Sunday, June 9, 2013

Debt, debt and more debt

It's really kind of funny thinking of the City of Cincinnati building what we now estimate to be a $180 Million streetcar system that extends eighteen blocks (the Banks to Findlay Market). After all, the City tells us it is swimming in operating fund red ink, its pension fund is $870 million in the hole, and its  bond rating is tanking.

Yet Finance Committee Chairman Roxanne Qualls tells us she intends to bring to a vote this month a plan to fill $17.4 million in currently-known holes in the City's Streetcar financing plan.

The City's plan to fund the deficit is a bit opaque at this juncture -- and that's by design -- but it appears their primary plan for the gap is, your guessed it, more debt!

Yeah, it's really funny, until you realize that someone must pay back all this!

Enjoy your bloody streetcar!

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