4

Broward Denies Lauderdale Lakes Bailout After City Manager's "Governmental Ponzi Scheme"

^
Keep New Times Free
I Support
  • Local
  • Community
  • Journalism
  • logo

Support the independent voice of South Florida and help keep the future of New Times free.

Apparently having negative money isn't ideal for running city like Lauderdale Lakes -- but the Broward County Commission isn't quite ready to help.

Lauderdale Lakes commissioners place a lot of the blame on former City Manager Anita Fain-Taylor -- who was lambasted by one of the city's commissioners before she was unanimously booted out of office -- as the city believes it's nearing a $9 million deficit.

The county commissioners response to Lauderdale Lakes' request for financial assistance: Yeah, no thanks.

Still, the city believes that the fault for the financial downfall was Fain-Taylor, who the commission believes has been cookin' the books for years.

According to the Sun-Sentinel, Lauderdale Lakes Commissioner Eric Haynes says what happened to the city "is no different than what happened to Bernie Madoff investors and Scott Rothstein investors.

"The commission was provided data, financial data that was manipulated. It was pretty much a governmental Ponzi scheme," he says.

The county may never have strongly considered bailing out Lauderdale Lakes anyway.

Lauderdale Lakes Commissioner Benjamin Williams told the Sun-Sentinel in May that the county wasn't really leaning on giving the city money, saying, "...if we help Lauderdale Lakes, we have 30 other cities that can ask for the same thing."

The plan for Lauderdale Lakes was to try to get their bailout from the county, and if that failed, they were supposed to propose a lease-back program -- mortgaging the equity on the city's property to pay the debt.

That apparently wasn't proposed, but the commission says they're going to try and dig out of the whole on their own.

Commissioners say they're going to raise the property tax near or to the limit of state law, increasing the fire fee, cutting fire and police funds 25 percent, and maybe a new public-safety tax.


Follow The Pulp on Facebook and on Twitter: @ThePulpBPB.


Keep New Times Broward-Palm Beach Free... Since we started New Times Broward-Palm Beach, it has been defined as the free, independent voice of South Florida, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering South Florida with no paywalls.

We use cookies to collect and analyze information on site performance and usage, and to enhance and customize content and advertisements. By clicking 'X' or continuing to use the site, you agree to allow cookies to be placed. To find out more, visit our cookies policy and our privacy policy.

 

Join the New Times community and help support independent local journalism in South Florida.

 

Join the New Times community and help support independent local journalism in South Florida.