CIB Spending Soars, Claims $33 Million Annual Operating Deficit While Voting to Give the Pacers $21 Million More Next Year

First up is a report from WIBC:

The operating budget of the Capital Improvement Board will be about $115 million, which is $35 million more than last year's budget.

Ann Lathrop, CIB President

CIB President Ann Lathrop says the board will spend about $33 million dollars more than their estimated revenues. Lathrop says the deficit will be made up from their Renewal Replacement Account and operating reserves. Lathrop says the board was aware of the needed improvements and had planned for them. 

Over $13 million will be spent on Lucas Oil Stadium and the Indiana Convention Center and $10 million in improvements at Bankers Life Fieldhouse....

The Indianapolis Business Journal plays cleanup picking up the story of how much the CIB intends to give to the Pacers:

The Capital Improvement Board of Marion County is prepared to give Pacers Sports & Entertainment another $11 million to offset losses from operating Bankers Life Fieldhouse.

CIB President Ann Lathrop said Wednesday afternoon that the $11 million payment could be delivered in July 2014, after the current agreement with the Pacers expires. All told, the Pacers will receive $21 million from CIB next year, including money it will receive for repairs to be made to the fieldhouse. The CIB board voted 8-0 Wednesday afternoon to approve the funding.

Everyone should be outraged by what those clowns on the Capital Improvement Board continue to do to the good people of Indianapolis.  It is time that the Indiana General Assembly step in and shut down the Capital Improvement Board.