Over the course of the last few months, I've had government boards provide a variety of excuses why they can't be more transparent. So far, we've been able to work through all the issues with little trouble. Until now. This morning, one government body located in southwest Idaho told me it simply can't provide a transaction level accounting of all the taxpayer spending it does. Interesting. I'll let you know how this plays out.
Whether you’re comfortable with the idea or not, is immaterial. The amount of money available to pay your retirement benefits is directly related to how well the stock market performs over the coming years. Historically that has averaged out to roughly 8% to 9% since the founding of the New York Stock Exchange in 1797, but as we all know, there have been some wild swings from year to year with one of the worse coming in 2008 when the Dow Jones Industrial Average plunged over 40% from peak to trough (so far).
Meridian officials have notified the Idaho Freedom Foundation that the city will soon begin posting line-item expenditure data on the municipality’s website. That makes Meridian the fourth Idaho community to agree to a new level of transparency, allowing citizens to see how every dollar is being spent. Eagle is already posting its transactions online. Nampa and Canyon County are preparing to post line-item reports online.
I respect more than I resent the protracted standoff between Gov. Butch Otter, who wants to raise taxes, and the recalcitrant Idaho House of Representatives, which collectively has thwarted and frustrated the governor. Raising taxes should be hard to do.
There was a certain sense of empowerment and cohesiveness at the Pocatello TEA (Taxed Enough Already) Party held at the Pocatello City Hall parking lot on Wednesday. For many, it seemed comforting to know that they weren’t alone in feeling like our country is being steam-rolled to a socialistic state where those of us who work hard to provide for our families are shouldering the costs of an out-of-control spending machine in Washington.
The widely disseminated refrain from amongst those ‘who really know’ is that atrocious management caused GM’s demise and therefore the company should not be rewarded with a ‘bailout’. In part, they have a point and I kind of enjoyed watching Michael Moore chase then GM CEO Roger Smith around town making him look like foolish in the early 1980s. As an investment professional I knew Moore had a point and over two decades in the investment industry I never recommended the purchase of either Chrysler or GM.
It's already apparent that Idaho will end this marathon legislative session without raising beer and wine taxes. And if we're really lucky, the Legislature will go home without raising fuel taxes. (That seems likely, baring an 11th-hour horse trade that gives Gov. Butch Otter some kind of nominal tax increase for transportation). But the dirty little secret this legislative session is that taxes did go up. Already. Without a vote of the Legislature. Hardly something to cheer.
Idaho news organizations (especially TV stations) like to mark Tax Day by staking out the post offices that are open until midnight in an effort to accost tax procrastinators as they try to beat the federal government's filing deadline.
A live TV report from the scene of action provides a means of waylaying some hapless taxpayer who hoped to collect an April 15 postmark, get in and get out. That taxpayer is then coerced into performing for the camera, leading to an awkward off-the-cuff interview that is less than inspired.
REPORTER: Why are you here today?
Boise Rep. Lynn Luker has introduced a fascinating, simple ethics bill that stems from vote-buying allegations that emerged after last year's election.
House Bill 278 says campaign contributions made during the legislative session would have to be reported within 48 hours. A separate bill from Raul Labrador of Eagle would criminalize conduct by lobbyists who try to retaliate against officeholders who rule against them when setting policy or voting on legislation.
A couple of quick notes:
I spoke with an Owyhee County official on Wednesday who indicated that the commissioners are now investigating what it will take to put all the county's spending data online. I spoke to the commissioners last month, and if they go forward, they would join Canyon County in boosting transparency at the county level. We're still in discussions with other county officials across the state.