A recent conversation with a Kansas City insider offers a stunning glimpse at the reality of this town's precarious financial situation.
To wit . . .
KANSAS CITY CONFRONTS BANKRUPTCY AND CUTTING THE BUDGET BY 60 MILLION ISN'T GOING TO HELP!!!
Out of the loop locals were stunned by Mayor Q's recent announcement that locals should prepare for EPIC cuts next year. Sadly, that's most insiders realize that's not going to be enough.
Here's the word . . .
"How much to do you think revenue is off this year? 60 million doesn't represent very much of a 1.7 BILLION dollar budget.
We're talking about what could be a 15-20% drop in revenue from a budget that was already structurally imbalanced. There's no city in the world that has the kind of padding to deal with that economic hit. 60 million won't make a dent.
We're talking about cuts of up to 200 million to stay above water.
If we can't do that, then the only thing that we can hope for is a 'Biden Bailout' because KC isn't the only municipality facing this kind of shortfall. Sure, I don't like to think about the implications of the government printing more money . . . But your readers should know that 60 million worth of cuts is just the starting point. Without some kind of additional stimulus, this town will be forced to declare bankruptcy if it doesn't double the cuts and then some . . ."
Even worse, as the cold weather approaches Kansas City now confronts the prospect of worsening coronavirus, more shut downs and greater economic hardship amid the backdrop of civil unrest and fighting over the election.
And so, for payday Friday . . . Kansas City readers should understand the dire financial circumstances confronting this town that aren't going to be solved by the empty promise of a quick recovery.
Developing . . .