PennStateHoops.com Discussion Forum

OT:Harrisburg Saved from Default


#1

I knew about the incincerator bonds, but those were revenue bonds, these are GO’s. This is going to be a national issue. The crazy thing about this is that interest rates on bonds is supposed to be based on maturity, market interest rates and creditworthiness. Today, with rates near zero(the 2 year Treasury is something like 0.46%, the 5 year about 1.5%)investors are clamoring for tax free interest to get yield and avoid taxes. Problem is, there’s not that much yield. 5 year munis yield maybe 1.5-2.0%. 5 year NYC GO’s are at 1.5%. Investors, in their stretch for yield, have ignored risks associated with municipalities. I think this Harrisburg situation demonstrates that risk is certainly not zero. Talk about being out on the gangplank. IMO, this won’t be solved by increasing tax revenues by either raising taxes or waiting for a recovery for coffers to be replenished. aTowns, cities and states need to cut spending…and fast. For anyone owning or considering buying insured munis thinking they are safer, caveat emptor. IMO, bond insurance is a scam used to lower financing costs by issuers, not necessarily protect investors. MBIA had underwritten and insured $800 billion of bonds and had $3-4 billion in equity to pay for defaults. Nice ratio, huh? Buffett stopped insuring bonds, as he said you didn’t get enough for the risk. He also put forward a possibility. That municipalities, facing a crunch, might choose to default on bonds, and let insurers pick up the tab, the attitude being, “well, we paid the insurance, let them pay the bondholders.” FYI, you don’t get your money back right away, they pay you interest and you have to hope they’re still around til maturity. You can’t really sell the bonds, as they’d be in default. Pre-refunded and escrowed munis, backed by treasuries are as good as treasuries, but they yield 0.4% for 1 year. I’ve seen this written before, but blue chip stocks are safer, IMO, than bonds. JNJ yield 3.6% and has raised their dividend 48 years in a row. I’d rather take my chances with them, KO, WMT, XOM, than hope towns, cities and states get their act together. For close to zero yield, who needs the risk? What will be the appetite for PA bonds should Harrisburg, the freakin’ capital, defaults on bonds?

http://www.ft.com/cms/s/0/4c563be4-be98-11df-a755-00144feab49a.html

This guy’s got the right idea. And his stock is soaring. Not sure why others don’t have his courage to speak the truth. It’s like most politicians are afraid of stepping on toes. If you don’t step on any toes, you’ll end up like Harrisburg, or California, Illinois, NY.

Governor Christie: Not About Teachers


#2

Harrisburg is in DEEP trouble financially. I don’t think they can raise taxes anymore. They are already ridiculously over taxed. The incinerator is a huge boondoggle that never panned out or paid off. While it never made money the last project to redesign it was a catastophe. They paid millions to a company that installed a design that wasn’t up to snuff and didn’t have any guarantees. Then they threw more money at it to fix that design. now the incinerator is $290 million in debt. No possible way to pay that debt off.


#3

Can someone help me out here… what is the connection between the Harrisburg Incinerator mess and Gov. Christie’s fight with the teachers’ union?


#4

Kid only knows.


#5
[quote="LarryH, post:3, topic:1341"]Can someone help me out here… what is the connection between the Harrisburg Incinerator mess and Gov. Christie’s fight with the teachers’ union?[/quote]

Kid only knows.

I am pretty sure it has something to do with NYS high school basketball. :slight_smile:

#6

Did you read the first sentence in my post? Here it is again.

I knew about the incincerator bonds, but those were revenue bonds, these are GO’s.

Harrisburg can’t pay general obligations. The GO bonds were issued in ‘97, and the municipality is obligated to pay them from any means necessary, not from a specific revenue source. We’re also not talking about Harrisburg not being able to pay the principal, they can’t pay the freakin’ interest. Are you serious? If they have $1 billion in GO’s and they can’t pay 4% interest, how are they going to be able to pay the principal at maturity? Yes, they’ll try to roll it over and refinance. Would you buy their bonds? At what interest rate? You’ll rely on PA bailing them out, or on them getting their act together and balancing their budget? What if Pittsburgh and Philly need help? Does PA leverage up? Or do taxes skyrocket? The answer is clear. Cut budgets drastically.

Why Christie? Because some governors are telling the truth about what’s necessary, and some municipalities are getting bailed out(like Harrisburg), or issuing IOU’s(like California.), or kicking the can down the road like Corzine did in NJ. It’s ironic that the pension obligations are such that the functions that teachers, firemen, police, sanitation, sewer employees, etc., perform will have to be cut in order to pay reitrees. Municipal unions should be illegal. There’s no advocate for the taxpayers on the other side of the negotiating table. Christie appears to be one who is. He’s addressing what every governor should be addressing, but most don’t.


#7

This is the really scary part. For those who didn’t understand the earlier posts in this thread, or were just displaying their ignorance by being smart alecks, maybe this sheds some light on it. IMO, we could see a shock to the muni market, and with muni prices at 40 year highs as people are afraid of stocks and stretch for yield by buying long term bonds, it could get ugly. I wouldn’t own a bond longer than 5 years under any circumstances. And bond funds will be worse as there’s no maturity. If the muni market stumbles, muni rates will soar as investors run from public debt(see Greece for example of how quickly this can happen). If municipalities can’t pay 2-3% interest, how will they pay 8% interest? The mayor was going to miss the bond payment. Note how cavalier she was? My goodness. Who would ever lend Harrisburg money again? IMO, short corporate bonds, low investment grade, BB to BBB, paying 3-5% for 2 to 3 years are much, much safer. And blue chip stocks. At least they can pay their obligations. There is no doubt that more money will be lost in long term bonds than imaginable over the next 5 years. And investors are plowing into them for safety and yield.

http://www.google.com/url?sa=t&source=web&cd=2&sqi=2&ved=0CBoQFjAB&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052748703466704575489552364174906.html&ei=0UWQTIKNAYiWsgP086SyDg&usg=AFQjCNHaClEHx2EiWApFQ1DIK__cHGoqXQ

Why Christie is important, part II. IMO, this is the most important economic event in the country. Harrisburg is the canary in the coal mine. The mayor in Harrisburg was going to miss a $3.3 million interest payment. With rates where they are, that’s probably on $150 million in bonds. Those bonds are held by Pennsylvania investors, business people, retirees, insurance companies, banks, etc., who depended on the full faith and credit of the city. She was going to default to protect services? And wipe out people’s savings. Wow.

http://www.google.com/url?sa=t&source=web&cd=2&sqi=2&ved=0CBwQFjAB&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052748703466704575490043018544042.html&ei=LUiQTMLbMpTWtQPEnIWyDg&usg=AFQjCNGJU25qEK9a6YKwP2X7LbBbkSIttw

If I insulted anyone at the beginning, it’s because I believe this to be a crisis in the making and the sarcasm is foolish. This is very serious, national, and bound to end badly.


#8

Is that the Harrisburg Sands and the Trump Susquehanna Riverboat Casino I smell around the corner?


#9
Can someone help me out here… what is the connection between the Harrisburg Incinerator mess and Gov. Christie’s fight with the teachers’ union?

Did you read the first sentence in my post? Here it is again.

I knew about the incincerator bonds, but those were revenue bonds, these are GO’s.

Harrisburg can’t pay general obligations. The GO bonds were issued in ‘97, and the municipality is obligated to pay them from any means necessary, not from a specific revenue source. We’re also not talking about Harrisburg not being able to pay the principal, they can’t pay the freakin’ interest. Are you serious? If they have $1 billion in GO’s and they can’t pay 4% interest, how are they going to be able to pay the principal at maturity? Yes, they’ll try to roll it over and refinance. Would you buy their bonds? At what interest rate? You’ll rely on PA bailing them out, or on them getting their act together and balancing their budget? What if Pittsburgh and Philly need help? Does PA leverage up? Or do taxes skyrocket? The answer is clear. Cut budgets drastically.

Why Christie? Because some governors are telling the truth about what’s necessary, and some municipalities are getting bailed out(like Harrisburg), or issuing IOU’s(like California.), or kicking the can down the road like Corzine did in NJ. It’s ironic that the pension obligations are such that the functions that teachers, firemen, police, sanitation, sewer employees, etc., perform will have to be cut in order to pay reitrees. Municipal unions should be illegal. There’s no advocate for the taxpayers on the other side of the negotiating table. Christie appears to be one who is. He’s addressing what every governor should be addressing, but most don’t.


OK, after reading some newspaper articles about Gov Christie’s political positions I understand what you are getting at.
(at least I think I do)
I will say that the comments from the video (i.e. the whole school yard bully metaphor) are rather cryptic and not very helpful without having read other sources; and, I must admit to not following NJ politics very closely.

I would also say that the Harrisburg incinerator mess is a totally different animal. The Harrisburg incinerator mess was created because of mismanagement by elected and appointed government officials.

You and Gov Christie may have some ground to stand on to argue about excessive salaries and pensions of public servants being too much of a burden for local municipalities to carry; but using the Harrisburg incinerator debacle as an example of that burden is misinformed. That mess is a bird of a different feather.


#10

Larry,
You are correct that the Hbg incinerator and the Public Pension obligations are 2 seperate topics. However, they are intertwined in this resect… And this goes back to the whole argument about freddie and fannie. The “government” by however you define it, has always been viewed as a rock-solid financial player, in the respect that if the gov’t promoses something, they’ll deliver it. That certianty drove people to make decisions… Like people depending on Social security, government workers about their pensions, or investors about the ratings or municipal bonds. And the wolrd was a better place.

Now, because of that “rock solid” credit (think of it as the gov’ts FICO score) politicians have increasingly made greater and greater commitments backed by the credit of the high gov’t FICO score, without regard for what the underlying finances actually are. This is “coming home to roost” so to speak… I do think that we’re starting to see a tipping point where once somebody somewhere defaults on a gov’t commitment (defaulted bond payment, or the elimination of a pension obligation that’s too expensive, etc.) that whole gov’t FICO score is going to drop like a rock, and when it does it’s going to open up a whole can of worms that our current set of politicians are completely unprepared to deal with.


#11

I am NOT familiar with the Christie or the Harrisburg situations…BUT I will still give a few “general” comments…just for the heck of it…

It’s true that in several eastern states public school teacher salaries have gone too far! BUT let’s also think about the ridiculous SMALL private school teacher salaries. These ridiculous SMALL salaries were created and justified because they hired mostly all women whose husbands had “real” jobs with benefits… Maybe a middle ground is needed.

I don’t have a big problem with federal, state or city employees having fair paying jobs with a retirement program and reasonable priced health care. I thought this was the GOAL of our system to create a middle (working) class. I was taught in secondary school that this “middle class” is very American and a strength of our society!! That it was quite uncommon world wide.
Subcontracting EVERYTHING to minimum wage employers with no retirement plans and no health benefits will cause a more serious problems to our society. It is a “very narrow” way of thinking.

I think most or all of cities/states financial problems have been caused by mismanagement/greed by elected officials. The examples are ENDLESS. Let’s think about the MANY millions of debt being payed each year on stadiums and arenas payed with tax dollars as GIFTS to RICH owners. Pittsburgh still owes MORE today on 3 Rivers Stadium than it cost to built it. BUT this debt is NEVER cited as a problem when budget is discussed by politicians. Politicians cite “employee benefit” packages as problems. Funny they don’t mention THEIR employee benefit package as a problem.

Why does PA not change the employee benefit package of the politicians?? Why does PA not change the length of time in office for politicians?? Why does not PA allow it’s politicians to control “shush” funds to say “thank you” to campaigns contributors?? Why is “lobbying” legal?? Is it not bribery??

I think if we spend more time SOLVING the problems in the prior paragraph than whining about blue collar employees who have access to retirement and reasonably priced health care THEN things would get a lot better a lot faster.

It would not hurt many to “take a history lesson” about the creation of unions in the American society. The topics of child labor, 14-16 hour work days, unfair wages, unsafe work conditions come to mind…
Sometimes I think “right wingers” would love to recreate the working conditions in 1917. Millions/billions of profit for the rich is the justification. Funny how our society justified and legalized cruel/hateful situations for so many years because of the need for extreme profit for the rich.
Funny = sad History lessions are needed. BUT, alas, I see no change in the future. I just see more politicians getting richer and richer playing the same songs played a hundred years ago. Funny how they still work.


#12

[quote=“MarkH, post:10, topic:1341”]Larry,
You are correct that the Hbg incinerator and the Public Pension obligations are 2 seperate topics. However, they are intertwined in this resect… And this goes back to the whole argument about freddie and fannie. The “government” by however you define it, has always been viewed as a rock-solid financial player, in the respect that if the gov’t promoses something, they’ll deliver it. That certianty drove people to make decisions… Like people depending on Social security, government workers about their pensions, or investors about the ratings or municipal bonds. And the wolrd was a better place.

Now, because of that “rock solid” credit (think of it as the gov’ts FICO score) politicians have increasingly made greater and greater commitments backed by the credit of the high gov’t FICO score, without regard for what the underlying finances actually are. This is “coming home to roost” so to speak… I do think that we’re starting to see a tipping point where once somebody somewhere defaults on a gov’t commitment (defaulted bond payment, or the elimination of a pension obligation that’s too expensive, etc.) that whole gov’t FICO score is going to drop like a rock, and when it does it’s going to open up a whole can of worms that our current set of politicians are completely unprepared to deal with.[/quote]

Mark,

I get all that. I get the connection that “the government” is “the government” and any financial default is going to open a can of worms. But it is such a tangential and tenuous connection between the circumstances of the Harrisburg incinerator and union lobbyists/public employee’s pensions that using Harrisburg as an example of the larger municipal credit problem is at best a very very poor choice.

As I am sure you know, with the incinerator there are questions about the legality of the original contracts for the repairs enacted to the incinerator in 04-05. The Harrisburg incinerator mess is not a simple matter of overreaching financial obligations based on “a good government fico score.” There are serious questions about laws being broken.

However, I would make this connection: After listening to Christie talk on that video, I would suggest that if teachers’ union lobbyists are such shrewd and powerful players in political circles, capable of building huge bank accounts in pursuit of their cause, maybe we should have them running the Harrisburg Authority to get us out from under the incinerator debt. :slight_smile:


#13

[quote=“MarkH, post:10, topic:1341”]Larry,
You are correct that the Hbg incinerator and the Public Pension obligations are 2 seperate topics. However, they are intertwined in this resect… And this goes back to the whole argument about freddie and fannie. The “government” by however you define it, has always been viewed as a rock-solid financial player, in the respect that if the gov’t promoses something, they’ll deliver it. That certianty drove people to make decisions… Like people depending on Social security, government workers about their pensions, or investors about the ratings or municipal bonds. And the wolrd was a better place.

Now, because of that “rock solid” credit (think of it as the gov’ts FICO score) politicians have increasingly made greater and greater commitments backed by the credit of the high gov’t FICO score, without regard for what the underlying finances actually are. This is “coming home to roost” so to speak… I do think that we’re starting to see a tipping point where once somebody somewhere defaults on a gov’t commitment (defaulted bond payment, or the elimination of a pension obligation that’s too expensive, etc.) that whole gov’t FICO score is going to drop like a rock, and when it does it’s going to open up a whole can of worms that our current set of politicians are completely unprepared to deal with.[/quote]

I think this nails it. tundra, middle ground? How about 401k plans instead of defined benefit plans? That’s middle ground don’t you think? Private school are a fraction of teachers, less than 2%. NJ Educators Association gets $130 million per year in dues. They spent $6 million on 1 ad campaign against Christie. In California, to fight the union’s deep pockets, Meg Whitman has spent over $108 million of her own money running for governor. She has to. Jerry Brown is supported by the California unions to the same amount. On the incinerator, there’s no reason Harrisburg should’ve guaranteed any portion of that debt. It should have been a revenue bond, supported by the revenue of the facility. But then, as they are risky(many instances of default), the bonds wouldn’t have sold, and the facility wouldn’t have been built. Harrisburg lent their credit rating to it to get built. The question is why? Were there campaign contributions by the developer? Kickbacks? The Chesapeake Bay Bridge/Tunnel defaulted. Sold as a revenue bond(tolls), people didn’t want to pay the $13 to use it, and drove around. But it was properly presented as a revenue bond and paid higher interest rates to buyers than a Maryland GO.

Some tidbits:

There are 15,000 retired California civil servants drawing pensions in excess of $100,000 per year.

The NYTimes ran an article about a 49 year old Yonkers, NY(my hometown)cop who retired and is getting $105,000 per year for life with COLA, plus lifetime medical.

Superintendent pensions on Long Island are over $200k per year. Teachers get over $100k per year in retirement.

These are typical cases. California, Long Island, Yonkers, NY. And NJ is among the worst. There are zero jobs like this in the private sector, where your retirement benefits exceed your working salary. Zero. Can you think of one private employee who gets more in retirement than they did working?

And while Bell, California is a special case, look at the salaries and pensions being reviewed. It’s mind boggling. Actually, it’s criminal.

http://www.foxbusiness.com/markets/2010/09/15/california-sues-city-officials-pay-pension-flap/


#14

[quote=“tundra, post:11, topic:1341”]I don’t have a big problem with federal, state or city employees having fair paying jobs with a retirement program and reasonable priced health care. I thought this was the GOAL of our system to create a middle (working) class. I was taught in secondary school that this “middle class” is very American and a strength of our society!! That it was quite uncommon world wide.
Subcontracting EVERYTHING to minimum wage employers with no retirement plans and no health benefits will cause a more serious problems to our society. It is a “very narrow” way of thinking.[/quote]
I don’t have a problem, either! The trade off was always the pay was low, but the Benefits and retirement was good. (I have lots of family in that situation) No problems there, except the dramatic increase in benefts and pension expenses is outsrtipping the gov’t ability to pay them. As the number of public employees grows, the pension obligations seem to be growing exponentially. (there’s your growth of government argument again)

I do have to point out that your paragraph above READS like you’re saying that the Goal of our system is to create a middle working class of people who work in federal, state or city jobs. However, I do disagree on your assertion of the middle class… The goal of our system was not to create a middle class, it was to create a system where all men (and women) are CREATED EQUAL with the rights of Life, Liberty and the pursuit of happiness. Doesn’t say anything in there about creating a middle class, only opportunity for ALL. From there, it’s up to us. We could debate about the proper role of governement (which there really isn’t space for here) but I always loved the US because I like to think we were build based on the equality of our opportunites and not the predetermination of our outcomes (radical stuff, really, in the 1700’s).


#15

Looks like we have a fine mess!! But, how do we cure it??

ALL of those outlandish salaries and pensions you mentioned were approved/authorized by management/government!! Why isn’t MANAGEMENT/GOVERMENT the bigger problem. Teachers do NOT set their own salaries…like politicians do! By the way you ought to see the retirement packages of judges/politicians.
I still say the best way to try to cure this mess is to make government NOT a means to get rich via the lobbying system. Term limits/ABSOLUTE cap on income/etc/etc.

As for the political influence of the teacher’s union…well they are FAR FAR from the only ones. What about the NRA?? What about the other zillion winged (both sides) interest groups who throw around BIG BIG money to buy politicians. STOP/CHANGE the lobbying rules…and the teacher union would lose a lot of clout.


#16
[quote="MarkH, post:10, topic:1341"]Larry, You are correct that the Hbg incinerator and the Public Pension obligations are 2 seperate topics. However, they are intertwined in this resect... And this goes back to the whole argument about freddie and fannie. The "government" by however you define it, has always been viewed as a rock-solid financial player, in the respect that if the gov't promoses something, they'll deliver it. That certianty drove people to make decisions... Like people depending on Social security, government workers about their pensions, or investors about the ratings or municipal bonds. And the wolrd was a better place.

Now, because of that “rock solid” credit (think of it as the gov’ts FICO score) politicians have increasingly made greater and greater commitments backed by the credit of the high gov’t FICO score, without regard for what the underlying finances actually are. This is “coming home to roost” so to speak… I do think that we’re starting to see a tipping point where once somebody somewhere defaults on a gov’t commitment (defaulted bond payment, or the elimination of a pension obligation that’s too expensive, etc.) that whole gov’t FICO score is going to drop like a rock, and when it does it’s going to open up a whole can of worms that our current set of politicians are completely unprepared to deal with.[/quote]

I think this nails it. tundra, middle ground? How about 401k plans instead of defined benefit plans? That’s middle ground don’t you think? Private school are a fraction of teachers, less than 2%. NJ Educators Association gets $130 million per year in dues. They spent $6 million on 1 ad campaign against Christie. In California, to fight the union’s deep pockets, Meg Whitman has spent over $108 million of her own money running for governor. She has to. Jerry Brown is supported by the California unions to the same amount. On the incinerator, there’s no reason Harrisburg should’ve guaranteed any portion of that debt. It should have been a revenue bond, supported by the revenue of the facility. But then, as they are risky(many instances of default), the bonds wouldn’t have sold, and the facility wouldn’t have been built. Harrisburg lent their credit rating to it to get built. The question is why? Were there campaign contributions by the developer? Kickbacks? The Chesapeake Bay Bridge/Tunnel defaulted. Sold as a revenue bond(tolls), people didn’t want to pay the $13 to use it, and drove around. But it was properly presented as a revenue bond and paid higher interest rates to buyers than a Maryland GO.

Some tidbits:

There are 15,000 retired California civil servants drawing pensions in excess of $100,000 per year.

The NYTimes ran an article about a 49 year old Yonkers, NY(my hometown)cop who retired and is getting $105,000 per year for life with COLA, plus lifetime medical.

Superintendent pensions on Long Island are over $200k per year. Teachers get over $100k per year in retirement.

These are typical cases. California, Long Island, Yonkers, NY. And NJ is among the worst. There are zero jobs like this in the private sector, where your retirement benefits exceed your working salary. Zero. Can you think of one private employee who gets more in retirement than they did working?

And while Bell, California is a special case, look at the salaries and pensions being reviewed. It’s mind boggling. Actually, it’s criminal.

http://www.foxbusiness.com/markets/2010/09/15/california-sues-city-officials-pay-pension-flap/


I believe you might be overstating the facts just a little bit, especially concerning superintendent and teachers pensions on Long Island.

That information is public record and readily available.

newsday.com lists the annual pensions of Long Island retired teachers and administrators. They list 132,185 pensions of which only 809 top $100,000.

809 is a significant number but it is only 0.6% of the retired superintendents and teachers.


#17

[quote=“tundra, post:15, topic:1341”]Looks like we have a fine mess!! But, how do we cure it??

ALL of those outlandish salaries and pensions you mentioned were approved/authorized by management/government!! Why isn’t MANAGEMENT/GOVERMENT the bigger problem. Teachers do NOT set their own salaries…like politicians do! By the way you ought to see the retirement packages of judges/politicians.
I still say the best way to try to cure this mess is to make government NOT a means to get rich via the lobbying system. Term limits/ABSOLUTE cap on income/etc/etc.

As for the political influence of the teacher’s union…well they are FAR FAR from the only ones. What about the NRA?? What about the other zillion winged (both sides) interest groups who throw around BIG BIG money to buy politicians. STOP/CHANGE the lobbying rules…and the teacher union would lose a lot of clout.[/quote]

There you go. Make elected positions more available to working class people who might have a clue what the working class wants. Could argue that we aren’t smart enough to know what’s best for us. But hey, isn’t it supposed to be government by the people for the people? Stop making these positions so attractive to power hungry people in the upper class. In fact, PA could use a lot less elected officials in Harrisburg. A smaller, more responsible government would probably be a good place to start.


#18

I get more and more convinced everyday that the best thing for all Americans would be for this country to split into 2-4 smaller countries. But it’ll never happen.


#19

Here’s one that really got to me…

A few years back, the Harrisburg school district decided to put in a $500,000 state of the art playing surface for their football field. They then went out and hired a football coach for $100,000 a year. The basketball team had 7(SEVEN) sets of uniforms !! My close friend was a teacher at the time. Told me he didn’t have enough books for the students, the ones he did have were decades old and tattered.

Now, the school district has a budget crunch. They are thinking of either eliminating sports, making it a pay-to-play, or eliminating kindergarten !!!

…to me, that rings of mismanagement !!!


#20

[quote=“Skeeza, post:19, topic:1341”]Here’s one that really got to me…

A few years back, the Harrisburg school district decided to put in a $500,000 state of the art playing surface for their football field. They then went out and hired a football coach for $100,000 a year. The basketball team had 7(SEVEN) sets of uniforms !! My close friend was a teacher at the time. Told me he didn’t have enough books for the students, the ones he did have were decades old and tattered.

Now, the school district has a budget crunch. They are thinking of either eliminating sports, making it a pay-to-play, or eliminating kindergarten !!!

…to me, that rings of mismanagement !!![/quote]
It is obvious there are problems in the Harrisburg SD. However, George Chaump gets paid $7,000 to be Harrisburg HS football coach, not $100,000. Chaump held two other positions within the district that brought his total salary close to $100,000. The other two positions were eliminated earlier this year but he remains the coach despite the elimination of those other administrative spots; and, he is getting a paid a grand total of $7000.