Tuesday, January 28, 2020

SHOCK!!! KANSAS CITY TAXPAYERS OWE NEARLY $10K TO BAIL OUT CITY HALL!!!



Kansas City residents confronting rising, deadly crime and worsening cultural war political divisions have another concern that threatens local wallets.

To wit . . .

KANSAS CITY STAYS LOSING FISCAL HEALTH REPORT AND BAD DEBT BURDENS EVERY COWTOWN TAXPAYER!!!

Whilst activists and developers often urge locals to ignore the bad economics of their schemes, this report offers VERIFIABLE DATA that reveals 12th & Oak falling short of financial obligations.

Our blog community has chronicled the structurally imbalanced budget for years and this report not only sharesindicates how the cash crunch applies to residents. Sadly this data might be dismissed by deadbeats who want KCMO to continue along a path to bankruptcy. We only hope the info proves sobering for more fiscally responsible souls who oppose the constant litany of giveaways and irresponsible spending.

Checkit:

TIA: Kansas City receives 'D' grade for fiscal health

Money line:

"A new report on the financial condition of the 75 most populous cities ranks Kansas City no. 56 in the nation for fiscal health. The report is based on the cities' 2018 comprehensive annual financial reports, which are not analyzed on this scale by any other organization.

"The analysis by Truth in Accounting (TIA), a nonprofit government finance watchdog group, found Kansas City needs $1.6 billion to get out of the red, or $9,800.00 from each of its taxpayers.

"According to the watchdog's annual Financial State of the Cities report, Kansas City has $3 billion in bills and only $1.5 billion in available assets to pay those bills after capital and restricted assets are excluded. This results in a $1.6 billion shortfall, or a $9,800.00 Taxpayer Burden™, which is each taxpayer's share of the municipal debt after the city's available assets have been tapped."

Developing . . .

34 comments:

Anonymous said...

add in the national debt and taxpayer are on the hook for another 15. Too bad that yield curve isn't offering any help.

Anonymous said...

Go back to economics class buddy. This is more serious than that because paying off the national debt is a responsibility of the federal government.

KC leaders can pass new taxes whenever they like.

Benjamin said...

Vote NO!

Nemo said...

I wonder of Waddell & Reed will help pick up some of the tab?

Anonymous said...

This problem has been a long time coming.

Ask Kay Barnes about it.

Sly James and now Quinton Lucas. They're haven't taken the debt level seriously and now KC keeps moving one step closer to bankruptcy with every passing year or tax.

Anonymous said...

At least the feds can print more money, KC is stuck with taxing residents to death.

Anonymous said...

^^^ Correct.

Anonymous said...

Rememberthis when you stupid rubes vote for the e-tax. Maybe they will ask for 2% this time.

Anonymous said...

Approximately 75% of that debt ($1.2 billion plus) is the under-funding of the City's employee pension plans. The City's annual financial statements reflect these obligations. During contract negotiations with the unions that represent the City's employees, the City offers improved pension benefits instead of better wages or other benefits, because there's no required immediate cash outlay, i.e., they kick the can down the road. When the pension funds are out of cash, the City will default on payment of pensions to many thousands of City employees. At that point, the City will have no choice but to declare bankruptcy and leave those retired City employees high and dry.

Anonymous said...

It's a Democratically ran city with high crime high taxes and high debt. No one should be surprised. Just need more naive hipsters to broaden the tax base.......lol.

Anonymous said...

You mean to say the City is acting like one of Trump's many failed "businesses", and is going to screw the employees in an arrogant display of "loyalty only going up to the top, and never downwards"?

Anonymous said...

The story is about the city dumbass. Are you confused?

Anonymous said...

"Kansas City’s elected officials have made repeated financial decisions that have left the city with a debt burden of $1.6 billion." T


Ah well nothing a streetcar extension, $450 million for bike lanes, and tons of more tax incentives for developers can't fix right?

Anonymous said...

KILLER SHITTY FAST FACTS

● Kansas City has $1.5 billion available to pay $3 billion worth of bills.
● The outcome is a $1.6 billion shortfall, which breaks down to a burden of
$9,800 per taxpayer.
● If retirement benefits or other costs are not reduced, then taxpayers could
have to pay $9,800 in future taxes without receiving any related services or
benefits.

Anonymous said...

I wonder what the demographics of kcmo taxpayer are?

Anonymous said...

i am going to posit that when Kansas allowed the corporate takeover of farming, mass subsidization of real estate development to coastal firms,and KC let the board of trade move to Chicago, it began its descent into neoliberal consolidation and collateral damage.

Anonymous said...

and just think how much this town would dry up and blow away without the federal cash backstop. largest employer. 1/3 of each of the states budgets (mo and kan) is from the federal government. how many block grants and programs does KC receive, endless. thx - radish

Remmi said...

^^^^ damn, good point.

Also believe that KC started the road to bankruptcy when we thought making pr was more important than manufacturing real things that people want to buy.

NicK said...

its almost like there is millions of dollars of tax money they're not collecting or giving back

Ignatius C. Einstein said...

As Gomer would say "SOOOPRIZE, SOOOPRIZE, SOOPRIZE! KCMO residents vote for these jaggoffs for City Clowncil and Mayor. What else could you expect. Free Bus Service? Ain't happening bitch! City employees better start maxing out their 403B's or 401K's, like TODAY!

Anonymous said...

The likes of Clever, James, Reed and others have no business in charge of policy of any City. These people are incapable of making financial decisions for the common good of the City residents.
Investing taxpayer dollars in projects which have a zero or negative payback has been this City's policy for many years. (ie 18th and Vine, Jazz Museum, City Grocery, MLK signs, excessive travel by the council, etc.)

Time to right size the City. First thing to go is the Street Car expansion.

Anonymous said...

Many such as dave chuck tracy and tons of others have all said for several years now this was going to happen. But the sheep ignored the clues and kept voting wannabes into office.

Anonymous said...

"First thing to go is the Street Car expansion."

But whats another $400 Million of fresh debt that will never pay for itself among friends?

Anonymous said...

TIA is a right-wing clown car, FYI, part of the State Policy Network and ALEC, pushing their agenda like nobody's business.

SO, have fun.

Anonymous said...

Taxpayers can thank the last city manager and budget ghuru for this mess.

Anonymous said...

It is time to throw out the Democratic policies that will bankrupt this City. That means you MUST educate yourself on the issues and vote accordingly. Not every Democrat is bad and not every Republican is good but the Democrats in this City have run us into the ground. Tax and spend, more tax and spend. Anyone with half a brain has already left this place and those of us still here are trying desperately to get out if we can. You politicians best wake up quickly or you will find no one left to govern.

Anonymous said...

^^You mean like the Republican policies that are bankrupting this nation?

Anonymous said...

3:41 an obvious kcmo school district product

Anonymous said...

3:47 only if it you that has the virus letting us know you'll soon be gone.

Anonymous said...

5:07 you aren’t cute bitch!

Anonymous said...

You can blame Troy Shulte and Randy Landes for this god-awful financial disaster!! And they both retired with fat taxpayer funded pensions!!!!

Anonymous said...

KCMO - Recieves a "F" grade for pothole and street repairs. If you cant move around the city without damaging your vehicle...soon everyone will be taking a UBER or LYFT, soon after that anyone driving for either rip off will quit and you can all walk your fat asses where you are trying to go.

Anonymous said...

The city council voted themselves a pay raise last summer. They should rescind it. Someone please detail and post here who voted for it and who did not...

Anonymous said...

Just levy a three hundred dollar tax on lattes and coffees sold within the streetcar district lol

Or how about have a congresssman who is not so incredibly useless , to reel in some more pork bc damn we need it. -Radish