The Encinitas Ranch Golf Authority board of directors is comprised of a Carltas (Ecke) appointee, the City Manager and people he appoints or hires. A few weeks ago Council was asked to allow ERGA to skip debt payments to the city. We were told everything was fine and this was a request to allow ERGA to implement prudent financial planning. We were assured that it wasn't because they couldn't pay.
I went to the last ERGA BoD meeting and heard staff tell Donna Westbrooke privately that last year they had to dip into reserve funds to pay their bills.
The issue is back on the agenda tonight.
It would be nice if the Encinitas Ranch Golf Authority board of directors were composted.
ReplyDeleteWe reviewed their financial data and the legal structure under which they are partnered with the City. According to the documents, the golf course is actually remarkably profitable (given the state of the economy and what's going on at other similarly sized courses around town).
ReplyDeleteWe see this request as a strategically timed request for welfare in order to avoid certain triggers in the original development agreement. The lack of a long term captial improvements plan and the suspect timing leaves us smelling a rat (or two).
Would be nice to have a few folks turn up to oppose!
-Marco
Thanks for looking into this Marco.
ReplyDelete"According to the documents"
ReplyDeleteThe bottom line, and it is actually the bottom line on ERGA's budget, is the net cash flow after debt. This money is to be split with the city which gets 50% and the other 50% goes to paying off the loan the city gave to the developer. Somewhere back in 1995 when the agreement was born, must be an assumption that the net cash flow after debt would be enough to cover the yearly repayment to the city and the city's 50% profit. Whatever the the repayment sum each year, the city should be getting the same amount or more from the cash flow.
"According to the Documents"
ReplyDeletePart II
Apparently, the city hasn't received the yearly 50% of the net cash flow because there's no leftover cash.
In 2008 the repayment was $43,494, and ERGA paid it for the developer from other funds. There was little or no net cash flow that year. Apparently, all the city received was the money it loaned, but not any profit from the golf course.
In 2009 the repayment was $84,425 and again zero net cash flow.
In addition, there wasn't enough money to pay the debt on the CFD#1 bonds. ERGA needed another $242,853. (Page 38 of the financial statements, year ended June 30, 2009).
Now in 2010 ERGA is forecasting a net cash flow after debt of $3,796. The City Council should be overjoyed that their 50% share will be $1,898. That should go a long way in helping the "realignment" of the city budget.
"According to the Documents"
ReplyDeletePart III
At this point the golf course isn't a cash cow for the city or the developer in repaying the developer's debt. Plus the city doesn't receive any leftover cash. Additionally, ERGA had to dip into reserves last year to help pay the CFD#1 yearly debt
Welcome, Marco...
ReplyDeleteJust in time for the people to learn of you, love you, tire of you and finally feed upon you.
The stage has been missing a major player ever since Bob Nanninga died; and now here you are just in time to lead Encinitas back past Oceanside for first prize in municipal madness.
Is Gonzales a dyslexic anagram for Aceti?
NEW REGULATIONS FOR THE HUNTING OF LAWERS
ReplyDeleteGovernment Department of Fish and "WildLife" Sec. 1200
1. Any person with a valid hunting license may harvest attorneys.
2. Taking of attorneys with traps or deadfalls is permitted. The use of currency as bait is prohibited.
3. Killing of attorneys with a vehicle is prohibited. If accidentally struck, remove dead attorney to roadside and proceed to nearest car wash.
4. It is unlawful to chase, herd, or harvest attorneys from a snow machine, helicopter, or aircraft.
5. It shall be unlawful to shout "whiplash", "ambulance", or "free Perrier" for the purpose of trapping attorneys.
6. It shall be unlawful to hunt attorneys within 100 yards of BMW
dealerships.
7. It shall be unlawful to hunt attorneys within 200 yards of courtrooms, law libraries, whorehouses, health spas, gay bars, ambulances, or hospitals.
8. If an attorney is elected to government office, it shall be a felony to hunt, "entrap", or possess it.
9. Stuffed or mounted attorneys must have a state health department inspection for rabies, and vermin.
10. It shall be illegal for a hunter to disguise himself as a reporter, drugdealer, pimp, female legal clerk, sheep, accident victim, bookie, or taxaccountant for the purpose of hunting attorneys.
BAG LIMITS
(Maximum number of catches allowed per hunting season)
1. Yellow Bellied Sidewinder...........(2)
2. Two-faced Tort Feasor...............(1)
3. Back-stabbing Divorce Litigator.....(4)
4. Small-breasted Ball Buster..........(3)
(Female only)
5. Big-mouthed Pub Gut.................(2)
6. Honest Attorney.....................(0)
(On the Endangered Species List) (Illegal to hunt)
7. Cut-throat..........................(2)
8. Back-stabbing Whiner................(2)
9. Brown-nosed Judge Kisser............(2)
10. Silver-tongued Drug Defender.......($100 BOUNTY)
You're a sick puppy and have way to much time on your hands. Did you lose a lawsuit recently?
ReplyDeleteTrashing a person anonymously is almost beyond contempt. Coast Law Group, of which Marco Gonzales is one of the founders, gave $1,500.00 to help us put on Encinitas Environment Day. There were only a couple of other companies willing to put up that kind of money and most businesses said no, even to raffle items. So, before all of you anonymous people trash him any further you might want to consider this kindness.
ReplyDeleteThank you Donna for your amazing ability to get City records and downsize them enough for me to understand. You are another asset to Encinitas.
there are only a few trashing Marco but most of us agree with him and support him. I am glad he is around doing what he is doing. Are Oceans are much cleaner because of him and our City's rat action are and will continue to be much less with him in the picture.
ReplyDeleteI am glad he's here. Here Here to Marco. May you all focus on doing something good for your community instead of playing special interest favors.
A couple of the constant rats in Encinitas tend to be David Meyer supported by choir boys fat boy Mike Andreen and his dwarf Tucker the Fucker.
With every story there is good and evil; ying and yang.
Encinitas has theirs as well- Marco and all the positive community members focused on bettering our earth and community are on the good side; the evil empire are the rats.
At least one of the evil villains, Mick Patterson, was castrated recently.... he heee heeeeee.
Too bad he left a bid poop sitting in the north part of our fine town. How irresponsible.
Let the battles continue.