Wednesday, August 28, 2013

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.

1 comment:

Jon said...

Gee, if the team is losing so much money maybe the Simons should bail on this bad deal. But wait, we can'tell who is or isn't losing money because we can't see the books but we can keep funding this boondaggle. Anyone at the CIB know the definition of malfeasance or malpractice, apparently not we keep funding billionaire team owners while the city crumbles.
Time to disband the CIB, seriously folks the CIB will persist in giving away tax dollars to the Irsays and the Simons because they don't want to miss out on those choice suite tickets. How about we give every member of the CIB tickets in the mayor's suite for the Pacers and the Colts games maybe that would stem the flow of our dollars into the billionaire's pockets...