TKC BREAKING AND EXCLUSIVE NEWS!!! KANSAS CITY SOON TO BORROW MORE TO FIX OLD AND BUSTED INFRASTRUCTURE!!!
There's a ton of great stuff hidden in the current busted Kansas City budget that mainstream media doesn't have time or the manpower to cover.
We've talked about the current budget drama quite a bit so far but here's an item that TOP LEVEL KANSAS CITY INSIDERS have discovered which offers a bleak picture of our cowtown financial future.
DESPERATE FOR CASH . . . CITY HALL WILL SOON ASK KANSAS CITY VOTERS TO APPROVE A CAPITAL IMPROVEMENTS BOND PROGRAM!!!
Expect another emergency ordinance that might arrive for the April election . . .
Furthermore . . .
Think about how Kansas City is bleeding red ink from quite a few projects . . .
- Yesterday we had a great discussion of the P&L District Fail now reaching $20 MILLION annually.
- The water department budget is so out of whack that KCMO needs another $500 MILLION in an emergency move.
- Union Station, Liberty Memorial and a slew of obligations are draining the city of precious resources.
To wit . . .
TKC EXCLUSIVE: KANSAS CITY FINANCE GURUS CLAIM THAT THIS BUSTED BUDGET RISKS KANSAS CITY'S BONDS GOING BACK TO A NEGATIVE OUTLOOK!!!
Remember that some high pressure lobbying (and behind the scenes lawsuit threats according to City Hall Insiders) turned KCMO bond ratings back to a stable outlook from Fitch . . . But since that time the City's financial situation has weakened and this town's crushing debt has grown worse.
Therefore, if City Hall doesn't find cash IN A HURRY . . . This town's bonds get one step closer to junk.
Here's the calm confirmation of this desperate situation hidden in the budget memo:
City Manager Troy Schulte: "I believe that the City Council should seek voter authorization of a capital improvements bond program to ensure that the City has the resources necessary to maintain our infrastructure."
Seems like a friendly reminder, right? It's more like a desperate scrape for cash very much like stoners in a panic sifting through sofa cushions in order to pay the pizza dude at the door.
So, while hipsters and the clueless consumer class are celebrating the toy train streetcar and other dubious achievements during this current tax and spend epoch of local governance . . . The reality is clear: Kansas City is going broke.
Developing . . .