Sunday, December 2, 2012

Cincinnati Credit Rating in Jeopardy

As Mayor Mallory and the City Council dicker over whether to cut Arts Funding from the City Budget, the grown ups at Standard and Poors are raising the alarm; assigning a "negative outlook" on the City's finances.

Ultimately, this will increase the cost of borrowing, which means that the cost of all city projects and services will go up.

In part this "negative outlook" is due to the $32.6 Million in one time revenue sources used to "balance" the 2013 proposed budget. COAST has that story here.

Add on top of this news that Council is preparing right now to borrow $33 Million toward the Streetcar.

Cincinnati's budget gap is a serious problem.  Now is the time for serious people to stand firm and stop the Streetcar Boondoggle. Every member of Council will be running either for re-election or Mayor next year.  The 2013 budget should be a litmus test for every voter.  We are watching.

Use this link to email council now and let them know you are watching.  

The Enquirer has more here.  The Business Courier has the story here.

City Manager Dohoney informed Council of the issue in the memo below.

Dohoney Bond Memo

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