Taken directly from the 2014 City Audit are some interesting facts:
Item #1 on page 18 of the 2014 Audit lists the General Fund Balance as $2,734,947 as of Dec. 31 2014; however, on page 40 it shows that the general fund as of Dec. 31, 2014 owes an inter-fund payable of $2,874,738 which is more than there is in the general fund. This results in it a negative total balance of $139,791. Even if you add in the receivables to the General Fund of $422,093, the true balance of the city’s general fund is not $2.7 million but only two hundred and eighty seven thousand dollars. To maintain the $2.7 general fund façade the city will be paying last years $2.8 million payables with the taxes collected this year.
And what’s with Item # 2? On page 4, at the end of Dec. 31, 2013, the city debt was $5.5 million and a year later at the end of Dec. 31, 2014 the City’s debt was increased 30% to $7.2 million. To no avail there have been plenty of public comments in this paper about the city’s comingling of city funds with the State Transportation Fund, as well as transferring some city expenses to TIF expenditures. But today with the general fund being a financial façade, city debt increased by 30% and with the city to soon lose the $2 million a year support from TIF #4. An inevitable financial crisis is approaching.
To stave off this inevitable financial nightmare for a few more years the city will again raid the lakefront and parking meter funds and use the $2.5 million from TIF closure for city expenses. It will then turn to more borrowing as a means of covering future short falls. Is anybody at all watching what’s going on?
Do Lake Geneva’s supposed leaders run their own family economics toward the same potentially cliffs of financial disaster? No wonder deals are being made left and right to convert privately owned driveways into paid parking spaces and streets being narrowed to accommodate more paying parkers.
Oh no! The owner of Louie’s Pizza, located at the intersection of South Lake Shore and Willow, died last weekend. What happened? Scott Louis, age 52, the most friendly ‘biker’ kind of guy who owned and operated the place, died last Friday of a heart attack. Louie’s Pizza, his love, built a reputation for great reasonably priced pizza, burgers and even meatballs. Louie’s Pizza remains about the only place on the south side of Lake Geneva where workers can get great hot food nearby, where surrounding neighbors can call in for hot pizza delivered fast, and the fabulous french-fries are to be had at just about any hour. The present tense is used, with respect to Louie’s Pizza, because it is hoped that his wife and family, who took turns helping Scott make Louie’s a local institution, will keep the place going. Exactly what is going to happen remains unknown and the Geneva Shore Report will update as more information becomes available. There will be a memorial service but the date, time and place are not confirmed. They will be confirmed by next week’s issue of the Geneva Shore Report. Louie’s is survived by his wife is April and 3 daughters, Shelby, Montana and Stephan. Our hearts go out to them all.