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.