Friday, September 21, 2012

Mitt Romney releases 2011 tax returns, paid $1.9m in taxes on $13.7m in income - The Source - Latest news and updates from Boston.com

 

Romney’s updated tax returns show that he paid $1.9 million in taxes on $13.7 million in income, most of which came from his investments. It means his effective tax rate for 2011 was 14.1 percent, which is slightly higher than it was in 2010.

For political reasons, Romney claimed a charitable deduction of $1.75 million less than he could have – claiming $2.25 million from contributions of $4 million. The reason, according to his accountant, was so that he could still abide by a pledge he made in August that he paid at least 13 percent in income taxes in each of the last 10 years.

….

Romney’s running mate, Paul Ryan, paid an effective rate of 20 percent in 2011 on $323,416 of adjusted gross income.

President Obama paid an effective tax rate of 20.5 percent in 2011 on adjusted gross income of $789,674. Vice President Joe Biden and his wife paid an effective rate of 23.2 percent on income of $379,035.

Click on the following to read all of the article:  Mitt Romney releases 2011 tax returns, paid $1.9m in taxes on $13.7m in income - The Source - Latest news and updates from Boston.com

Were the questions of Belvidere Township’s huge contingent expenses answered?

 

The following is an email sent to Patrick Murphy by Pat Mattison after their meeting with Belvidere Township auditors regarding the township budget.  I highlighted some of the information.  Bill P

Subject: Belvidere Township Contingency Meeting 9/11/12

To: Patrick J. Murphy, Belvidere Township Supervisor

Re: Summary of 9/11/12 Belvidere Township Contingency meeting

Attending: Patrick J. Murphy: Keri-Lyn Krafthefer, Township Attorney; Gary Kuhl,

Township Auditor; Terri Bullard, Township, Secretary; Patrick B. Mattison,

Township Taxpayer

From: Patrick B. Mattison

My understanding of the meeting somewhat capsulated:

A. Patrick Murphy presented his definition of contingency which basically was:

"1. dependent on something not yet certain."

Patrick Mattison presented a definition of contingency from the Illinois Township

Clerk's Handbook under Instruction Sheet Townships page l-2 which defined

Contingencies: "A provision for contingencies should be included in most funds, but

especially the General Town Fund. This provision will provide additional coverage

to meet unexpected expenditures or shortages in specific line items. The provisions

for contingencies should be small in comparison to the overall estimated expenditures.

The Illinois Supreme Court has ruled that only "an inconsiderable amount" will be

permitted. Total for contingencies should not exceed 5% of the total expenditures

in each fund. The Department of Commerce & Community Affairs computerized

forms have been programmed to include a 5% contingency. Always remember that

"contingencies" are unplanned occurrences not miscellaneous expenses."

B. Belvidere Township's Supervisor's Division Line Item 01-10-585-00 Fiscal Year

Budget 2012-2013 Contingency - $1,492,489.28

The question was asked why $1.4 million plus was projected when previous years were substantially less ($1,788,601.45-year 2011-12 and only $49.70 expended.)

Discussion: Auditor Kuhl intimated they don't follow the Clerk's Handbook; Murphy and Bullard handed out a Contingency Monies Schedule listing amounts for contingencies...

25,000 Other capital projects - Restricted for

100,000 Social Services - Committed to

25,000 Health & Welfare- Committed to

100,000 Parks & Recreation - 10 yr. plan - Assigned to

44,500 Machinery/Equipment- Assigned to

50,000 Labor - Assigned to

200,000 Building & Mechanical - Assigned to

17,683 Contingency - Assigned to

900,000 Other Capital Projects-Bldg.,Land - Assigned to

$1,462,183 Total Fund Balances

Comment: The Capital Funds statement was read from the Township Officials of Illinois "Trustees Operations Manual:

"Capital Funds

Townships may accumulate funds beyond those amounts normally allowed provided they are reserved or dedicated for specific capital improvement projects and/or a major equipment purchase.

So there is no misunderstanding about why monies are being accumulated, the annual budget and appropriation ordinance shall state the following with regard to each project to be constructed or major equipment to be purchased:

* Intended purpose or use of funds.

e.g. A new township hall.

* Amount of capital expenditure.

e.g. $450,000.

* Expected duration of any accumulation of funds.

e.g. 6 years.


In the "Township Officials of Illinois Laws and Duties Handbook" revised 2011 by:

Keri-Lyn Krafthefer, Stewart H. Diamond and the attorneys of Ancel, Glink, Diamond, Bush, DiCianni & Krafthefer, PC on page 158 it states:

B. Capital Fund

Townships and road districts may accumulate monies for specific capital improvement projects and equipment. 60 ILCS 1/235-5(9). However, when so doing, townships and road districts must list the following in a budget and appropriation ordinance when utilizing this statutory mechanism to accumulate funds for a capital project or equipment purchase: 1) the amount of money being dedicated for the project equipment; 2) the purpose of the dedication; and 3) the duration of the accumulation of funds. 60 ILCS 1/235-5(a).

C. There was a lively discussion centered on involving the public, transparency, and keeping the public informed at the end of the meeting. My goal was to make sure an explanation as to how the board arrived at budgeted figures is provided and there is plenty of time for the Township Supervisor and Trustees to answer questions from the electors/taxpayers. In other words Transparency ongoing explanation of the funds.

That being stated about the Contingency meeting, it appears to me[Mr. Mattison] that funds being accumulated in the Contingency Fund are in many cases Capital funds; there is limited or no explanation on how they were derived; and are not meeting the Statute requirement

60 ILCS 1/235-5(a), 60

ILCS 1/235-5(9) cited by Laws and Duties Handbook revised by Belvidere township Attorney, Keri-Lyn Krafthefer.

Patrick B. Mattison, Belvidere Township Taxpayer

7982 Distillery Road

Belvidere, IL 61008

815-547-1096 Work

815-985-6774 Cell

Further development:

To: Patrick J. Murphy, Supervisor Belvidere Township

Re: Annual Financial Reports on Township website

From: Pat Mattison

Patrick:

At our Contingency meeting last week I asked about information in previous township financial reports and you and Terri Bullard said that those reports were archived on the township web site. I checked the website and only found the 2011 Annual Financial Report, and no others.

If there is a way to get others on site, please let me now.

In the Contingency meeting on 9/11/12 I asked Gary Kuhl more than once if his Belvidere Township Financial Reports had notations on funds being accumulated stating the intended purpose, amount of capital expenditure, and the expected duration of any accumulation of funds (this was the reference I read at the meeting)--and it was my impression he said they were noted in the Financial Reports. I did not find any mention of such in the 2011 Financial Report.

Would you please ask Mr. Kuhls to identify in the previous reports where accumulated funds have been noted in the Annual Financial Reports. I would like to get copies of and review those reports.

Patrick B. Mattison

7982 Distillery Road

Belvidere, IL 61008