. Terrie Robinson, Lincoln