WPCNR MR. & MRS. & MS. WHITE PLAINS VOICE. May 6, 2005: Former Mayor of the City of White Plains, Alfred Del Vecchio has written WPCNR to set the city straight on fund balance. Here is the Mayor's Letter to WPCNR:
John,
A lot of misinformation has been given about the White Plains Fund Balance in the city of White Plains budget. The taking of millions of dollars of Parking Authority assets in the city's general fund does not constitute a replenishing of the city's fund balance. Neither does the selling of city land. Here's a simple analogy.
If I have a joint business account with my wife and I deplete my portion of that account, I cannot (assuming I had the authority) change that joint account over to my name only and say to my creditors, "My assets are whole so you can continue to do business with me." That, of course, would beg the question, "What happened to your partner?" Second, How long could I continue to do business if my spending commitments continue to deplete the account, and, which hospital do I go to to fix my broken bones when my wife finds out?
In any event, the city's fund is still depleted no matter how one tries to spin the story. The fund balance of the city has not been replenished in keeping with good accounting practice, in my humble opinion. I don't run my business that way, and I doubt that any of our elected officials would run their business that way. They need to be constantly reminded that they are spending taxpayer's money to the tune of over $100 million a year.
Alfred Del Vecchio
