As we probe deeper into the growing $2 billion pot of reserve money that S.C. local governments have been squirreling away for themselves in recent years, there’s been a lot of speculation as to the random method we’ve employed in releasing this data for your consideration.
In fact, ever since we published our original story on the $700 million that local school districts had squirreled away as of a year and a half ago, people have questioned the scatter-shot method by which we’ve been bringing you updated data.
Specifically, do we have a grudge against any of these local governments? Is there just a particular geographic locale we dislike? Are we targeting certain lawmakers for embarrassment?
Or is it perhaps a combination of all three?
The real reason is actually quite simple … we’re giving this data to you as we get it ourselves, without any regard for which government it is, where it’s located or who there may have taken the infinitely inadvisable step of pissing us off.
Simply put, when we get it … you get it.
So when do we get the full picture of the complete local government pie?
As it turns out, collecting all of this information has been a monumental undertaking for our crack accountant – who shall remain nameless – and not all local governments have been “good boys” and filed their updated info.
Anyway, we will definitely be publishing a “master list” of the total amount of local surplus funds when everything has been collected, but if you’re anything like us you don’t like to wait.
And so today we have some updated fund balance info for a few smaller, more rural S.C. counties, proving that the “squirreling trend” isn’t limited to the larger municipal governments.
Take Colleton County, which has a $7 million fund balance – up 34% from four years ago.
Or Pickens County, whose $26.3 million fund balance is nearly double what it was in 2004 (and up 13% from last year).
Or Newberry County, which grew its fund balance by 48% from the previous year to more than $10.4 million.
Even tiny Edgefield County “edged” up its fund balance last year, to $3.6 million.
Amazing. Did any local governments show declining numbers, though?
Sure, Spartanburg County’s fund balance dropped from $15.3 to $11.5 million, and Lancaster County’s fell from $20.7 to $17.4 million, but these county governments certainly appear to be exceptions to the rule.
Again, we’ll keep giving you the info as soon as we get it, and count on FITS to pull it all together at the end with complete data on all local government surplus data.
By cpa in public practice January 19, 2009 at 4:46 pm
There seems to be some disconnect with what you are saying. Are you going to report on “cash” that these entities may or may not have saved away or are you looking at “fund balances?” I am sure your accountant looking at this has told you there is a huge difference. A organization can have a huge fund balance and no cash. An organization can have billions of dollars of cash and no fund balance. You need to be very careful with what you are reporting on. So far it looks like you are saying one thing but meaning something different!
By Fed Up in Lexington School District One January 19, 2009 at 5:24 pm
Get the translator. It SOUNDS like real money is sitting there, while they go around poor-mouthing it.
By James the Foot Soldier January 19, 2009 at 5:25 pm
Not included in FITSNEWS numbers is a pile of money that rivals that of the local government nest egg and it’s all sitting in a vault at your local hospital. I can assure mr cpa that the hundres of millions of funds squirrelled away by South Carolina hospitals are stashed in cold, hard CASH.
Many of these hospitals (not-for-profit by the way) are quasi governmental institutions: Greenville Hospital System, Spartanburg Regional, Lexington Medical Center, MUSC, etc., etc.,. with no elected accountability, and no accountability from the South Carolina attorney general.
By KP January 19, 2009 at 5:32 pm
And have you figured out yet whether school district reserve funds are a good thing or a bad thing?
By James the Foot Soldier January 19, 2009 at 8:27 pm
I would say reserve funds are a good thing in that they can be tapped during a year or two of tight revenues to maintain a level spending curve.
Wouldn’t it have been nice if the State of South Carolina hadn’t squandered YEAR AFTER YEAR of increasing tax revenues and built up some healthy reserves?
Wouldn’t it be nice if the Federal government had built up a healthy reserve in its Social Security and Medicare trust funds?
Ooooops – all the freakin’ money is gone. Amerika is BANKRUPT.
And we keep re-electing incumbent after incumbent. Go figure.
By BIN News Editorial Staff January 19, 2009 at 8:45 pm
It all depends one which way the wind blows when sic(k) willie passes gas.
If school districts practice good financial management, follow the law and put a responsible fund balance in place, then sic(k) willie will claim that they are fat cats wasting tax money.
If school districts do not build a responsible fund balance as allowed by law, then sic(k) willie will claim they are fat cats wasting tax money.
Regardless of what responsible administrators do, sic(k) willie and Howie’s other carpet-buggers are going to try to paint them as “educrats.”
You know the childish word: “educrat.” It’s what carpet-buggers write when they do not have anything intelligent to say.
That’s why we see it, frequently. Particularly here on this porn site.
BIN News Editorial Staff
Flair and Balanced
By cpa in public practice January 19, 2009 at 9:45 pm
Fed up and Foot Soldier:
I know that the two of you know more than any cpa in south carolina and are experts on all finanical matters. I guess you know that cash reserves, fund balances and reserve funds are not, I repeat, are not the same thing and are not what you think they are. A fund balance is defined as the difference between an entity’s assets and liabilities (assets-liabilities=fund balance).
I do not know how much cash any of the hospitals you reference have but I hope they have at least two months payables and two months payroll. If not, they are in serious trouble. If you need their services when they are short on funds you may die!
Also, Greenville, Lexington and MUSC all have trustess or board members that are either elected or appointed by their respective county councils or in the case of MUSC elected by the legislature or appopinted by Mark Sanford. Do not know about Spartanburg but they may be the same way.
All of these hospitals and I will also say school districts have outside requirements on the amount of cash they have to maintain if they have issued bonds for building projects. If they do not maintain these higher than required cash balances, all of us taxpayers will end up paying more in taxes because the interest rates set on these bonds that we taxpayers pay are much higher. But I guess you know that also.
I am going to guess that Fits will get his numbers and all of you will bitch and moan about something you know nothing about. There will be a lot of posting and everyone will accept without question what is said here and Fits will claim once again that he has exposed some type of wrong doing and once again, those with even a basic level of knowledge about the subject will know that Fits has blown it again.
Post what you want about me or what I said because I am not going to read this trash again. In fact, I do not think Fits will even allow this to be posted.
By James the Foot Soldier January 19, 2009 at 11:36 pm
mr cpa (in public practice no less – is there any wonder why we have mathemtatics problems in South Carolina):
Get yourself the hospital balance sheets and statement of changes in fund balances/financial position and follow the money. I’m thinking the $185,316,000 in cash at Greenville Hospital and a current ratio over 3:1 is sufficient. Of course, these are the amounts on the balance sheet that Greenvile chooses to put on its web site:
http://www.ghs.org/uploadedFiles/GHSorg/About_Us/GHS%20Annual%20Report.pdf
Mr cpa – how about if you go on a hunt for where some more their CASH is stashed?
Oh, and the part where you were blowing out your ass the fluff about the boards of directors being elected, NOT EVEN CLOSE:
http://www.ghs.org/content.aspx?id=36
I think it’s obvious who the one is that is bitching and moaning about something they know nothing about.
And BIN, you ignorant slut, do us all a favor, take a stand – one way or the other and see if you view can stand the light of day, rather than bitching and moaning about someone that DOES know something.
By BIN News Editorial Staff January 20, 2009 at 2:22 am
Dear James the Foot Fungus, Thanks for caring! Lots of warm soapy water and some over-the-counter ointment may help you with the itchy burning feeling that makes you so grumpy. If it does not clear up in about a week, see a doctor.
And let your significant other know about it.
By James the Foot Soldier January 20, 2009 at 11:18 am
BIN, you ignorant slut, still can’t do it can you??
Take a freakin’ stand!!
No wonder there are so many mealy-mouthed RINOs in this state. Some of us (those that AREN’T in public practice but can read balance sheets) know exactly why this country is bankrupt. You call some libertatian for pointing this out – in normal times these would be called republicans.
Better to have my feet itch (damn it feels so good to itch them) than the itching burning sensation that eminates from your ass. Try some preparation h medicated pads – and while you’re at it – slap a couple suppositories between your cheek and gums to relieve that which spews from your other orifice:
http://www.drugstore.com/products/prod.asp?pid=10415&catid=59951&aid=335944&aparam=preparation_h_hemorrhoid&CAID=cb692ff8-1fa2-4493-a040-ca588ac8a1ac