Thursday, November 12, 2009
Wharton Responds Testily to Joe Ford's Criticism of "Former" County Administration
Says remarks were political and commissioner "doesn't know enough" about county's finances...
Posted by Jackson Baker on Thu, Nov 12, 2009 at 1:54 AM
- JB
- Mayor A C Wharton exchanged business cards with 91-year-old veteran Frank Mullinax after ceremony at West Tennessee Veterans Cenmetary in Germantown.
Memphis mayor A C Wharton got in some smack talk Wednesday in response to Shelby County Commissioner Joe Ford’s critical remarks Monday about the financial prowess of Wharton’s recent administration as county mayor. Ford made the remarks in the course of his still unresolved contest with fellow commissioner J.W. Gibson to become interim county mayor.
Midway of the nearly 30 ballot-marathon that failed to produce a winner, both Ford and Gibson bridled at Commissioner Deidre Malone’s attempt to break a recurring 5-5 impasse in the voting by nominating a would-be compromise candidate, current county CAO and finance director Jim Huntzicker, who occupied that position under Wharton.
Gibson, the beneficiary of Malone’s votes up to that point (and later) seemed mildly put out, saying to Malone, “You never cease to amaze me.” But Ford used stronger language, suggesting that the “former administration” was guilty of outright fiscal mismanagement that could result in “disaster” if its financial practices were to be continued for the next several months.
Asked his reaction following a Veteran’s Day ceremony Wednesday, Wharton said Ford was off base with the criticism, which he said showed little understanding of the facts. “That’s one place he should never have gone,” Wharton said, suggesting that Ford’s remarks were made for political effect and nothing else.
Wharton was asked if Ford’s criticism should therefore be regarded as “ill-founded,” and responded, smiling wryly, “He doesn’t even know enough about the question to have any idea whether what he’s saying is ill-founded or well-founded or whatever.”
Comments (5)
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Here's some of what is in the "black box" surrounding county debt service. This has always appeared to be more financial wizardry, than down & dirty budget fighting.
from Shelby County Press Release 18 January 2006
Debt service requirements are driven by three factors: 1) amount of debt issued, 2) interest rates, and 3) repayment schedule. To accomplish the reduction of peak debt service to $183 million, the County is planning to structure Series 2006A and B in three components around existing debt service: 1) the first 10 years will be issued as fixed rate bonds through a competitive sale; 2) the remaining 15 years will be issued as variable rate bonds, 3) the variable rate bonds will be swapped to fixed rate through negotiated swaps with Goldman Sachs and Morgan Keegan.
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Scott,
When local government (see link below) gets this complex and complicated, who would you trust? I'd bet if you sit down with every commissioner and review the budget (along with line items) and the financing involved, half wouldn't have a clue (along with the rest of us) on debt, spreads, swaps, expenditures, transfers, properietary funds, EMCPs, contingencies & restrictions, etc. I think the county debt debate (along with the MED) was never flushed out in our city's last campaign. Probably for good reason.
http://www.shelbycountytn.gov/FirstPortal/…
I agree that the minutia boggles the mind and that nothing substantive came out of anything called debate in the last campaign. I'd prefer that local government were limited to setting priorities and selecting the best competitively bid professional management team(s).
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