Friday, January 18, 2019
PUSH BACK AGAINST SKETCHY KANSAS GRANNY KELLY SPENDING SPREE!!!
Great comment from our blog community this evening offers a some EXCEPTIONAL insight and perspective on a financial debate that should should familiar to local news readers. This take riffs off pension concern but offers a far better angle for comparison with local finances.
TKC Reader: Kelly Wants To SPEND!
Kelly's plan, essentially to make smaller minimum monthly payments on the state's credit card balance so that she can spend more money now, is exactly the type of move that the Star lambasted former Governor Brownback for during the extent of his term.
It also reminds me of the way in which KCMO City Manager Troy Schulte extended the repayment schedule for the failed Power and Light District perpetual financial shortfalls. In 2013-2014, KCMO taxpayers got stuck for about $14 million because the Cordish Company of Baltimore Maryland continues to swindle KCMO every year on the deal. Never mind that Mayor James and Council continue to reward Cordish with tax breaks, parking garages, and other perks for their luxury high-rise towers. Kicking the can down the road, when current officeholders will be long gone and taxpayers are wearing millstones around their necks."
The refinancing calls for adding seven years to the entertainment district’s debt payments, from 2033 to 2040. It lowers the payments from 2015 through 2019 and frees up cash to help pay for pension reform, especially in the 2014-15 budget. But it bumps up the debt payments between 2020 and 2040, a net increase in overall debt of $36 million."
"Treasurer Tammy Queen conceded it’s not usually prudent fiscal management to add to debt service payments..."
Developing . . .