Many Orange County politicians at all levels made a big deal about their not wanting to take Obama's stimulus money. The dislike for a helping hand really hurt Orange County because many municipalities, including the County, did not do everything they could do to help their residents.
A recent item in Supervisor Janet Nguyen's "Janet's Journal" (July 24, 2009) attempts to make it look like OC's electeds actually worked to bring money back for their constituents. The claim is that Orange County received $200 million in stimulus money.
$122.8 million is the reduction of the Alternative Minimum Tax (AMT) on Private Activity Bonds for the John Wayne Airport Improvement Project - If some one can tell me how the County gets this money as cash to spend to create jobs, please post and explain in detail. The money saved on bond interest would go out, piecemeal, to individuals as savings on April tax returns when the bonds no longer qualify as taxable under AMT. The finance department will say exempting these bonds from the AMT saves the County money and lowers debt cost, but that is not creating jobs, putting paychecks in pockets.
Also included in the claimed Stimulus money is either $12 million (Janet's Journal) or $14.2 million (FY 2009-10 Budget Workshop) for the Social Services Agency. Again, the Stimulus money replaced County money, so there is no real job creation here, just using a different color of money.
For the real money that creates paychecks in pockets:
- $50 million for the Army Corps of Engineers projects in Orange County
The $50 million Army Corps of Engineers projects include $26.5 million for river bank improvements and $5.2 million for Santa Ana River, Carbon Canyon, Prado Dam, and Fullerton Dam maintenance. Also include $17.3 million for environmental restoration and dredging of Upper Newport Bay.
Recent Comments