Everyone of us, has at one time or another, made New Years Resolutions. We have made them to lose weight, handle our finances better, better diet, or maybe a new job. Most resolutions are not fulfilled. We try but just do not have the will power to get it done.
The Mohegan Tribe, maybe should make a New Year's Resolution for 2009. Maybe the Mohegan Tribal Government should look at our (Mohegan Tribe's) finances? Let's (the Mohegan Tribe) look at the financial situation that the tribe finds itself in?
The tribes total government debt is estimated at $102 million. The Tribal Government is building a new government building at an estimated price tag of $89 million (the credit line is $100 million). From 1996 to 2008 the tribe amazed an astonishing $102 million in debt and now are going to double it with a government building to the tune of at the very least of $191 million. In my estimation it will be more like over $200 million dollars. At what interest rate? Could it be the Tribal Council is constructing a building that they will never have offices in?
After years of over-spending by the Tribal Council,(first class air fare, limousines, expensive hotel rooms, and other perks), the Tribal Council has suspended travel. They were for example invited to Barak Obama's Inauguration, but are not going. A good thing.
Years ago, the Mohegan Tribal Government supposedly paid for efficiency experts to look at ways to stream line the costs of the running the Mohegan Tribal Government. The Mohegan Tribal Council, supposedly did not want to do the recommendations because they would have had to layoff family and friends.
The Mohegan Sun Casino debt is estimated at $1.55 billion (1,550,000,000.00). The Mohegan Sun at Pocono Downs debt is estimated at between $550 million and $625 million. The Mohegan Sun in Connecticut has a bond payment due in 2009, of $330 million ($330,000,000.00). The only way I can see we (the Mohegan Tribe) can pay this bond offering off is to borrow again. Our bond rating by Standard and Poor's is BBB- and with Moody's B-. Both are very poor credit ratings.
The debt, in my opinion, will not be paid for until generations of Mohegans have passed away. In hard economic times like we are experiencing, the Mohegan Tribe should not be building a Government Community Center.
There is a rumor that the Tribal Council is going to cut the Entertainment money that tribal members get. There is also a rumor that the government workers will not be getting their bonus's in the spring of 2009. Before the Mohegan Tribal Council cuts these things, how about them cutting their salaries? how about the free tickets that the Tribal Council the Council of Elders, retirees, and other government workers taken away? If the Tribal Council is going to cut then they should cut at the government before cutting benefits to the membership.
Now, New Year's is the time for the Mohegan Government (Tribal Council) to act responsibly and get our (the Mohegan Tribe's) finances in order. This is a time when the Tribal Council has to step up and make the hard decisions which they are being paid really well to do. Maybe the Tribal Council will pay for their short-comings when it comes election time in July, 2009? What do you think?
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2 comments:
Why would the government cut the workers bonuses. We work very hard for the company and most of us are living on our week to week paychecks and rely on the bonuses for the little extras that we can not afford otherwise. I think that the tribe should take care of the employees that work so hard for you, and cut some of the freebies that they are giving out. Is it not bad enough that the casino workers recieved not only and extra bonus but an extra raise last year that the tribal employees did not recieve. Maybe they should start thinking about the little man.
They cut employees' $100 gift cards. Why couldn't they keep that? Its not a significant amount for tribal government. Oh yeah, they have to make room for the new $100 million government building. They want to impress visitors. How about putting a can in the new building so visitors can throw in change since the tribe cant afford the building?
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