Anyone in Katy ISD for some "Three-Card Monty"?
It's the latest craze... right up there with the shell game they are pulling on the taxpaying residents of Katy ISD.
You see, it turns out with their latest $261MM bond proposal, they tell you that it won't result in an increase in your taxes -- but, of course, what they neglect to point out is that it's because they *can't* increase your taxes as they are already up against the cap!
The reason they can then pull off this trick of increasing debt without increasing taxes is that they are instead pulling the money from the General (Maintenance & Operations) budget.
See, Katy ISD taxes are made up of $1.63 for M&O, and $0.37 for debt service. In order to pile on more debt, they are pulling 3 cents from the M&O -- and it would then breakdown as $1.60 for M&O and $0.40 for debt. Got it?
But, you may ask, how are they filling that 3 cent gap in M&O? Well, my friends, that's going to come out of the rainy day fund.
So they take from M&O, put it into debt, and take from the rainy day fund and put into back into M&O. Nice trick, eh?
You remember what happens to people after they've beaten the "dealer" at 3-card monty and then walk on down the street, right? Yep, there goes your wallet!
You see, it turns out with their latest $261MM bond proposal, they tell you that it won't result in an increase in your taxes -- but, of course, what they neglect to point out is that it's because they *can't* increase your taxes as they are already up against the cap!
The reason they can then pull off this trick of increasing debt without increasing taxes is that they are instead pulling the money from the General (Maintenance & Operations) budget.
See, Katy ISD taxes are made up of $1.63 for M&O, and $0.37 for debt service. In order to pile on more debt, they are pulling 3 cents from the M&O -- and it would then breakdown as $1.60 for M&O and $0.40 for debt. Got it?
But, you may ask, how are they filling that 3 cent gap in M&O? Well, my friends, that's going to come out of the rainy day fund.
So they take from M&O, put it into debt, and take from the rainy day fund and put into back into M&O. Nice trick, eh?
You remember what happens to people after they've beaten the "dealer" at 3-card monty and then walk on down the street, right? Yep, there goes your wallet!
posted by The Umpire at 11:19 AM
2 Comments:
The same thing happened to me in New Orleans one year, but on a much smaller scale. The guy had three shells, a marble, a piece of cardboard, and incredible slight of hand. But yes, it can be done with millions and millions of dollars.
You're too smart to link to Michelle Malkin.
With all due respect, I couldn't look at the world with my eyes open and *not* want to link to Michelle Malkin.
And you haven't played it (3-card monty) until you've played it in Times Square, NYC.... :)
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