Thursday, March 12, 2015

TRIMET sitting on $1,700,000,000 cash

Remember that 2 1/2  years ago Trimet executives slashed service, raised fares and threatened to cut service by 70% if the union didn't concede to give backs.
Give backs  which resulted in serious losses to retirees pensions.
And here they are now, fat and happy, with big fat raises for themselves and a billion and a half in assets sitting around.
I hope everybody is happy about the way things have worked out


Speakerofthepeople1 said...

They are laughing all the way to the bank on the backs of their workers and Bruce still thinks the "elephant" in the room is the OPEB liability. I call BS! What the hell. I feel like Charlie Brown "argh" We paid that back with this last contract!!!!!!! We owe them NOTHING for 50 years. We need to change the mentality from "I'm so happy to have a job" to "my employer is lucky to have me work for them" Come on people these are tough jobs we are professionals! No matter what your employer says you are!! You make the city and school kids move, no matter what property you are working for. Have the members awaken from their 20 year slumber yet??

Jason McHuff said...

I don't think that amount is in unrestricted cash that TriMet could spend how it wants. "Total assets" should include buses, trains and the rail lines. Also, there may be money that's earmarked for future obligations.

Al M said...

Always apologizing

Al M said...

And that $1.7 billion is as of now! After they have spent hundreds of millions on MLR!

We've been conned, end of story

Jason McHuff said...

Go find a financial expert and ask them. I'm pretty sure that a financial accounting of an organization would include the value of the things it owns, even if it didn't make sense to sell them.

And in financial terms, the money spent on a light rail project creates an asset which the number would include.

Unknown said...

Light rail asset....not!

Al M said...

Net worth (sometimes called net or wealth) is the total assets minus total outside liabilities of an individual or a company. Net worth is used when talking about the value of a company or in personal finance for an individual's net economic position. Put another way, net worth is what is owned minus what is owed.

Al M said...

OK Jason I changed the post from
$1.7 billion in cash sitting around to:

$1.7 billion dollars in assets sitting around.

Does that make you feel better?