BREAKING!!! NEGATIVE OUTLOOK FOR KANSAS CITY'S BONDS!!! MAYOR SLY AND CITY COUNCIL SPENDING ARE RUINING KANSAS CITY'S CREDIT!!!
This is bad news on an EPIC scale for this town . . .
Fitch Rates Kansas City, MO Bonds 'AA': Outlook to Negative
Why is this important?
THIS MAKES EVERYTHING RELATED TO KANSAS CITY LOCAL GOVERNMENT MORE EXPENSIVE!!!
Money Line . . .
"OUTLOOK REVISION: The Negative Rating Outlook reflects Fitch's view that if implemented the city's sizable proposed capital improvement plan (CIP) would further elevate the city's already high debt burden and claim a greater percentage of available resources."
THIS LINE SEEMS DIRECTLY CONNECTED TO MAYOR SLY'S PLAN TO BORROW A BILLION BUCKS!!!
Consider this a reality check from the financial world regarding all of the rhetoric coming from City Hall and the Mayor and City Council currently spending like drunken sailors.
DEVELOPING . . .
Told ya!
ReplyDeleteSo who was it that put the idea in Mayor Sly's head to propose a billion dollar bond issue?
ReplyDeleteSeems to me that "advisor" set him up for fail. Watch out, Sly, it's death by a thousand cuts from the back-slapping, Cheshire cat crowd.
Of course, it also shows Sly is not so much so when it comes to public finance.
Maybe it's time for Sly to give one of KCMO's famous "we're all in this together" speech and try to get JoCo and the other surrounding jurisdictions to send their taxpayers' money.
ReplyDeleteOf course, behavior has consequences and all of these folks have watched how KCMO has operated for years, so there's no chance of anyone lining up.
And if you don't have much money and you waste what you do have, have given away tens of millions in TIF and abatement to developers, can't really raise any more from the public, and are unable to borrow as well, you have a real problem.
Maybe Sly needs to contact Bernie Madoff and see how he parlayed his scheme for as long as he did.
Kansas Citys credit rating probably resembles the scores of the cuurent council. How is it that the financially unfit get their hands on so much access?
ReplyDeleteSame thing happened before the etax vote. Who cares.
ReplyDeleteDowntown hotel will fix it all.
ReplyDeleteI'm starting to like firemen now. Maybe they deserve what they were promised with all this bullshit spending the mayor is doing. $ 300,000 for Aim 4 Peace? Give me a frickn break. Tell that to the little boy that was set on fire in the east side. Freak'n animals. And he wants to pour more money into that hell hole?!
ReplyDeleteFunk wins!
ReplyDeleteFunk wins, their is no other answer.
ReplyDeleteThanks Kay. That Downtown investment is really paying off.
ReplyDeleteThe slow inexorable decline continues. Eventually the politicians will sell things like water infrastructure, parking meters etc. to vulture investment firms such as Veolia or Macquarie.
ReplyDeleteKeep in the back of your mind that KC entered into a consent decree with the EPA to completely separate the stormwater drains from the sewer system. This has to be accomplished in 22 years and will cost over $1 billion. Kicking the can down the road won't work, but that is exactly what KC leaders are doing.
Just look what happened in Jefferson County AL. They are now bankrupt and services are non-existant. Don't think it can't happen here.
Actually, the decline of KCMO south of the river is anything but slow and accelerates with each homicide and abandoned building on the east side.
ReplyDeleteNone of this should be a surprise. When city government becomes and amateur real estate operation instead of focusing on public safety, code enforcement, housing, and other basic issues, the foundations of society crumble and are replaced by superficial make-believe crap like the P&L District, which don't even support themselves financially.
And after a while the whole thing collapses. And the out-of-town companies go home.