Save Jerry McHale: Rrun Rrun

EL RRUN RRUN
http://rrunrrun.blogspot.com/

---------------------------------------------------------------
AFTER BISD FACILITY CONSTRUCTION BINGE, THE CHICKENS COME HOME TO ROOST
---------------------------------------------------------------
Sept. 28 â€" The Fitch Ratings Service downgraded $166.1 in unlimited tax (ULT) bonds, series 2001, 2005, and 2006 bonds to 'AA-' from 'AA': â€" $166.1 million unlimited tax (ULT) bonds, series 2001, 2005, and 2006. The Rating Outlook is revised to Stable. SECURITY The bonds are secured by an unlimited ad valorem property tax pledge. The bonds additionally carry a guarantee from the Texas Permanent School Fund (PSF), whose bond guaranty program is rated 'AAA' by Fitch. KEY RATING DRIVERS DIMINISHED FISCAL CUSHION: The key rating drivers supporting the downgrade to 'AA-' are the significantly diminished fiscal cushion of the district and limited ongoing budget flexibility. A projected fiscal 2012 surplus would arrest the trend of significant draws on fund balance. However, the current level of available reserves, which Fitch expects to remain below the district's formal target, together with limited revenue raising ability and mixed economic base is more consistent with the lower 'AA-' rating. <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjlcLtROK4BNRUBJG55JpQFkb73JWVJMHMkvMpJSI-F_7UrDDbyom6zwc4mZdIymHPBqyF0yjlhRECSiM8fF0LU-DXLeyVMOZkq6P0Jdzx2tFsNTjZ-m_WcAUQOt9BgmgC2o3XyEdIIJOo/s1600/bisd.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="205" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjlcLtROK4BNRUBJG55JpQFkb73JWVJMHMkvMpJSI-F_7UrDDbyom6zwc4mZdIymHPBqyF0yjlhRECSiM8fF0LU-DXLeyVMOZkq6P0Jdzx2tFsNTjZ-m_WcAUQOt9BgmgC2o3XyEdIIJOo/s320/bisd.jpg" width="320" /></a>FINANCES APPARENTLY STABILIZING: The Stable Outlook reflects positive steps the district has taken to return to budgetary balance, including management of state aid cuts in fiscal 2012 and adoption of a fiscal 2013 balanced budget. STABLE TAX BASE: The district's proximity to Mexico and an extensive and expanding transportation network support strong international trade activity. Tax base growth resumed in fiscal 2013 after being flat in the prior two years. WEAK SOCIOECONOMIC INDICATORS: District wealth levels are low, and the region suffers from structurally high unemployment and poverty rates. MANAGEABLE DEBT LOAD: Overall debt ratios are low to moderate due to generous state aid for debt service. The rate of amortization is average. FLAT ENROLLMENT: Current-year enrollment is flat after declining modestly in 2012, demonstrating the impact of charter-school competition. CREDIT PROFILE BUDGET FORECASTS MISSED THE MARK FROM 2009 - 2011 <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2fHoj1cc1Hjk_CGQFAeP_hIGHMbAIFzDR1HLs5bs_l5w_Dx04g0B5OQNCY491kElGpi_I5iXw_SkLAxyobk_QiFSD4QTIDnBEojiFHJkqRo6vjt8KbTvvGO6MV-rb7KF1RzgFg3uCDMA/s1600/vets.jpg" imageanchor="1" style="clear: right; float: right; height: 219px; margin-bottom: 1em; margin-left: 1em; width: 304px;"><img border="0" height="228" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2fHoj1cc1Hjk_CGQFAeP_hIGHMbAIFzDR1HLs5bs_l5w_Dx04g0B5OQNCY491kElGpi_I5iXw_SkLAxyobk_QiFSD4QTIDnBEojiFHJkqRo6vjt8KbTvvGO6MV-rb7KF1RzgFg3uCDMA/s320/vets.jpg" width="320" /></a>Declines in operating reserves in fiscal years 2009 - 2011 were largely to fund facility construction but were exacerbated by construction cost overruns, unplanned capital outlays, and over-budgeting of enrollment-driven state revenues. The net effect has been a cumulative 44% decline in general fund balance during this three-year period and a drop in the unrestricted general fund balance (the sum of committed, assigned, and unassigned per GASB 54) to $83.3 million or 19% of expenditures and transfers in fiscal 2011. While this level of reserves still provides a solid fiscal cushion, the declining trend is troubling and the budgetary fund balance is below the district's formal fund balance floor of 75 days of operating costs. Of concern to Fitch is the instability in the administrative team in recent years, which coincided with the trend of negative budget variances. In addition, in contrast to Fitch's prior understanding, the district lacks the ability to increase its operating tax rate without voter approval which limits budget flexibility. RETURN TO BUDGET BALANCE FORECAST IN 2012; OUTLOOK FOR 2013 UNCERTAIN The new management team, which has been in place since June 2011, is forecasting a modest operating surplus after transfers in fiscal 2012 (June 30 fiscal year), which is notable given that interim projections called for a $4 million draw-down on reserves to fund targeted campus improvements added to the budget. The original budget was trimmed to absorb a nearly $18 million reduction (6%) in state formula-funding; officials froze salaries and hiring and initiated an early retirement incentive to achieve measurable attrition savings, while also using $9 million in one-time federal aid. Management reports that tighter cost controls and ongoing attrition savings will yield a $600,000 surplus after transfers. This would keep the unrestricted portion of general fund balance at roughly $84 million or 19.0% of spending and transfers on a GAAP basis. <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi0JWCx-WAZy4mf8HqWDE2VngGxx11JtFjmaPMvn2yOtQjrjpfdQDUdMieoyrOxrjqg6xPo-AMu28BVyx_deT3tL7LUd4oGBST380yNS_56fvPi1icKq9jzow_1xU6HhXphXDpilYNq32s/s1600/breeden.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="238" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi0JWCx-WAZy4mf8HqWDE2VngGxx11JtFjmaPMvn2yOtQjrjpfdQDUdMieoyrOxrjqg6xPo-AMu28BVyx_deT3tL7LUd4oGBST380yNS_56fvPi1icKq9jzow_1xU6HhXphXDpilYNq32s/s320/breeden.jpg" width="320" /></a>The $423.7 million 2013 budget was balanced due to a stabilizing revenue picture, as gains in local funding from climbing AV and modestly improved state revenues more than offset the loss of one-time federal funds. Spending is up 5.7% from the 2011 budget to absorb a one-time staff retention payment, costs associated with the opening of three new campuses, and expansion of a federally-reimbursed school breakfast program. However, an unbudgeted lawsuit settlement ($700,000 net cost to the district) was just recently paid from general fund resources. Average daily attendance, which is a key revenue driver, remains flat in 2013 after declining modestly last year due to charter-school competition. Management expects a level enrollment trend for the near-term, but further enrollment declines could also pressure operating revenues. MANAGEABLE DEBT BURDEN DUE TO GENEROUS STATE DEBT SERVICE AID The state currently supports about 67% of the district's debt. As a result of the generous state support and pay-go capital spending practices, direct debt levels and the debt burden on the budget are very low; overall debt is low to moderate at $1,629 per capita and 4.9% of market value. The district issued $41.2 million in limited tax qualified school construction bonds (QSCBs) in 2009 and 2010 to complete several new campuses and make district-wide facility improvements, but has no ULT authorization and no current plans to issue new debt. The QSCBs are paid from general fund moneys and could have a modestly adverse impact on the budget if the federal sequestration were to reduce the subsidies, a situation Fitch is continuing to monitor. Pension costs are statutorily determined by the state and were a low 1.3% of 2011 spending as most of the cost belonged to the state. ECONOMC HUB OF THE RIO GRANDE VALLEY Brownsville is the population and economic center of the expanding lower Rio Grande Valley. The area economy is largely driven by manufacturing reflecting its location across from Matamoros, Mexico and extensive transportation network (including the Port of Brownsville). The city's low cost of living and doing business support continued economic growth, and a growing healthcare and education sector, including a branch of the University of Texas, contributes to the stability of the region. The potential for prolonged manufacturing stress coupled with the shortcomings of a relatively low-skilled labor force and vulnerabilities in Mexico's economic outlook are concerns inherent to Fitch. Growth in the district's tax base accelerated in fiscal 2013 after stalling in the prior two years; TAV has averaged 1% annual gains from fiscal years 2008 to 2012 but climbed 3% in fiscal 2013 to $4.8 billion. Typical for the border area, the city's unemployment rate is high (12.3% in July 2012) and income levels are very low.<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/6016803033174468094-2891041840317253073?l=rrunrrun.blogspot.com' alt='' /></div>
LINK: http://rrunrrun.blogspot.com/2012/09/after-bisd-facility-construction-binge.html

---------------------------------------------------------------
SALINAS, HERALD, LOWER SPACEX EXPECTATIONS,
---------------------------------------------------------------
â€œThat should remind all of us that we canâ€™t solely rely on geographic location as an advantage over other states,â€ he said. â€œItâ€™s going to take a lot more to land this project.â€ Brownsville Economic Development Council guru Gilbert Salinas with his eco-develop translation of "mochense mas" commenting on news that Space Florida was acquiring 150 acres as an enticement to lure a certain rocket launching firm which shall remain unnamed there. By Juan Montoya Suddenly, Cameron County's  geographic location isn't that hot of a selling point, according to BEDC's Gilbert Salinas, who has used it to illustrate the "slingshot" effect on rockets because we're supposedly "nearer to the equator" than other sites, notably Florida. <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1xZf6uKlyPWl-1x-XQDqAq7j5ErAcNVJeAKa7UOZvIjos7ueXIWASZgd_nbUdipplhZglr6K-JHtD0c40fy4DVztfBP-ZjWddxxR6u8qUmq7yDdg3mSl8ttVihX3m-vQUxjfC84tVRO4/s1600/sal.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1xZf6uKlyPWl-1x-XQDqAq7j5ErAcNVJeAKa7UOZvIjos7ueXIWASZgd_nbUdipplhZglr6K-JHtD0c40fy4DVztfBP-ZjWddxxR6u8qUmq7yDdg3mSl8ttVihX3m-vQUxjfC84tVRO4/s1600/sal.png" /></a>But now that Emma Perez-TreviÃ±o has revealed that Floridaâ€™s Lt. Gov. Jennifer Carroll, who chairs the Space Florida Board that seeks to entice space-tech industries wrote September 20 to NASA Administrator Charles F. Bolden, Jr. and U.S. Department of Transportation Secretary Ray LaHood letting them know the entity was seeking 150 acres to offer SpaceX to move their launch pad there. Of course, no one in Florida admitted that the state had SpaceX in their sights, but it stands to reason that with Elon Musk's company slated to perform at least 12 commercial launches, and the resupply of the International Space Station â€" the majority from Cape Canaveral â€" it doesn't take a rocket scientist to put two logarithms together.  Emma said that The Valley Morning Star secured the letter from Carroll to the state of Florida. Carroll enlisted the cooperation of the two officials to facilitate Space Floridaâ€™s purchase of the 150 acres. It is obvious that the "geographic advantage" of being closer to the Equator that has been hailed as giving South Texas an edge over its rivals (Florida and Puerto Rico) was a mirage. We have pointed out here that the last time we looked at the map, the location of the competing site in Puerto Rico is closer to the equator. In fact, Cape Canaveral, the other competitor, is less than three degrees in latitude than Brownsville (25.9014 to 28.4556) , a negligible difference. So much for geographic advantage. Now, we know that a lot of people locally â€" including Salinas â€" have hitched their wagons to the SpaceX star. We have stated in the past on this blog, and SpaceX officials themselves have said, that their company is not planning going to launch staellites for NASA from Boca Chica. Neither will there be manned space flights taking off from the salt flats by Koepernick Shores. All that hoopla has been fueled by the rah-rah boys over at BEDC, members of the city commission, and Hizzonor Da Mayor Tony Martinez. <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj00pbtt_sxXTbhVpbR7Zok5cjOEO1A6XdzrygY1uX_w4H54TXRB6mmRRNy-_wSpQYItCPYH4AG3lLbi1p7FPpj0PmzZJOJtRbCSmiEBvcmrtljzThNK5C9byPK4QL9LWAbBEjfIuSEJUA/s1600/aspacex.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj00pbtt_sxXTbhVpbR7Zok5cjOEO1A6XdzrygY1uX_w4H54TXRB6mmRRNy-_wSpQYItCPYH4AG3lLbi1p7FPpj0PmzZJOJtRbCSmiEBvcmrtljzThNK5C9byPK4QL9LWAbBEjfIuSEJUA/s1600/aspacex.jpg" /></a>City commissioner Jessica Tetrau-Kalifa even showed up dressed in matching SpaceX blue with her son in a darling SpaceX jumpsuit at the FAA hearing (read cheerleading session) held at the ITEC building in the old Amigoland Mall lobby. It heartens us to see that some critical thinking has replaced the cheerleading in the local press. The geographic location mantra has been bandied about ever since BEDC unleashed their "Honk if you love SpaceX or be prepared to get run over" campaign on the local populace. At first, Salinas even said that the Boca Chica site would be used to launch flights to the ISS, but has notedly deleted that claim from his latest presentations. What else could he do? When Steven Davis, SpaceX's Director of Advanced Projects, came to Brownsville, he told us that the company was not going to use the Boca Chica site for any such thing. He knew that the FAA would not allow any space launches that included a trajectory over populated land masses. Any launch from South Texas, by necessity, would have to be aimed at at least a 42-degree trajectory that would take a the rocket over Corpus Christi or Houston and the Midwest. Even the satellite launches SpaceX is contemplating would require some nifty engineering because the flight path of any launches from here will have to go over populated land masses. Can you guess which ones? How about Florida, our competition. And Cuba, too. Given that requirement, very few people think that the launches are possible, although Davis â€" bless his heart â€" said that SpaceX engineers had the skill to "thread the needle" through the "Florida-Cuba" gate. In a document put together by NASA and the Dept, of Defense numbered MT 61-109546 and tittled "Joint Report on Facilities and Resources Required at Launch Site to Support NASA Manned Lunar Program" authored by personnel of both entities, Brownsville was one of eight sites being considered for the launches. Other sites included the White sands Missile range, Cape Canaveral (on-shore), Cumberland Island (Ga.), Brownsville, Cape Canaveral (off-shore), Hawaii, Mayaguana and Christmas Island. Granted, that the size of the lunar mission operation would have to be much bigger than the commercial launch zone envisioned by the promoters of the SpaceX site, yet there are some issues associated that have not changed much in the past 51 years since the initial search was being conducted. The hangup with Brownsville, beside the costs, was the flyover over populated land masses. Florida boosters are not only enticing SpaceX with the 150 acres of real estate next to Cape Canaveral where the firm is already performing launches, but we have also learned that they have raised the ante to close to $10 million in incentives. Now Salinas and his boss Jason Hilts are looking skyward to the suddenly-quiet Texas Governor's Office for a little hand (una manita)to match the bid. Gone are the assurances that Musk favors the Boca Chica site as Salinas claimed because "it's a Texas thing." It is obvious that millionaires like Musk look at the bottom line and seek the most they can squeeze out of potential bidders, Texas or anyone else. So what was once hailed as a sure thing now rates a statement from the news article that "The site in Cameron County has been said to be the lead contender for the project." That is a very telling quote because the identity of the speaker of the above statement is not mentioned. It "has been said." Salinas has outdone himself on the SpaceX project hype. Even after SpaceX officials denied contemplating the launching of manned missions from Boca Chica, the temptation to say it remains possible was just too tempting for him to pass up. "Now that the shuttle program is history and the way has been cleared for private space transport â€" with SpaceX leading the way â€" NASA has more time to spend on exploring Mars and beyond. â€œWhatâ€™s funny is that Elon Musk wants to do the same thing,â€ Salinas said. â€œItâ€™s just a matter of who you think is going to get there first. Imagine, if we could do that from here.â€ All we can conclude from that is that Mr. Salinas has a very expensive imagination. Imagine that.<div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/6016803033174468094-5988664181315753698?l=rrunrrun.blogspot.com' alt='' /></div>
LINK: http://rrunrrun.blogspot.com/2012/09/salinas-herald-lower-spacex-expectations.html

---------------------------------------------------------------
REMEMBER PEARL HARBOR IN WORLD WAR I?
---------------------------------------------------------------
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvh0-ICubrQiIqVhKVA1vpR9GA_lzhCIFjRK20FS6VT4SZOglXy-VHG-qxV6k-k_aZbHB7WruVcJiKPWCQ5vF8j9fLGm7BOYBlfC-LPu9gPJaagIBGzZ9jaRZxgz2WKpXiCkT0Ii_DviI/s1600/P1020225.JPG" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvh0-ICubrQiIqVhKVA1vpR9GA_lzhCIFjRK20FS6VT4SZOglXy-VHG-qxV6k-k_aZbHB7WruVcJiKPWCQ5vF8j9fLGm7BOYBlfC-LPu9gPJaagIBGzZ9jaRZxgz2WKpXiCkT0Ii_DviI/s320/P1020225.JPG" /></a> By Juan Montoya Call us sticklers for details or just a bunch of nitpickers, but we just couldn't help but notice that there might be a teeny, weenie mistake on the Junior League map of Wars of the 20-21 Centuries. The map is located on the backside of the wall of the Veterans Memorial Park off Cenetral Blvd. next to the Central Public Library. The legend on the left bears the list of wars that the United States has been involved in like WWI, WWII, Korean War, Vietnam War, Operation Freedom, etc. An icon, for example a gray circle signifies that battles of the First World War took place in the different spots on the map. Europe, for example, is filled with gold stars that depicts where the major battle took place in WWII.If you look closely at the string of islands off the Pacific side of the United States, you'll notice what looks like Hawaii. However, instead of a gold star signifying it was the scene of a battle in WWII (Remember Pearl Harbor), it has a graqy spot marking it as a battle of WWI. Now, after a a cursory search on the Internet, we found that the U.S annexed Hawaii before WWI in 1898 but did not make it a state at that time. The Hawaiian monarchy was afraid of European dominance in their islands, so in 1875 King Kamahama III placed his kingdom under U.S protection and allowed the U.S to established military bases on Oahu. In 1873 sugar became an intrest so once again the U.S. overthrew Queen Liliuokalani for their intrests. In 1900 Hawaii was granted the right to self governance and continued to be a U.S. territory with govenship held by the monarchy for over 60 years. It wasn't untill after WWII in 1959 after the bombing of Pearl Harbor that Hawaii was signed as the 50th state. Now, nowhere did we find that any WWI battles ever took place in Hawaii, but in fact, Hawaiians did serve with British and U.S. armies.The Territorial War Commission estimated that over 10,000 men and women served overseas as soldiers and sailors. They were also Red Cross workers, ambulance drivers and missionaries. They patroled the harbors, entertained troops and bought war bonds. But, alas, no WWI battles were ever fought in Hawaii. Was the notation of these battles a simple oversight? Or can a Junior League member please set us straight?   <div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/6016803033174468094-7404073901354517027?l=rrunrrun.blogspot.com' alt='' /></div>
LINK: http://rrunrrun.blogspot.com/2012/09/remember-pearl-harbor-in-world-war-i.html

RSS URL: http://rrunrrun.blogspot.com/feeds/posts/default?alt=rss

This email sponsored by:

1&1 Internet - 6 Months Free on new Hosting packages
http://www.1and1.com/?k_id=7538907

This email is a service of QuickThreads.com.
To manage your subscriptions, login here:
http://www.quickthreads.com/myaccount.php
--------------------------------------------------------------------------

Sunday, September 30, 2012

Rrun Rrun

No comments:

Post a Comment