Comment

Comment by Willy on January 19, 2015 at 5:31pm

Thanks for your kindness Aquaman but the definition of ignorance is being "uninformed and uneducated".

Comment by AQUAMAN on January 19, 2015 at 4:08pm

In your case Willy, I'd prefer to think of your lack of understanding as just simply uninformed/uneducated in this particular science. Ignorance/stupidity does not pertain to you, or anyone with intelligence enough to seek knowledge and information. I found and posted the income statement, and hope this can further your understanding of the situation. If not, let me try again anyway for fun and education. Thanks.

Comment by Willy on January 19, 2015 at 2:00pm

Thanks for trying Aquaman. I'll just have to be content with my blissful ignorance.

Comment by AQUAMAN on January 18, 2015 at 8:53pm

The part of the trial balance that indicates money in/money out is called the income statement. The balance sheet indicates the assets and liabilities. You'll have to refer to that income statement for revenues from taxes. The expenditures for city street repairs also is in the income statement, along with all other city expenditures/monies out. Street repairs are fundamentally associated with routine expenditures for infrastructure, and are supposed to be spent according to bad road repair needs, which we have numerous examples anywhere you look in town almost. The most recent and repetitive road repairs have been around the city marina, harbor  view marina, S. James St., and recently, after put off over 30 years, Dowland St.. This is for the window dressing of the COL, or tourist traffic imho. If I scanned the income statement portion of the balance sheet and can find it, I'll post it soon. Any book on bookkeeping or accounting can explain this in detail if I didn't cover it properly. Thanks. 

Comment by Willy on January 18, 2015 at 5:47pm

Sorry, but I still don't get it. I know it's a balance sheet but I would appreciate it if you could explain it to me. Is this form showing money coming in and money going out? If so I don't see where tax revenues are involved except possibly under "general funds". If this just shows the City's investments then what do items like "major streets" have to do with it?

Comment by AQUAMAN on January 18, 2015 at 1:28pm

Of course both sides match, that's why it's called a balance sheet. And of course the cash reserve funds have gone up since 2009, interest and more (overtaxed) funds have accumulated. It should be around $10 Million by now. Bottom line is who's fooling who? COL keeps crying they are broke, when in fact they are far from it. I guess if you tell a lie enough times and long enough, everyone will believe it. I never believed it to start with, the COL has too high a credit rating, and didn't get it by being broke or under-taxed.

Comment by XLFD on January 18, 2015 at 10:33am

Aquaman, I've seen a recent balance sheet where the City of Ludington keeps its excess funds.  It's went up.  I'll try to provide it when I have more time and can find it.  It's also more understandable to see where the City's excess liquid assets reside. 

Comment by Willy on January 18, 2015 at 9:43am

I don't understand the balance sheet. Was the money listed on the top portion spent on the items in the lower portion, because the bottom lines on both the upper and lower portion of the sheet match?