More SEC Violations in 2016 CAFR--FUZZY Math on 10% Drop in Jobs--Time For Pae To GO!

[Brian Essi]

The 2016 CAFR makes some wild and clearly misleading claims about lost jobs due to the loss of the hospital (previously the #1 employer in LKWD) and New York Life Ins. Co. (previously #4 employer in LKWD) (see attached excerpts of the CAFR).

Here's the Math

1,528------Hospital Jobs before hospital closed (per 2016 CAFR)
+ 397-------New York Life Ins Co jobs prior to leaving LKWD (per 2016 CAFR)
1,925------Total Jobs prior to closing and NYLI Co exit (per 2016 CAFR)

-150------Total Estimate of Jobs currently at LKWd "ER" ---CCF estimates only 150 jobs at new FHC when open so 150 is high for the existing ER

1,775------Total Lost Jobs in 2016

- 600------Claim in Pae's 2016 CAFR of estimated lost jobs (per 2016 CAFR

1,175------Pae's FUZZY MATH Misrepresentation

The CAFR states that there were 11,731 total jobs in LKWD in 2016, so, losing 1,175 jobs is about a loss of 10% of all jobs in the City.

The Math is simple---the lies are clear----It is past time for Pae to go!

Lakewood deserves a competent and honest Finance Director

P.S. Thank You Sam O'Leary for your part in this!

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[Michael Deneen]

Perhaps it was just an honest mistake.
We can't expect her math to be perfect....after all, she doesn't have much time to double check her figures.

She's far too busy with her REAL job.....promoting Team Summers narrative on social media.
Monitoring and censoring a Facebook page can be quite time consuming.

[Mark Kindt]

And, similarly, the 2015 CAFR reported Lakewood Hospital employment at 1,662.

[todd vainisi]

That 2009 to 2016 report seems strange. St Ed's went from less than 120 employees to 296 in that time. That's a lot of additional employees for a school. Maybe there was an event I am ignorant about.

[Jim O'Bryan]

That 2009 to 2016 report seems strange. St Ed's went from less than 120 employees to 296 in that time. That's a lot of additional employees for a school. Maybe there was an event I am ignorant about.

Todd

They added to the parking lot!

I am sure they are counting trades workers that wandered through the site during the rebuild. Wildest dreams could account for that.

But I also remember cutbacks at Ohio Bell, Graftech.

I do find it amusing we discuss employment numbers knowing they lie about far less and far more.

.

[Brian Essi]

That 2009 to 2016 report seems strange. St Ed's went from less than 120 employees to 296 in that time. That's a lot of additional employees for a school. Maybe there was an event I am ignorant about.

There are three kinds of lies: lies, damned lies, and statistics.

Note that the statistics are reported as "positions"---not employees---Jenn Pae, once argued that Lakewood Hospital employment was "overstated" because of so many part time employees, i.e. the statistics are assembled based upon "tax reports"--i.e. W-2's and perhaps 1099s. It is possible that like many employers, St. Eds has trended to hiring many part timers to do the jobs of previously full time employees--that's just a guess.

It is interesting that among the current 4 largest Lakewood employers (2017)--2 of 4 are one school and two government entities. That means us lowly citizen taxpayers are likely carrying the tax burden to support the government entities---that's the complete opposite narrative that Big Daddy and Kelly Anne have been peddling--hence, their desire to mislead investors and the public.

[Michael Deneen]

That 2009 to 2016 report seems strange. St Ed's went from less than 120 employees to 296 in that time. That's a lot of additional employees for a school. Maybe there was an event I am ignorant about.

That number cannot be accurate...no way the staff more than doubled in seven years.
The school has grown modestly in recent years, but not that much...it is still only around 930 kids (a fraction of what is was in the 70s and 80s).
As Jim mentioned, the larger number probably includes construction workers building the new innovation center. This is deceptive since those people don't work for the school.
I suspect the larger number could also include part time staff that weren't included in the 2009 figure.

[Brian Essi]

From the page above, here is another example of "sleight of hand" statistical reporting designed to mislead the reader:

"Two companies representing large year-over-year employment gains include University Tees & 717 Inc., which
saw over 40 percent employment gain from 2014 to 2015; and Onix Networking, which saw 22 percent
employment gain in that same period."

This is in the 2016 CAFR published in late June 2017---why don't they tell us the 2016 figures for these three companies. Also, the "40 percent" and "22 percent" increases are meaningless to the reader since the number of employees is not listed anywhere in the report---so, the reader has no way to weigh the importance of a "40 percent" and "22 percent" increases from 2014 to 2015 on the overall Lakewood employment picture--leaving aside there is no information about these two companies for 2016.

Reporting a 100% decrease in New York Life Ins Co. employment for the #4 employer and a 90% percent decrease in the #1 employer, but that wasn't reported.

What is wrong with our Finance Director?

What is wrong with the Mayor and his administration that are supposed to oversee Pae's honesty and integrity in reporting to the public what is going on in OUR CITY?

[Brian Essi]

The 2016 CAFR makes some wild and clearly misleading claims about lost jobs due to the loss of the hospital (previously the #1 employer in LKWD) and New York Life Ins. Co. (previously #4 employer in LKWD) (see attached excerpts of the CAFR).

Here's the Math

1,528------Hospital Jobs before hospital closed (per 2016 CAFR)
+ 397-------New York Life Ins Co jobs prior to leaving LKWD (per 2016 CAFR)
1,925------Total Jobs prior to closing and NYLI Co exit (per 2016 CAFR)

-150------Total Estimate of Jobs currently at LKWd "ER" ---CCF estimates only 150 jobs at new FHC when open so 150 is high for the existing ER

1,775------Total Lost Jobs in 2016

- 600------Claim in Pae's 2016 CAFR of estimated lost jobs (per 2016 CAFR

1,175------Pae's FUZZY MATH Misrepresentation

The CAFR states that there were 11,731 total jobs in LKWD in 2016, so, losing 1,175 jobs is about a loss of 10% of all jobs in the City.

The Math is simple---the lies are clear----It is past time for Pae to go!

Lakewood deserves a competent and honest Finance Director

P.S. Thank You Sam O'Leary for your part in this!

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Pae is unfit for council service.