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 . . .

28 comments:

Anonymous said...

it was always just a campaign fund.

Anonymous said...

Better title: What do you get when you give KC Mo $800 million?

1400 potholes.

Anonymous said...

Actually, they did repave a few sidewalks but they where all in the crossroads. Northland still needs roads and a lot of them were left off the go bond list. Just like the airport, the whole campaign was just another bait & switch from Mayor Sly James and his gang.

Quaid said...

I kind of understand why TV news doesn't report on this stuff. It's too depressing. People would just give up voting if they knew how their money was wasted. That's why most people in KC don't bother.

Anonymous said...

Would be totally surprised if there is any type of accountability showing where the money was spent or which developers received a payout.

Anonymous said...

I heard we need more faggot bike lanes for faggot bike riders

Anonymous said...

This could cover some of the money ($90 million) city's in the hole for the airlines are supposed to be paying for the nifty new KCI.

Anonymous said...

^^^ Boing! There ya go. Timing is certainly suspect.

Anonymous said...

"The city needs roughly $90 million to bridge the gap between this fiscal year, which ends on April 30, to cover expenses accrued on the Kansas City International Airport project that must be paid before the fiscal year concludes."


Hmmmm something smells. Something smells very bad.

Anonymous said...

Better title: What do you get when you have people pretending to be municipal finance experts chiming in on things they know nothing about?

Answer? This.

Anonymous said...

@7:16 PM

Agreed. With the City Hall idiots in desperation to keep this KCI boondoggle afloat wouldn't surprise me at all. Timing is very suspicious.

Dex said...

Kc has been stealing from the general fund for years, yes it important to keep calling it out BUT I really doubt it's going to change. Especially since there is very little interest in changing course.

Anonymous said...

But, see...

The GO bonds actually need to be issued.

That's what's happening here. They don't just show up. The bonds have to be issued.

THE BONDS HAVE TO BE ISSUED. THESE ARE THE GO BONDS BEING ISSUED.

Goddamn you people are

SO
FUCKING
STUPID.

Especially you, Tony. Do you just accept everybody as an "insider expert?" Or are you, in your abject well of bitterness, trying to purposely mislead people?

Why?

Anonymous said...

I meant to add: THEY'RE NOT FUCKING BORROWING!!!

Anonymous said...

Fire the City Manager.

Anonymous said...

Don’t worry; I’m sure Uncle Sly and Cousin Gopher will announce the big news about those magic beans they bought any card.

Anonymous said...

*day

Anonymous said...

8:01 perhaps some more scotch will fix that anger issue of yours

Anonymous said...

sLIE’s favorite game is to rob Peter to pay paul

Anonymous said...

How many of Sly's buddies have new Escalades ?

Anonymous said...


The liberals in this city deserve this, they knew what this was all about, it was out there for everyone to see and yet they voted for it anyway.

Anonymous said...

Seriously what the fuck did you expect?

Anonymous said...

Bonds are BORROWING. I would dump this blog because I live in Leawood but I do find it funny to watch this blogger and its readers terrorize KCMO officials. Great show!

I gotz minez said...

Sly city. You're better off getting a consulting contract rather than just complaining!

Anonymous said...

As some warned before the vote, what the $800M GO bond issue was really all about was the ability of KCMO management to continue "business as usual."

KCMO has failed to address basic infrastructure maintenance for years. Sylvester James knew this fact shortly after entering office, failed to act, and continued the faulty policy of diverting funds elsewhere.

Troy Schulte has made a routine practice of continually shuffling funds from one dedicated municipal fund to another, like a well-orchestrated shell game. Or perhaps like a check-kiting scheme.

Schulte, James, and Council refuse to address the ever-growing budget behemoth which is KCMO Public Safety. It remains an expansionary black-hole which swallows up a greater percentage of the municipal budget each and every year. It now threatens the financial integrity of the city itself.

The reason Schulte and James purposely lied to voters about the details of the $800M property tax increase, was to assure themselves budgetary wiggle-room for survival until they're both retired and gone. Local media sold their soul to City Hall by not aggressively highlighting the annual exponential nature of the tax increase. The other thing they keep doing is to levy additional separate taxes for services which use to be covered from general revenues. When the shit hits the fan, and it will, both Schulte and James will be gone and someone else will have to tell residents that the city is bankrupt without another big spike in taxes.

No one currently on the Council who's running for Mayor has any intention of changing the status quo of corrupt practices. It's the system they're familiar and comfortable with as normal.

Anonymous said...

I suspected all along that they go Bond money would not being used for the infrastructure but probably be given to developers to pay off their bonds which is called arbitrage Bond fraud I think it's time for the FBI to do a federal investigation on where all that Bond money went

Anonymous said...

If the GO bond money is going into the general fund, which we suspect it is, it will be harder to track with out a full, independent audit. Remember the city also collects $70,000,000 a year from the 1% sales tax for infrastructure we just renewed for the next 20 years..They have been collecting that tax for 10 years ($700,000,000) and now will continue to collect for twenty more. It's time for a SEC federal criminal investigation..

Anonymous said...

The nexus of all the city’s problems is the city manager. Fire him.