Here is a Daily Local News article on West Vincent refinancing their debt. http://www.dailylocal.com/article/20120316/NEWS01/120319626/west-vincent-oks-debt-refinancing&pager=full_story

West Vincent's Bond Rating is based heavily on the value of real estate and earnings of residents. The rating is Moody's Aa3, the equivalent to Standard & Poors AA- rating. Remember when the US was dropped to AA+ and shocked the citizens? This rating is two BELOW that rating.

If you recall, West Vincent Township acquired a lower interest rate, then borrowed all of the money saved (a savings of over 9% of the principal according to my calculations), PLUS ADDITIONAL MONEY to do projects in the township. Why? Because the Supervisors said the money was cheap to borrow. But was it a very good idea?

It was a good idea for the people that put the bond deal together. The Daily Local article didn't mention that Boenning & Scattergood make great money off from this deal. The representative of the company, Michael Wolf, SAID it was a good idea.

It was a good idea for the law firm of Lamb-MacErlane. They will make good money from their work in making this happen. The lawyer representing the firm SAID it was a good idea.

How much is being made by outside sources? $112,000. ONE HUNDRED AND TWELVE THOUSAND DOLLARS.

Lastly, Ken Miller, Roadmaster and Chairman of the Board of Supervisors thinks it's a great idea, because he has lot's of projects he wants to do, since he hasn't COMPLETED any road projects for years, maybe decades? There is an exception. The Dewees Lane project (at Rt 401), contracted wholly to an outside contractor, was nicely completed in just a couple days and done inexpensively. Otherwise, the money flies out to the Roads Department budget like a tornado, leaving with no specific direction. So Ken will have money to skim from all those jobs.

There are plenty of beneficiaries that think this is a dandy idea and reap benefits and money from this re-finance/borrow more scam but they don't have to pay the bill. YOU DO!

Would you like to see the real condition of the Township? Here are the first two months of Budget vs Actual which reflects the lifeblood of what is going on. I show starting with page 3 (the first 2 are income), then look in the far right column to see how many categories are OVER BUDGET.

How can I tell what is over budget, you might ask? Just look in the far right column. If the number is OVER 100%, it is over budget. How much over budget is reflected in the percentage. For example, the TOWNSHIP MANAGER'S SALARY (cleverly named Admin Manager so the reader may gloss over it) is OVER BUDGET and that is a FIXED SALARY!!!! This has been a habitual scam for many years, or should I say skim, once again.

Although there are some numbers showing no increase over budget there are many showing massive expenditures over budget, one was item almost 3,000% over budget.  Yes, this example was a relatively small amount.  But look at the total amount spent over budget, for all expenditures, shown at the bottom of the last page.

In the first 2 months of this year West Vincent township expenditures were almost 300% over budget.  I'll say that again. 300% OVER budget for all expenditures.

How would your family survive if your expenses were 300% over your anticipated expenses?  Would you think it prudent to spend so much?

Is that why it was so important for West Vincent to get that bond approved and borrow more money?

Remember.  300% over budget.  Could you do that, at home?


To see my previous mailings please click on http://tinyurl.com/westvincentinfos  As usual, if you want to be on or off my list, or have some comments or suggestions, or know someone who would like to be on the list, please let me know.  Feel free to forward this email on to anyone you think might be interested.   Especially though, if you don't want to continue to receive my mails, please tell me, it will be done.  Just hit reply to this email or write to chestercountynews@gmail.com

Best wishes