Proposal to return illegally transferred funds back from General Fund to GWP rejected

During the 11-29-11 SPECIAL 9:30 a.m. meeting of the Glendale City Council, Rafi Manoukian’s proposal to RETURN the funds illegally transferred from GWP to the General Fund BACK into GWP was not even considered for discussion by the four other city council members (Mayor Laura Friedman, Ara Najarian, Frank Quintero and Dave Weaver).

During Oral Communications at the council’s 6:30 p.m. meeting, Harry Zavos commended Rafi Manoukian’s proposal as a “fair, just and equitable” alternative to resolving GWP’s current financial difficulties, without the necessity of raising water rates, of issuing bonds, or of causing the Fitch Credit Ratings to consider lowering Glendale’s Bond Rating.

Hal Weber

P.S.: Here is a list of the five Fiscal Year Transfers that Councilman Rafi Manoukian suggested should be returned from the General Fund to GWP:

2010-2011: $4,160,000

2009-2010: $4,160,000

2008-2009: $4,160,000

2007-2008: $4,000,000

2006-2007: $4,109,000

Total = $20,589,000