Mike Brown Steals From Children

As WDR readers know, Mike Brown was able to swindle one of the biggest sweetheart stadium deals in the NFL from Hamilton County (Bob Bedinghaus, the biggest Brown Cheerleader while a Hamilton County Commissioner is now the Director of Business Development for the Bengals...make your own conclusions).  Read this old Enquirer article for a great breakdown and previous WDR posts for more details, but the biggest point is that Hamilton County Taxpayers are on the hook through 2027 for almost $800 million in YOUR taxpayer money.

Our taxpayer money  has been going right into Mike Brown's pocket and not translating into performance on the field since this bogus stadium deal was signed.  But here is a new development - Hamilton County had to cut funding to the Cincinnati Public Schools to cover the costs of the stadium. 

See if you can stick with me here.  This 2008 Hamilton County Budget in Brief (page 21) explains that the County had budgeted to pay for the stadium with a 1/2 cent sales tax increase, with annual sales tax growth of 3% per year.  The problem?  The sales tax growth from 2000 to 2007 has only been 1.38%.  So the County had to figure out where to find the money to be able to pay for the stadium and its upkeep costs.

Their County filled the budget gap 2 ways. 

1. "Restructuring" payments to the Cincinnati Public Schools, saving $39.5M. Basically the County deferred payments to the schools from 2006-2009.  So that is almost $40 million that the schools could have used that instead had to be used to cover the deficit created by stadium funds. Cincinnati's detoriating public schools are being deprived of funding because of Mike Brown's sweetheart stadium deal. 

2. Refunding bonds at lower interest rates, saving $26.5M.  Refunded bonds are previously issued bonds that are reissued as new bonds with a lower interest rate. So Hamilton County took advantage of a lower interest rate and issued new bonds that would allow the county to pay back the first round of bonds on their first call date and would thus raise capital on top of the intial bonds, but with a lower interest rate to repay investors. 

But, despite stealing money from children and reissuing bonds, the report concludes that "Given current predictions at 1-2% annual sales tax growth, an overall fund deficit is projected in 2013."  So all the county has done is keep the stadium and public improvement fund solvent for a few more years while Mike Brown is taking your taxpayer money and putting ANOTHER pathetic team on the field.

So Mike Brown gets free money from the NFL in revnue sharing, free money from Hamilton County taxpayers, 100% of the revenues from concession, merchandise, luxury box, advertising and parking sales - making the team the 21st most valued NFL franchise, and Mike Brown STILL can't put a winner on the field.

On behalf of all Hamilton County taxpayers and Cincinnati Public School parents, teachers and students, Mike Brown - thanks for stealing our money!

Comments

[Chase F]

Football is just a game where we can complain and rage about the state of the team but in the end it isn't something of utmost concern. To deprive children of the best education possible is outright appalling and should be a hanging offense.

[BMN]

I would not blame Mike Brown directly for the redistribution. But I would hold those officials under the highest scrutiny for such poor decision making.

And what have the Hamilton County residents gotten for their redistribution of money?:

http://www.network54.com/Forum/90650/thread/1224114751/last-1224354118/Slowest+to+100%2C+Fastest+to+200-

[KY_Bengal]

Um, I don't know if I would hold Brown totally responsible for this. He had the cooperation of the Hamilton County commissioners, too.

[Sleeping With Bieniemy]

Certainly Mike Brown's refusal to make the changes necessary to make the team consistently a winner (or even competitive) while after asking taxpayers and fans to support the team makes him responsible in a very large way.

And with Bob Bedinghaus now on their payroll for doing essentially NOTHING is very suspicious.

[Sleeping With Bieniemy]

Note to self: double check post for grammar.