Quantcast
 
Read Larry Connors' blogShort Term Trading Strategies


 

Auditor questions Delray Beach's contract with Waste Management Inc.

Mon. May 04, 2009; Posted: 05:12 AM
Stocks RSS
DELRAY BEACH, May 04, 2009 (Sun Sentinel - McClatchy-Tribune Information Services via COMTEX) -- WMI | Quote | Chart | News | PowerRating -- Ken McNamee doesn't like talking trash. But when it comes to the city's contract with Waste Management Inc., he has plenty to say.

McNamee, a retired certified public accountant and auditor, has been looking into the city's garbage contract for more than three months. He said he found almost immediately that the city had been missing out on franchise fees since October. He also found that some customers had been overbilled for years and that few people at City Hall understand how the garbage contract really works.

"It made me ask, what's going on in this city with something as simple as trash?" McNamee said.

An increase in rates in October by more than 50 percent, the result of the city having renewed its five-year garbage pickup contract with Waste Management, prompted McNamee to start poking around at City Hall.

He wanted to know why, if the rates increased for residents, the city wasn't collecting more on franchise fees.

But finding those answers sent him on what has now turned into a several-months-long audit of the contract.

Waste Management spokesman Butch Carter said all of McNamee's questions have been answered.

"He just keeps asking the same questions over and over," Carter said. "We're continuing to work with him and the city. But he makes all kinds of unfounded accusations in the middle of his questions. When he gets the answer he keeps asking questions, and he should just quit wasting everybody's time over and over."

McNamee said he has reviewed lots of information provided by Waste Management but he was unable to really analyze it because it was raw data. He said the city doesn't have a comprehensible list of customers, which is why some people have been overbilled, and that not enough information was given to residents when the rates went up.

"He's not totally wrong," city Finance Director Joe Safford said of McNamee. "[Waste Management's] system is very difficult to work with, and it is not easy to get the information in the format that we need."

Safford at first defended the low franchise fees, saying that when the city renewed the contract, Waste Management lost the exclusive right to pick up construction and demolition debris from construction sites.

But he has said since then that there was indeed more money to be collected. Safford said Waste Management discovered a clerical error and, as a result, paid the city about $20,000 in April.

"If we hadn't been pressing [Carter] on the issue about how franchise fees don't look right, he may not have been looking for the error," Safford said.

McNamee said the garbage contract protects Waste Management more than the city and its residents.

"We've got to get this contract fixed," he said. "Waste Management made errors, and all I'm getting is resistance."

Maria Herrera can be reached at meherrera@SunSentinel.com or 561-243-6544.

To see more of the Sun Sentinel or to subscribe to the newspaper, go to
http://www.sun-sentinel.com/. Copyright (c) 2009, Sun Sentinel, Fort Lauderdale,
Fla. Distributed by McClatchy-Tribune Information Services. For reprints, email
tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax
to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave.,
Suite 303, Glenview, IL 60025, USA.
For full details for WMI click here.

    


More News:   Market Updates | Stock Alerts | All Trading News | Stock Index

Email
Print
Archives
Feedback
Email Article Link
Close X
Recipients email address
Your name
Your email
Add a note (optional)




Stocks RSS





Most Popular News
  UPCOMING EVENTS
Learn new strategies, how to trade in this market, and the stocks you should be focusing on each day. Join us for our free 20 minute tele-seminars during the week.
* Attendance is strictly limited and are filled on a first-come, first-served basis.
PREMIER SPONSORED LINKS
TRADE CENTER
 
The TradingMarkets Directory
RELATED SITES
Nothing but forex
Please call 1-213-955-5858 ext. 1

About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback

Disclaimer:

The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302

© Copyright 2009 The Connors Group, Inc.


All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.

© 2009 The Connors Group, Inc.