As explained below, by Public Information Director Louise Whall, part of that debt will be satisfied by the back taxes of AT&T Mobility which were being held in escrow, and another portion of the approximately $10.22 million debt, including interest the City owed to the pension fund, will be satisfied by the ongoing sales tax revenue which will continue to be collected through the end of the current fiscal year, or June 30, 2009.
I'm human and don't enjoy being caught in an error any more than the next person, however, my conscience dictates that it is important to own up, to take responsibility for error.
I extend sincere apologies to the City of Springfield for making an error in my analysis about the AT&T Mobility Settlement.
I also extend sincere apologies to Vincent David Jericho because he reported on my posting, which was in error, on his program Monday morning. In addition, I apologize to all of my readers for giving them faulty facts and faulty analysis, on this issue.
I should have paid more attention to my own past reporting in this piece, where there was a discussion about the revenue stream from taxes paid by AT&T Mobility through June 30, 2009. Those taxes, had I connected my own dots, from my own reporting, should have given me another clue that the lump sum of $6,125,000 discussed in the AT&T Mobility agreement did not represent all the revenue or funds which would be paid into the pension fund as a result of the AT&T Mobility settlement agreement.
I should have paid more attention to the portion of the AT&T Mobility agreement which read:
"Further, all payments related to the Protest Cases and payments remitted "under protest" for the months of January and February 2009, plus any accrued interest on those amounts currently held by Springfield, shall be released to Springfield upon the entry of the dismissal orders in the Protest Cases as described in paragraph 1 above."
I should have waited until I had received an answer from Public Information Director Louise Whall before assuming I fully understood the issue.
The City of Springfield and its staff and employees, along with its legal department did not lose $4.1 million.
I plan to learn from this mistake and I take full responsibility for it.