Thursday, March 26, 2020

TKC EXCLUSIVE!!! CORONAVIRUS IMPACT BUSTING KANSAS CITY BUDGET!!!



Here's an economic heads up about the state of our busted KCMO budget and how years of structurally imbalanced City Hall financing have worsened the crisis now confronting 12th & Oak.

A preview . . .

KANSAS CITY QUEUES FOR MUNICIPAL BAILOUT

Water/Sewer + Streets/Bridges/Sidewalks/Sinkholes + NEW Airport Terminal + Convention Hotel + Power and Light District debt + 18th and Vine District + ToyTrain + Free Buses + Downtown Baseball Stadium + Out-Of-Control Public Safety Budgets + Pre-Existing High Tax Burden + Subsidizing Luxury Residential Towers/Garages + Subsidizing Wealthy Private Companies + City Hall Shutdown 1 Month

What do you think the retirement systems financial report of April 30, 2020 will indicate?

Luckily, a KC insider answers this question for us . . .

"There's a clear multi-year trend here, and it's not good . . . KCMO pension obligations account for about 15% of budget obligations right now. With DRASTICALLY REDUCED REVENUES along with requirements to maintain public safety funding . . . The math simply doesn't add up."

Lesser sources note: "Pensions were underfunded by more than $733 million when the last fiscal year ended in April 2018." In 2019 the liability number rose to $787,888,848.

In other words, KCMO is going to need a big chunk of that stimulus given that 12th & Oak is just about as financially unstable as local households who will forgo about a month of income under the threat of a pandemic.

Related reading:

Politico: Here's what's in the $2T stimulus package — and what's next

CNN: Stimulus bill includes $100M arts funding despite past Trump attempts to cut it

CBS: Mnuchin says Senate stimulus package will keep economy running for 3 months

NYPost: Senate nears coronavirus stimulus vote as GOP rebellion fizzles

UST: $1,200 cash payments, help for businesses: Here's what's in the historic stimulus package for coronavirus

Forbes: All You Wanted To Know About Those Tax Stimulus Checks But Were Afraid To Ask

Guardian: US coronavirus stimulus: are you eligible and how much will you get?

Developing . . .

51 comments:

Anonymous said...

In other words,

we're doing way worse than Detroit.

Nudge said...

Don't worry, we've got that "momentum" for downtown that will not be impacted at all. There is bound to be very few lasting effects. Right?

Anonymous said...

^^^ WRONG!

But it's not just KC. The fundamentals of the economy are going to be changed. It's not just about the service industry but all industries and our healthcare system. The old way of doing things isn't going to survive the pandemic. Insurance companies obviously aren't effective at preparing for a health emergency. Just like every other industrialized nation in the world. We're going to have socialized healthcare. It's just a fact.

Anonymous said...

^^^ It'll be hard for the Republicans to argue against "death panels" after this given how quickly they want to pull the plug on everybody who might catch coronavirus in the coming weeks.

Fc said...

So this was all just to save Obamacare?

Sad.

Very sad.

Super Dave said...

I remember days of old when we were told time and time again how important it was to be saving for a rainy day.

It's rainy like hell now folks and the smart ones will survive just like they always have.

Anonymous said...

^^^ Generally that's right on the money.

But saving every penny isn't going to help much for people if the COVID-19 virus hits them too hard. In the end you can't prep for EVERYTHING.

As far as KCMO goes. They should have invested the money back into the city rather than just taking on more debt.

Anonymous said...

When a city finds itself close to being upside down financially at the same time the general economy is strong, unemployment is at an all-time low, and interest rates are close to zero, the incompetence, upside-down priorities, and outright corruption of the people "managing" it for many years becomes crystal clear.
And during that time the most basic services like public safety, street maintenance, water system operations, and many others have only gotten worse.
There's a very long list of names of those responsible and some of them actually continue to enthusiastically cheer for the same bad decisions and choices to be made.
The momentum of bankruptcy.
Sad.

Anonymous said...

7:54 the smart people are those who took precautions back in January about traveling and so forth. The warnings were there people just as always ignored them.

Super Dave dead on the money again. I remember my grandfather always preaching to me to save 10 cents of every dollar I earned. I tried to do just such and did most of the time and even as much as a quarter when a little more flush. I'm so thankful today for that advice as it's hard cash that's mine to do with and the stock market has no effect on.

Byron Funkhouser said...

Most Americans are only a major illness away from homelessness. Medical Bills are the number one cause of personal bankruptcy. This cannot be prepared for.

The Health Insurance Industry is an unnecessary middle man.

Access to health care is a human right & therefore should not be constrained by emotional appeals to historically obsolete code words.

We must stop concerning ourselves with whether the poor, or anyone else, are "worthy".


Anonymous said...

KC hasn't had a budget in many many years. They throw some figures around on a piece of paper that really mean damn little as they willy nilly run the city throwing money at every developer who walks up with a hand held out for money. Where in these so called budgets is that money made public? It's not because it's never figured in. Lucas will go down as the Mayor who busted Kansas City Mo.

Anonymous said...

I remember days of old when we were told time and time again how important it was to not listen to dying old boomers.

Anonymous said...

8:26 you best thank a old boomer as without them you would not be.

Anonymous said...

Byron you're not entitled to shit if you have never worked to earn such.

Anonymous said...

"So this was all just to save Obamacare?"

Is this today's Fox News talking point? Inquiring minds want to know.

Anonymous said...

We need to follow the advise of all the experts of medical research and science, who by the way are in line expecting the feds to pour big money into all their various organizations.

Anonymous said...

Police and fire are who’s killing the pensions and what’s worse is they didn’t have to pay social security so they infested every penny that should have gone into social security and then some to outside investments. They get a city pension better than all labor class employees in the city, notice I didn’t say management, plus their outside investments, the average police and fire retirement is around $10,000 a month compared to $3700 a month with social security added for a city labor class employee. There’s your problem right there. Side note is police and fire are extremely management heavy and the average retirement for them is about $17,000 a month.

Anonymous said...

Average city employee yearly pay is around $29,000

Fire is around $84,000

Police is around $94,000

If that doesn’t get your goat.....

Anonymous said...

8:40 I don’t know, why don’t you find out for yourself instead of getting your ridiculous hate filled rants from cnn and msdnc

Anonymous said...

Enjoy the taxpayer funded Sly James Renaissance

Anonymous said...

Yes retired KCMO city pensioners. Real tough life they have. Some neighbors just bought not one, but two giant shiny gas guzzling pickup trucks. A new boat and trailer, and a restaurant sized grill for the deck.

Really sacrificing.

Anonymous said...

It looks like this Coronavirus deal is gonna end up being one big nothingburger.

Just sad.

Anonymous said...

Where’s gopher boy, wickham and James now that their actions have killed kc?

I’m betting they left the state with their I’ll gotten gains from the developers.

Go4KC said...

^^^ TOTALLY UNFAIR.

Mayor Sly James helped KC produce more revenue and development than any other mayor in history. He was the architect of downtown and there wouldn't be so many benefits without his planning and brilliance.

Such a shame that in a crisis this blog and its readers just wallow in negativity. It's the same thing that always happens here so I guess we should not be surprised. I've seen some good information here but the commentary is just mean spirited as always. So disappointing.

Mayor Lucas has done a magnificent job in keeping KC safe but let us not forget that without Mayor James, there wouldn't be much to protect. He brought the development to KC and created something from nothing. He has tirelessly worked to help our city and deserves not only respect but our admiration.

This blog just tears things down and that is not useful during this crisis. Leaders like Mayors James and Lucas inspire us to be better instead of hating everything about KC. If you hate it so much, then move! Those of us who dedicate our careers to this city will not give up on it. We will fight for the good people who call this city home and don't just hate it on a blog.

Anonymous said...

"Medical Bills are the number one cause of personal bankruptcy." That's bullshit. It's based on a claim by Elizabeth Warren, but to arrive at that answer she had to assume that every individual bankruptcy with medical bills of $5000 or more was caused by those medical bills, even if other debts totaled hundreds of thousands or even millions. Warren was nearly as dishonest then as she is now. And you have a bad case of confirmation bias.

Anonymous said...

In a PR disaster for the Communist government of China, President Xi Jinping suddenly realized he forgot to take off the "Made in China" tags from all copies of the coronavirus his government shipped all over the world.

Anonymous said...

Vote NO on the increase on the regressive fire sales tax in June.

Anonymous said...

@ 8:47, I know I shouldn't delve into the sick world that you created in your mom's basement, but since I am non-essential and bored as hell I thought I would internet-bitch slap your pimply faced ass. I did just about 10 minutes of research before I decided to respond to your mindless drivel, so I imagine you did exactly none. Your numbers aren't even in the realm of possibility, and most readers just gloss over shit like this...but fuck it...I'm game.

The top pay for police officers after 35 years of working is 73,000. Sergeants make about 92,000 a year. Those two ranks together compose about 95 percent of sworn law enforcement. A police officer, who retires this year, after 35 years of work would earn 80 % of his/her base pay. That equals 58,000, or about 4,000 a month. A sergeant would make about 6,100 a month. As far as management pensions go, not even the chief could possibly earn what you quoted. If you want to have ANY credibility in the future do a little work prior to speaking.

I wouldn't do their shitty job for 35 years, but I'm glad someone will....

Anonymous said...

My vote will be NO.

Anonymous said...

Go lick Sly’s butthole.

Anonymous said...

The recent dramatic stock market losses will impact KCMO's public employee pension funds along with all other pension plans, so look for the underfunded liability to increase substantially. The City has consistently offered Police and Fire increased pension benefits in lieu of wage increases because that increase won't be funded until years down the road. They treat pension benefits as funny money!

Anonymous said...

You’re a retard and live off the government titty.

Anonymous said...

But soCiaLISm!

Anonymous said...

Agree with gopher that Lucas is doing a good job, but Sly? "Planning and brilliance?" More like plotting, coercion, and total disregard for voters' wishes.

We're miles ahead with Sly in our rear view mirror.

Anonymous said...

“but let us not forget that without Mayor James, there wouldn't be much to protect. He brought the development to KC and created something from nothing. He has tirelessly worked to help our city and deserves not only respect but our admiration.“

Yes yes yes gopher boy, downtown is brilliant, yea for you, the problem is that’s the only thing that’s worth a shit in this town, you idiots left the rest of the city with broken down everything but sure, let’s pat you dumbass’s on the back for a job well done!

NOW GO FUCK YOURSELF.

Anonymous said...

If it wasn’t for sLIE there wouldn’t be much to protect.....

WOW, the rest of the city nevar meant much to you imbecile’s now did it.

You heard it here straight from the gophers mouth, you people don’t mean jack shit, thanks a lot gopher boy, now it’s official public knowledge.

Anonymous said...

“We will fight for the good people who call this city home and don't just hate it on a blog.”

Not true, the downtown and the developers are who you are fighting for, and yes, we hate you for it. Got a problem with it? Then you move so the city can move forward as a whole, not just some tiny part of it.

Just in case you forgot, Mayor Barnes started this thing with honorable intentions, you greedy bastards destroyed the taxpayers with your pie in the sky dreams and greed. Is that the part that we are supposed to be thankful for?

Anonymous said...

The creative thinking of Sly James and Jermaine Reed(MBA) let to many projects which were financed with City smoke and mirror funding. Linwood Grocery, Street Car, Jazz Museum, etc. Where are these creative thinkers now? Wouldn't you think they would be speaking out from there private vantage points on how the City should react to the health crisis it faces? Is there any money in the Budget which is earmarked for additional hospital equipment or capacity???

Anonymous said...

Obviously Go4KC is an implant, one of the imported ones, the parasite class, and isn't from Kansas City.

Anonymous said...

Uh oh...


Bahrain and Belgium report their hospitals are successfully treating coronavirus patients with the anti-malaria drug hydroxychloroquine touted by President Trump as a possible breakthrough in the pandemic.

Meanwhile in Europe, another U.S. ally, Brussels, is reporting similar early success with the same drug and is taking steps to ensure its availability for the sickest coronavirus patients.

Anonymous said...

^^^ STFU Trump lover

Anonymous said...

No municipal bailout!

Anonymous said...

12:08 is a fucking communist homo.

Probably KCAC.

Anonymous said...

11:57: Wow! Thank heavens for our very stable genius. I'm sure he all by himself and with no help from anyone realized from his extensive reading and his very giant brain that hydroxychloroquine was the cure for this pandemic. He truly is the chosen one!

Anonymous said...

^^^ shutup retard and by the way, soros wants his money back because you suck at lying! Hahahahaha!

Anonymous said...

Not to worry, usual suspects.
After this emergency has passed, however long it may take, there'll be brand new excitement about a $350 bike plan, a $600 million downtown stadium, and new estimates for the $1.7 billion airport terminals.
And, just for fun, let's throw in a Bartle Hall expansion.
Grifters never let a little thing like a murderous virus get in the way of bilking the public.
Renaissance!
Momentum!

Anonymous said...

Hmm… SEIU Union in California Suddenly Finds Mysterious Stash of 39 Million Face Masks — 3 Days After AG Bill Barr Announces They’re Going After Hoarders....Wow can this be true? Unions probably get their fair share in this upcoming stimulus bailout.

Anonymous said...

1:40: You right wingers are so cute when you're triggered!

Anonymous said...

4:15 you’re so adorable when a paid troll like you gets busted!

Anonymous said...

Paid troll? Is this one of today's Fox News talking points?

Retro ROCKER said...

Great Comments .