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
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
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
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?
WANT TO FINALLY EXPRESS YOUR FEELINGS TO WEST VINCENT? HOLD
YOUR LOCAL TAX PAYMENT AS LONG AS YOU CAN. IF YOU CAN AFFORD THE
SMALL PENALTY, DON'T PAY UNTIL THE END OF THE YEAR.
To see my previous mailings please click on http://tinyurl.com/westvincentinfos
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