Let’s let the experts explain it:
There were a lot of compliments to staff on how well they handled the budget crisis. They were forthcoming and had done indepth preparation for the audit that was going to be done. The representative from McGladrey group did an excellent job explaining not only what happened but ways to minimize the chances of similar mistakes occuring again. She reiterated that there was no fraud or waste and that tax payers money had not been squandered.
Sometimes events happen and the earth screeches to a halt on its axis, then abruptly starts rotating in the opposite direction. Today was such a day. Hold on to your seats. Mistress Moon and Elena agree with Corey Stewart.
Corey defended the practice of saving money. Is it possible to over-save? Is it possible to save too much money for a rainy day? For an emergency? For when times aren’t as good? Corey says no. It is fiscally responsible to save more than you need. I only heard one person disagree with him. That was Pete Candland. Pete not only disagreed with him but he rolled his eyes, shook his head and made facial gestures. To me, the behavior was disrespectful to his colleagues. Additionally, what Pete proposed or questioned showed his lack of understanding of how large municipalities are run. He appears to miss the complexities of a budget this size.
Corey was right. In fact, he sounded downright reasonable and responsible. He was back to being that old eagle scout.
In order to keep the AAA bond rating, we must have $10 million in the contingency fund. That is 1% of the annual budget. Prince William County, because of the unknown variables involved with sequestration and with the state requiring more from localities for VRS, is erring on the side of caution with what might appear to some to be more savings than are needed. We have about $20 million or 2% of total budget in the Revenue Stabilization Fund, twice as much as required to have the AAA bond rating. Great that we can handle emergencies. That is the fiscally responsible thing to do. If we do have contingencies, then we won’t dip below the designated level.
For Pete to criticize the county for saving too much money sounds out of touch and and frankly, fiscally irresponsible. Saving more than is needed is what my mother used to call a fine fault.
