Saturday, February 9, 2013

The 2012 CAFR is Out and Reports Another Loss for the Year, $7.3 Million

The 2012 CAFR is out. Richardson only lost $7.3 million last year. See page 24.

Page 30 of the CAFR shows where the water, sewer and solid waste funds were raided to help offset the losses in the General and Golf Fund. To help offest the overspending almost $9 million was transfered out of those three funds.

The golf course, at least on paper, had another in a continuing string of losses. This year it shows a transfer in of over $258,000. Those losses are expected to vanish from sight in the coming year because the debt information for the golf course will be transfered to the general fund. So even though the golf course will be lossing money, it will not show up in the CAFR. Financial tranparency took a hit this year by this manuver.


  1. Maybe we need a lost and found office at city hall?

    How can anybody lose a pile of money that big?

    Oh, I guess it's a volume deal. If they lose a little here and there, they'll make it up in volume.

    I'd like to be following that Brinks truck to the bank. It leaves full and arrives empty. The money must be scattered along the roadside somewhere.

    One can only wonder whose offices it passes on the way.

  2. One thing I can tell from the CAFR is the outstanding debt per capita in Richardson was $2,954 or 8.96% of personal income.

    Compare the 2011 numbers for Richardson and Plano:
    (R) $3,121 9.72% vs. (P) $1,345 3.47%

    And I'm not CDH ;)

  3. Well, I am CDH and very happy someone else is looking and learning!

    Thank you!

  4. I got 2012 numbers for these cities:

    Richardson | Plano | Carrollton
    Debt per Capita | $2954 | $1314 | $1532
    % of Personal Income | 8.96% | 3.43% | 5.03%
    # of Employees | 997 | 2410 | 786
    Population | 100,450 | 263,750 | 121,150

    I chose Carrollton because it's comparable to Richardson, population wise. I'll continue to add cities to my table.

  5. Anon @11:05 PM

    What is is interesting in the numbers quoted above is that Richardson "needs" five highly compensated executive managers - City Manager, Deputy City Manager, and three Assistant City Managers to supervise 992 employees. Plano only needs three executive managers - a City Manager, and two Deputy City managers to supervise 2408 emmployees.

    Does Richardson "need" more management than Plano because Richardson's are less capable than Plano's? Or does Richardson "need" more management to ensure that almost every issue
    that emerges in Richardson requires a "consultant"?

    Or did Richardsdon's management bloat because the City Council just doesn't get it?

  6. And those five executives of Richardson make more than $900K together (excluding benefits).

    I look at it this way. Carrollton, a city of similar size (population wise), operates with 200 fewer employees and almost half the debt per capita of Richardson.

    Also, Richardson's debt grew 45%, compared to Carrollton's 16% and Plano's 14%, over the last 10 years (2003-2012). The certificates of obligation Richardson issued for business activities WITHOUT VOTER APPROVAL--almost $39MM as of 2012--are very high, compared to other area cities.

    Richardson's debt per capita is higher historically (meaning since 2003), compared to many other cities of similar age.