Tired of paying your ever-rising Public Utility bills?
Well, hold on because if you are already experiencing "rate fatigue" the worst is yet to come.
And as you will see, the PUB cash cow has been milked by the city for more than a decade by its board and even more by the City of Brownsville whose hunger for grows ever more insatiable.In case you didn't know, the PUB is carrying principal amount outstanding in bond debt of $303,583,000. And that's not counting the costs associated with the $325 million that the Tenaska-city "partnership" (that word again!) will add to it. That will propel the debt to PUB ratepayers well into the $600 million range. Ain't it great to be a stakeholder without any say so into how your money is spent?
But not to worry, even though the bonds have been rated "negative" by Fitch, the sailors (mayor Tony Martinez and the city commissioners and the PUB board) have just come ashore on leave and someone's got to pay the piper. And that's where we come in fellow ratepayer.
How is all that debt money going to get paid for their grandiose plans? Look at the graphic below and see. (Click on graphics to enlarge.)
But that's not all.
Not only is the utility mired in debt, but it also seems like the city can't live within its means with its annual $90 million-plus budget.
Even with annual cash "transfers" to the city from PUB and the classification is due in part to the AEP settlement proceeds of $3,060,000 received during fiscal year 2013, the fellas and gals over at City Hall still can't seem to live within their means.
PUB has been used as a crutch by the city commissioners and administration ever since we can remember. The data we have acquired for the last decade or so indicate that it amounts to a tidy bit of cash. As the saying goes, a penny here a penny there adds up to real cash after a while. Take a gander at how the boys at City Hall have been raiding the PUB kitty.
Now, this would be bad enough, but there's more.
During the last two years, we have added an additional $21 million in debt through the issuance of Certificates of Obligation under the stewardship of Hizzoner Da Mayor Tony "Panhandler" Martinez. Look at the numbers provided to us through a Request for Information from the city.
CITY OF BROWNSVILLE, TEXAS DEBT ISSUED SINCE MAY 2012
Certificates of Obligation, Series 2012 A 11,220,000
FY 2013
Certificates of Obligation, Series 2012 B 1,100,000
Taxable FY 2013
Combination Tax & Revenue C.O. 8,505,000
Series 2013A FY 2014
Combination Tax & Airport Revenue C.O. 1,100,000
Series 2013A (AMT) FY 2014
TOTAL 21,925,000
Oh, yeah! Between the PUB and the city debt, the kiddos don't know what awaits them. Tired of your property tax and PUB bills yet? Heck, just pass it on to the children. Yeah, that's the ticket!
8 comments:
Why is the CURRENT PUB rate per KWH twice that of The Woodlands, Texas, one of the wealthiest places in Texas. This will be even more with the rate INCREASES.
Look into the finances of Cameron County and see how much money is brought in from bridge tolls. How many other counties finance their budget by bridge tolls? And, technically this is illegal as it violates the Interstate Commerce clause of the Constitution.
This is what is called sound financial footing. Poorest city the free world and look how they pay their bills! By dirty tricks...
Juan, cuantos ganchos gachos al higado aguantas?
Da Mayor disguised in a Nun' Habit was spotted asking for Alms again at the Price over-pass and Expressway. This time he was eluding Taxpayers for city's commissions shenanigans. He is Da Mayor of a 1000 disguises.
The city has no respect for the taxpayers and we continue to see evidence of Kardenas Klan Management from the city (Tony Martinez) and other associates of the Kardenas Klan. They have never had a tax dollar that they couldn't find a way to spend. This city makes Obama's administration look like fiscal experts. This administration has taken the city to rock bottom and has achieved nothing in return. We are one of the poorest cities in the nation, paying utilities costs equal to the richest cities. Our mottos here continue to be "Ignorance is Bliss", and Brownsville doesn't just accept corruption, we demand it from our public officials. As long as the power, sewage stays active, the citizens don't care. We have so much garbage around town, it would take the public six months to realize service was ended.
Man fuck that bullshit its time for a revolt!
Otra vez este pendejo parlanchin....
The only ones to blame is you FUCKING DUMBOCRATS FOR VOTING DUMBOCRATS IDIOTS.
Who the party is always criticizing Da Mayor is disrespectful of his Title of Mayor. He should wear better disguises other than the ones he has been seen.
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