Sometimes when city directors are sweating bullets trying to dig themselves out of a hole (FF: 1:10) they slip up and reveal ‘certain’ things the mayor’s administration is up to. Brent O’Neil, Economic Development Manager, called an account that is ‘holding’ money away from the city’s general fund or reserve fund a ‘Segregated Fund’ during his presentation Q & A portion at the informational meeting.
Funny, in the 11 years I have been following city politics I have never heard of such a practice of hiding money from the general fund and quite frankly from the public in a separate secret account.
Maybe Finance Director, Tracy Turbak would like to explain this practice? Is it a normal practice in municipal accounting to hide money from the General Fund or Reserve Fund by putting it in a separate secret account? If it was a private business, maybe I could see such a practice, but with public money?
Sounds a little fishy to me.
When you research the term, it is a Canadian Mutual Fund, in other words, Brent pulled this from his butt. Who knows what the official term is. Makes you wonder if the Union’s raises that were not given them is sitting in one of these funds.
a little bit off the subject- one of the items presented at the annexation meeting showed cip projects near the islands, an attempt I think to call these people moochers- my question is how do these projects get funded? is it real estate taxes or sales taxes? if sales taxes, 99% of my sales tax purchases would include the city’s 2 pennies
The CIP refers to the 2nd penny sales tax.
Perhaps, it is a part of the “Black Budget” for the City’s special ops, or it’s Orwellian for slush fund….
For how long now has city finance not produced statements? All we get is we got money or we don’t. What accounting method is this? The council should demand a complete spreadsheet. How many times does the same money get shifted? It’s segregated because it’s fictitious.
Let’s rename Sioux Falls ‘Enron’. City finance has become another pyramid scheme.
I bought 10,000 shares of Enron for 35 cents a share. I was going to request individual printed shares to frame and sell to stock brokers. It was junk but it shot up to $2. I sold and became a rare case of someone who made money on Enron.
Very Fishy