Posted on 06/11/2010 1:39:09 PM PDT by La Enchiladita
DOWNTOWN LOS ANGELES – City Controller Wendy Greuel had harsh words this morning for the Los Angeles Department of Water and Power, saying it “misled” government officials and the public about a controversial transfer of money to the city’s ailing general fund.
Greuel held a press conference at the DWP headquarters at 111 N. Hope St. to present her findings of an audit into whether the department had the capital to make the $73.5 million transfer. Department officials had warned they might not be able to do so after the City Council rejected a proposed rate hike.
The audit determined that the DWP did not need an electric rate increase to complete the transfer. Greuel also said that none of the reasons given by the DWP for refusing to transfer the money were supported by facts. They “misled the council, the mayor and the public,” she said.
“The impact of DWP’s actions unnecessarily plunged the city into a fiscal crisis which contributed to the downgrading of the city by the bonding rating agency,” she said.
Greuel said that the DWP’s Power Revenue fund had approximately $752 million, which she said was more than enough to transfer the $73 million to the city without putting itself in financial jeopardy.
(Excerpt) Read more at ladowntownnews.com ...
Yeah, plus, they will be seeking water and power from another source now that they are boycotting AZ, right? I bet that will save money ... NOT!
It is a pretty good bet that they won’t be able to get more from Texaas.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.