Re: FairFaxCaps Refuses to Publish Financial Statements
Posted by:
Mozart
()
Date: January 09, 2009 04:09PM
quantum Wrote:
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> I have not agreed with some of Fairfax Caps
> stances.
>
> But they absolutely are spot on regarding the
> Gatehouse II facility and the millions the system
> want to spend.
>
> This is the absolute worst economy we have
> experienced (by any number of statistical
> measures) since the Great Depression.
>
> Virtually every family in the area is going to
> have to make sacrifices for at least the coming
> year or more. People have and will continue to
> lose employment at a rate that school
> administrative employees, who will largely be
> protected, cannot fathom. Very few ponder
> economics and don't realize what kind of suffering
> 9% unemployment as measured by today's metrics
> (and with the vast hidden labor pool of illegal
> workers that do not get reported) engenders.
>
> The County Government will have to make sacrifices
> too and make tough decisions.
>
> Nothing, and I mean nothing, will send a more
> arrogant message than if FCPS pushes this
> Gatehouse II facility lease in this kind of
> environment. The first priority on spending, and
> the absolute first priority, must be the classroom
> and teachers. And the business case justifications
> that FCPS will invariably gin up don't matter -
> under any circumstance, this is the time to make
> do and not incur hundreds of millions in public
> debt that a diminishing and pressed tax base will
> have to pay for. The arrogance if they move
> forward in an economy that may hit 9% unemployment
> in 2009 would just be stunning, simply and
> unbelievably stunning.
>
> Given that the real estate market has
> significantly declined since FCPS first proposed
> this lease, if they use figures in their business
> case (you can bet they will) that don't radically
> reflect the vastly changed market (and it has not
> hit bottom yet), the arrangements will have all
> the hallmarks of a poorly negotiated, sweetheart
> deal. This point is as aside because this deal
> should even be considered, but if they do so, it
> will prompt me and others to action.
Great post, Quantum. Good to know you'd lend your energy and intellect to a challenge if the School Board proceeds down such a misguided path.