Friday, February 22, 2019
TKC EXCLUSIVE!!! INSIDERS WARN: KANSAS CITY ALREADY BURNING THROUGH GO BOND MONEY WITHOUT MUCH INFRASTRUCTURE IMPROVEMENT!!!
An upcoming ordinance proposes to issue about $70-MILLION worth of GO-BONDS this year at a burn rate that's worrying Kansas City insiders.
Remember: On April 4, 2017, voters overwhelmingly approved an $800 million comprehensive capital improvements program to use revenue created by issuing general obligation bonds each year for 20 years.
A simple bit of math that's often overlooked by 12th & Oak -- If KCMO spends $70-MILLION a year out of this fund it'll all be gone in about 11 years and not 20.
Reporting from City Hall on GO Bond promises was loud & proud the first year but now the desperate need for more cash has quieted the municipal chest thumping.
Here's a concern from one of the best and brightest TKC READERS on the spending.
"They are borrowing $70-million this year (190162). Doesn't look like it will last very long. Looks like another big property tax increase for KC."
Here's what's worse . . .
KANSAS CITY HASN'T RECEIVED MUCH FOR NEARLY ONE BILLION DOLLARS WORTH OF GO BONDS!!!
A quick run-down:
- The animal shelter still requires MILLIONS in private funding that hasn't materialized.
- Streets and sidewalks are worse than ever after Winter 2019 created more than 1400 potholes that need to be filled.
- 311 response time still earns widespread rebuke from locals who wait weeks for any action on their concerns.
What's worse is that a great many politicos are going to be running their campaigns based on their "infrastructure work" whilst even a cursory look around KCMO finds evidence of their efforts very hard to confirm.
You decide . . .