EID candidate Prada defends his claim
From Greg Prada:
EID is not deficit spending?
Once again, several FixEID readers have asked about unabashed EID promoter Paul Raveling’s brazen claims…this time that EID “has not run a cash deficit in this century.” http://www.inedc.com/1-6013
Here are some facts that Raveling refuses to reflect in his most recent wildly distorted claim:
In 2002, EID’s recorded debt stood at $106 million. In the 2012 audited financials EID’s debt officially was recorded at $377 million but excluded another $57 million of unfunded pensions and retiree benefits and $23 million of liabilities to the Federal Energy Regulatory Commission. Altogether, EID’s debt now totals $457 million. And $60 million more debt planned is planned which will drive 7 points of the 11 percent rate hike EID’s board has already approved for January 2014.
Yet somehow Paul Raveling ignores this cascading debt and asserts that EID is not deficit spending.
Former EID director, Harry Norris, several times acknowledged to me what he called EID’s “hide the pea” accounting. Norris admitted that it seemed like every year the annual accounting would change making year to year comparisons almost impossible for him.
It’s obvious that Paul Raveling is no master in uncovering EID’s “hide the pea” accounting. Even layman EID ratepayers not claiming to be financial experts but who follow EID’s surging debt and rate hikes know better.
Greg Prada, Candidate, EID Director, Division 2