Wednesday, November 28, 2007


The government is in the black? And this is according to the Chief Financial Officer?
So out comes the official
<-- GED anti-bullshit flag.
I must call BULLSHIT on this one, for sure. Here read a part of this bullshit...
DOF chief believes govt. ended FY '07 in the black
The final figures are not yet in, but Finance Secretary Eloy S. Inos is confident the government finished fiscal year '07 in the black. “I would be very surprised if the numbers show any deficit. I'm pretty sure our expenses either equaled or were well within the budget. We were controlling the expenditures so close,” Inos said. BUT we did have accruals. The retirement contributions are a liability, (The Rest of the Story)
So lets do some government math:
1. You have a $160 million dollar budget.
2. You have $200 million in expenses.
3. You pay $160 million of your expenses.
Then you defer, put off, manipulate payments and change laws to avoid payments, (use the retirement fund as an example) weasel out of, ignore or simply don't pay anything at all and as a result....
4. You leave $40 million unpaid.
Therefore you have lived within the framework of your budget?
Is this how it works? Evidently the Director of Finance thinks so. Does this accounting work in your household, business, or in any other financial arrangements? More government math
You can't simply just spend the money you have, ignore all other responsibilities and then announce you have met your projected budget, shit don't work that way. At least not in the real world, not in your's or mine.
Therefore you must recognize this and call bullshit too.


saipanboonieman said...

like bruce pointed out in your other post, it's higher math glen!

you have to be a priveledged member of the administration to understand it!

Pragmatic Plato said...

What screams "insane" is why the hell the DOF does not "know" where the books stand 2 months after the FY ended?!

Boycott Porky's!


Boni said...

Don't forget the central government borrowed 2 million from PSS and hasn't paid it back.

glend558 said...

Boni, Thats the way to stay within the budget. This is how they work.
Anyone can keep a budget if they don't pay the expenses or liabilities.

lil_hammerhead said...

And what about the refunds that have been owed for two years now. I don't mean the rebates. I mean the refunds - the money that was taken in excess out of government and some private sector workers checks. This amount must be upwards of 20 million by now.. and tax time is just around the corner again. Sooner or later there will be a class action lawsuit with regards to these refunds.

glend558 said...

Lil, I didn't ever hear about the 'refunds', what are they waiting for? Later rather then sooner? Why don't this happen now? I don't get this one.

bigsoxfan said...

No you don't, and won't likely get one anyway. The money in the middle has to come from somewhere