Clark County Nevada to withdraw $11.6 million to pay the $18.6 million Allegiant Stadium Debt Due June 1st
The county is planning to use an estimated $11.7 million from a reserve fund sub-account to help make an $18.6 million principal and interest payment due June 1, the filing said. Room tax collections were insufficient to make the debt payment, according to Erik Pappa, a spokesperson for Clark County. An estimated $54.4 million is expected to remain in the reserve fund after the withdrawal.
However, according to an article written by Mick Akers from Las Vegas Review-Journal, Clark County Nevada is only withdrawing $7.4 million to make the $18.6 million payment. That's a discrepancy from what Amanda Albright write in her article for Blomberg. Amanda wrote $11.7 million, not $7.4 million, would be withdrawn. Further, Mick Akers wrote: "The debt reserve balance sits at $66.2 million and was set up to be at $90.2 million at full capacity,". Meanwhile, Amand Albright from Bloomberg wrote the reserve balance is at $54.4 million.
These discrepancies may not sound like much in the big scheme of things. Don Webb wrote off $200,000 worth of rain damage because the project sits at $2 billion. My dad was a C.F.O.. Webb is a C.O.O. My dad taught me that a CFO knows that little discrepancies is where you find the large corruption. I'm not saying there is corruption here. However, there seems to be a misunderstanding of how much is actually in the Clark County reserve debt fund for Allegiant Stadium and no one knows how much is being withdrawn from the fund.
That would concern me.