Thursday, July 20, 2017

Barker's Bo-Bo Budget...His Attention to Detail Is Impressive...NOT

In round one of my 2018 Budget review for the Citizens, I would like to point out the complete lack of attention to the cookie cutter process the City of Pensacola Budget staff and Tricky Dick Barker really put into this important document.

Barker likes to tout his budget awards, but those awards are for form over substance.

Case in point.

On pages 445-450 Barker and the Bo-Bo brigade, detail the City of Pensacola's official Investment Policy to the worlds financial community.

That policy states in 4 places:

Repurchase agreements shall only be entered into with the City’s primary depository, Wachovia Bank National Association (N.A.), which is also identified as a qualified public depository.

The City has entered into only one Master Repurchase Agreement. Wachovia Bank National Association (N.A.), the City’s primary depository, holds the contract.

At this time the Sweep agreement is dormant. On August 1, 2001, the Financial Service Department changed its venue for daily investment of surplus funds. Surplus funds are being invested in a First Union product entitled “Public Funds Now”.

NOTE: Due to the September 4, 2001 merger of First Union Corporation and Wachovia Corporation, the name “First Union National Bank” has been replaced with “Wachovia Bank National Association (N.A.)” in this policy to be consistent with the November 18, 2002 name change. 

News Flash Dick....

In 2008, Wells Fargo & Company acquired Wachovia Corporation to create North America’s most extensive distribution system for financial services

https://www.wellsfargo.com/about/corporate/wachovia/

2008 Dick!  10 Years Dick!  Way to go Dick!

Barker has not made any effort to update or correct the City's Investment Policy since 2010.

First Union and Wachovia are no longer in existence, but Captain Detail continues to burp out the same ridiculous garbage to the capital markets about how the City invests its funds.

Lot's more to come!!

Budget




3 comments:

Anonymous said...

More like Bozo Budget and the nose is apropos! Lest we forget the million dollar Gulf Power debacle compliments of none other than Bozo Barker. Remind me, he gets paid how much to present this trash?

Anonymous said...

Should be a Pinocchio nose for all of his untruths and borderline lies. Make it grow each time you post.

Anonymous said...

Pensacola is the model of what local government should NEVER look like. Barker is just one of many clowns running the city into the ground. Meanwhile, Trashton Hayward, the head clown, is plotting his strategy on how to get elected for a third term of corruption, malfeasance and mismanagement. His first order of business is to openly exploit the black voters he has ignored and neglected for the past 7 years. His administration lacks transparency and integrity, but special snowflakes who are narcissistic sociopaths see themselves through a different set of lenses.