The Government of Coral Gables is Broke, Bungling and Broken
November 24, 2010 Leave a comment
Basically, this signals three small problems:
- The city is penniless because it doesn’t have the money to pay a mere $1.2 million overcharge (call it a loan) to FEMA.
- The city has a bungling financial management.
- The EDGE computer accounting system is broken.
Equally, the taxpayers will pay–this was a loan from FEMA in lieu of a tax increase.
Coral Gables City Manager Patrick Salerno said the total $1.2 million to be repaid will come out of the city’s reserves over a period of 10 years in annual payments.