Comments on: Meet Da Greenwood Goodie Mob http://www.fitsnews.com/2009/03/29/meet-da-greenwood-goodie-mob/ Unfair ... Imbalanced Sun, 22 Nov 2009 06:38:09 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Toyota Kawaski http://www.fitsnews.com/2009/03/29/meet-da-greenwood-goodie-mob/comment-page-1/#comment-50672 Toyota Kawaski Mon, 30 Mar 2009 12:39:20 +0000 http://www.fitsnews.com/?p=17513#comment-50672 wow sick your knowledge of edumacation is so impressive wow sick your knowledge of edumacation is so impressive

]]> By: fitsnews http://www.fitsnews.com/2009/03/29/meet-da-greenwood-goodie-mob/comment-page-1/#comment-50648 fitsnews Mon, 30 Mar 2009 03:42:10 +0000 http://www.fitsnews.com/?p=17513#comment-50648 "Steve," A-ite. If it's so normal, then why have these carry-forward balances jumped from a total of $400 million five years ago to nearly $800 million today. Did your income double in the last four years man? Perhaps more to the point, did teacher salaries double over that time period? Just askin ... -FITS “Steve,”

A-ite. If it’s so normal, then why have these carry-forward balances jumped from a total of $400 million five years ago to nearly $800 million today.

Did your income double in the last four years man? Perhaps more to the point, did teacher salaries double over that time period?

Just askin …

-FITS

]]> By: Steve http://www.fitsnews.com/2009/03/29/meet-da-greenwood-goodie-mob/comment-page-1/#comment-50646 Steve Mon, 30 Mar 2009 02:59:53 +0000 http://www.fitsnews.com/?p=17513#comment-50646 Sic, I obviously can't check with Miriam Hair at MASC on Sunday night but to my knowledge no school districts in SC are now or have been funded by municipalities. Some are under counties and some are fiscally autonimous but I don't think past restrictions on municipalities would affect school districts. I know this may not be a source you would trust but the Government Finance Officers Association recommends keeping anywhere from 5% to 15% in undesignated fund balance for general purpose governments. (http://www.gfoa.org/downloads/budget-appropriate.pdf) They further note that "...higher levels of unreserved fund balance may be needed if significant revenue sources are subject to unpredictable fluctuations...". That sure sounds like the great sales tax for property tax swap that caused the bond rating agencies to issue a ratings outlook downgrade for all South Carolina school debt following the passage of Act 388. The 5% to 15% recommended balance also does not include any required bond debt. I agree with you that we have too many school districts in SC and there are likely some out there that may have too much fund balance according to GFOA. My point is that constant harping that school districts have large fund balances is akin to screaming that the sky is blue; it's a normal situation and not an indication of an overall problem. You have accurately noted that education is a large piece of the budget pie on both the state and local level so accepted undesignated fund balance will not be a small number. I'll check my home county (we have a countywide school district) and get back to you but you have already praised them because their undesignated fund balance dropped this year. Sic,
I obviously can’t check with Miriam Hair at MASC on Sunday night but to my knowledge no school districts in SC are now or have been funded by municipalities. Some are under counties and some are fiscally autonimous but I don’t think past restrictions on municipalities would affect school districts.

I know this may not be a source you would trust but the Government Finance Officers Association recommends keeping anywhere from 5% to 15% in undesignated fund balance for general purpose governments. (http://www.gfoa.org/downloads/budget-appropriate.pdf) They further note that “…higher levels of unreserved fund balance may be needed if significant revenue sources are subject to unpredictable fluctuations…”. That sure sounds like the great sales tax for property tax swap that caused the bond rating agencies to issue a ratings outlook downgrade for all South Carolina school debt following the passage of Act 388. The 5% to 15% recommended balance also does not include any required bond debt.

I agree with you that we have too many school districts in SC and there are likely some out there that may have too much fund balance according to GFOA. My point is that constant harping that school districts have large fund balances is akin to screaming that the sky is blue; it’s a normal situation and not an indication of an overall problem. You have accurately noted that education is a large piece of the budget pie on both the state and local level so accepted undesignated fund balance will not be a small number.

I’ll check my home county (we have a countywide school district) and get back to you but you have already praised them because their undesignated fund balance dropped this year.

]]> By: James the Foot Soldier http://www.fitsnews.com/2009/03/29/meet-da-greenwood-goodie-mob/comment-page-1/#comment-50645 James the Foot Soldier Mon, 30 Mar 2009 02:56:29 +0000 http://www.fitsnews.com/?p=17513#comment-50645 I thought bond reserves were part of the bond issue (termed uses of funds) - at least they were when I took Accouting 101. I thought bond reserves were part of the bond issue (termed uses of funds) – at least they were when I took Accouting 101.

]]> By: Levy http://www.fitsnews.com/2009/03/29/meet-da-greenwood-goodie-mob/comment-page-1/#comment-50644 Levy Mon, 30 Mar 2009 02:48:37 +0000 http://www.fitsnews.com/?p=17513#comment-50644 Will is dead right. Schools do not need that much cash on hand, even to cover requirements. Frankly, if we are truly in a crisis in which core classroom services have to be cut, and the schools cannot possibly cut ANYTHING else but teachers, well......seems to me a hell of a time to tap that reserve, Steve! Unless, of course, the schools could find some other places to cut first. But that couldn't possibly be the case, could it? Will is dead right. Schools do not need that much cash on hand, even to cover requirements. Frankly, if we are truly in a crisis in which core classroom services have to be cut, and the schools cannot possibly cut ANYTHING else but teachers, well……seems to me a hell of a time to tap that reserve, Steve! Unless, of course, the schools could find some other places to cut first. But that couldn’t possibly be the case, could it?

]]> By: G.L. http://www.fitsnews.com/2009/03/29/meet-da-greenwood-goodie-mob/comment-page-1/#comment-50636 G.L. Mon, 30 Mar 2009 00:10:04 +0000 http://www.fitsnews.com/?p=17513#comment-50636 Sen. O'Dell needs to go. I don't know he has Third Congressional District pipe dreams, but the true conservatives in his district don't even want him in the State Senate. Sen. O’Dell needs to go. I don’t know he has Third Congressional District pipe dreams, but the true conservatives in his district don’t even want him in the State Senate.

]]> By: fitsnews http://www.fitsnews.com/2009/03/29/meet-da-greenwood-goodie-mob/comment-page-1/#comment-50632 fitsnews Sun, 29 Mar 2009 23:28:24 +0000 http://www.fitsnews.com/?p=17513#comment-50632 "Steve," What about when the state forbade municipalities to keep reserve accounts? What happened then? Were no schools built? Were no teachers paid? Did no learning take place? Sadly we know the answer to that last question ... Obviously you want to keep a reasonable general and capital reserve fund in place (5% or so), but in some of these districts we are looking at fund balances that are closing in on the 20% mark of the annual budget. And that's just the percentage of what they ESTIMATE, not what they spend, because everybody knows the clever trick these districts play is to budget based on estimates, not actual expenses (i.e. why we have these carry-forward balances in the first place). So why don't you "back that out" of your numbers and get back to us, tough guy. -FITS “Steve,”

What about when the state forbade municipalities to keep reserve accounts? What happened then? Were no schools built? Were no teachers paid? Did no learning take place?

Sadly we know the answer to that last question …

Obviously you want to keep a reasonable general and capital reserve fund in place (5% or so), but in some of these districts we are looking at fund balances that are closing in on the 20% mark of the annual budget.

And that’s just the percentage of what they ESTIMATE, not what they spend, because everybody knows the clever trick these districts play is to budget based on estimates, not actual expenses (i.e. why we have these carry-forward balances in the first place).

So why don’t you “back that out” of your numbers and get back to us, tough guy.

-FITS

]]> By: Steve http://www.fitsnews.com/2009/03/29/meet-da-greenwood-goodie-mob/comment-page-1/#comment-50631 Steve Sun, 29 Mar 2009 23:21:21 +0000 http://www.fitsnews.com/?p=17513#comment-50631 Sic, Will you and/or Howie Rich please sign up for Accounting for Dummies? You keep harping on total reserves and until you back out legally required bond reserves and an adequate cash flow reserve to avoid tax anticipation notes, your data doesn't mean squat. You keep harping on facts that any first year accounting student can tell you are meaningless without further analysis. Keep up the good work on the Stimulus but back off the reserve garbage. Sic,
Will you and/or Howie Rich please sign up for Accounting for Dummies? You keep harping on total reserves and until you back out legally required bond reserves and an adequate cash flow reserve to avoid tax anticipation notes, your data doesn’t mean squat. You keep harping on facts that any first year accounting student can tell you are meaningless without further analysis. Keep up the good work on the Stimulus but back off the reserve garbage.

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