Helling backs off his $20 million figure at the request of City Hall even though it's not that out of line . . . But the measured questioning of City Hall finances offers a nice look at our screwed up local finances that are soon to kill the bond rating of this town according to KC Insiders: KC's dilemma: fund pensions now, pay off Power & Light District debt later
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- The Management
It doesn't matter. None of it will be paid in the long run. The money tree is dead.
ReplyDeletePension problems? Sounds an awful lot like Detroit.
ReplyDeleteburn it down collect the insurance.
ReplyDeleteSly has a fix - spend even more money on a toy train that nobody wants.
ReplyDeleteKCMO pensions are underfunded by 600 million. The interest rate used by actuaries is 7.75%. So every year the city needs to add 46.5 mil plus the amount needed for the current years cost to keep from falling further behind. The few million they are talking about won't even make a dent.
ReplyDeleteSomebody is going to get screwed!
ReplyDeleteThe City Manager is making a public issue of the pension under-funding so he can cite disclosure when the shit hits the fan.
ReplyDeleteIn a way, this is a good thing. The microscope is getting focused on the issue of dereliction of board responsibility when the Mayor and Council willfully under-fund this liability.
Other states and cities are dealing with the hard decisions in order to address pension under-funding. Kansas City will not have the opportunity to plead ignorance.
Not as fun as spending on new stuff, but the job should not be about cutting ribbons and making contractors happy.
I've got a great idea. Let's raise property taxes and issue more debt so I can fulfill my campaign donation promises to the heavy constructors. The mayor
ReplyDeletePootie Tang says "fire" at the P&L be suspect.
ReplyDeleteCity manager is grossly incompetent.
ReplyDeleteKC pensions are fine. The "crisis" is manufactured.
ReplyDelete6:27 knows nothing about detroit. Just regurgitating right wing bullshit
If the politicians pull this refinancing shit on us I hope they won't be able to sit down for a decent meal out in this town without being doused in wine and tomato sauce from neighboring tables. A bunch of cowards and bottom feeders deserve no less.
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