  Jt1 Member Username: Jt1 Post Number: 11104 Registered: 10-2003 |
http://www.detnews.com/apps/pb cs.dll/article?AID=/20071221/U PDATE/712210450 Still a deficit but good news all the same. Seeing as this is determined by outside analysts I see it as a good thing. | ||
Granmontrules Member Username: Granmontrules Post Number: 279 Registered: 01-2007 |
EXCELLENT NEWS! | ||
Bobj Member Username: Bobj Post Number: 3486 Registered: 11-2003 |
Unbelievable news - I am surprised | ||
Iheartthed Member Username: Iheartthed Post Number: 2415 Registered: 04-2006 |
Very good deal. This will make it cheaper for them to borrow money and fund infrastructure improvement projects. | ||
Charlottepaul Member Username: Charlottepaul Post Number: 2166 Registered: 10-2006 |
Is this the same as the 'bond rating' (or does it influence it)? | ||
Iheartthed Member Username: Iheartthed Post Number: 2416 Registered: 04-2006 |
quote: I believe so. (Message edited by iheartthed on December 21, 2007) | ||
Eric Member Username: Eric Post Number: 1051 Registered: 11-2004 |
This doesn't automatically raise the bond rating, but is good news none the less. quote: http://freep.com/apps/pbcs.dll /article?AID=/20071221/NEWS01/ 71221043/1003 | ||
Lowell Board Administrator Username: Lowell Post Number: 4380 Registered: 10-2003 |
Very important, positive and significant news, especially as it is being accomplished in a period of economic recession. | ||
Granmontrules Member Username: Granmontrules Post Number: 281 Registered: 01-2007 |
As good a news as this is I bet the negative threads on here will still beat out the positive ones! | ||
Downtown_remix Member Username: Downtown_remix Post Number: 571 Registered: 03-2007 |
In the last 3 years, a billion or so has been pumped into Detroit Development. Other city owned properties have been sold or turned over to private management. Im sure many in city hall are very happy to hear this news. They definatly need the moral boost. | ||
Iheartthed Member Username: Iheartthed Post Number: 2419 Registered: 04-2006 |
quote: Thanks for the clarification. When the bond rating is raised, it will make it cheaper for the city to borrow money. | ||
Mackinaw Member Username: Mackinaw Post Number: 4208 Registered: 02-2005 |
Thank you, Mayor Kilpatrick. Please run for governor after you're done here. | ||
Iheartthed Member Username: Iheartthed Post Number: 2421 Registered: 04-2006 |
quote: Actually... It was under his watch that the bond ratings fell... quote: http://www.usmayors.org/uscm/u s_mayor_newspaper/documents/04 _19_99/detroit_other.htm | ||
Mackinaw Member Username: Mackinaw Post Number: 4209 Registered: 02-2005 |
I'd like to take some time and study the components of this ranking; I'm fairly positive a lot of exterior factors go into this, but when the exterior factors go negative, it's up to the mayor and city council to react and adjust the budget. There's no doubt that all factors went negative after KK came into power, and the stabilization in the ranking can be heavily attributed to KK. Archer may have presided over nice budgets, but the city was on a no-growth/slow-growth path that did not bode well for future budgets. | ||
Granmontrules Member Username: Granmontrules Post Number: 282 Registered: 01-2007 |
Thank you Mackinaw. A lot of people on here hate the mayor and have to tear him down. He became mayor in 2002. The budgets for the previous year are always set the following year as the city is on a June/July calendar. When the mayor came in January 2002 he inherited 2001/2002 budget from Archer - which he had to work under until July 2002. As I have said before my wife works in Finance for the City. Also the Archer years were awash in federal funding, which depleted after Bush came into office and we started our wars overseas. | ||
Iheartthed Member Username: Iheartthed Post Number: 2422 Registered: 04-2006 |
quote: I guess that would depend on your definition of growth. I don't want to sound like I'm knocking Kwame so I won't draw up contrasts/comparisons between the two administrations. But Campus Martius was Archer's project and I can't think of a single better thing to happen down there since. If you ask me, he was on to something there that has since seemingly been derailed by city planners. Take a look at the most bustling districts in Manhattan: Columbus Circle, Times Square, Herald Square, Union Square... They are all planned around open public gathering spaces similar to Campus Martius. The city of Detroit should be falling over itself trying to create more Campus Martius's, IMO. | ||
Eric Member Username: Eric Post Number: 1053 Registered: 11-2004 |
quote: Have you forgotten about the Rivewalk? Seems to me both work on the principle of using public space improvements to spur private investment quote: I wouldn't go that far, Archer inherited a much different city in 1993. Investing the amount of money you see today in the city see was unthinkable. Archer's greatest accomplishment probably was that he restored confidence in the city and when he left we were just being seeing fruits in projects like Woodward Place. (Message edited by eric on December 22, 2007) | ||
Iheartthed Member Username: Iheartthed Post Number: 2423 Registered: 04-2006 |
quote: I thought about that, but I haven't seen the finished product yet. I can't really comment on how that will stimulate private investment in the way of CMP. | ||
Skulker Member Username: Skulker Post Number: 3861 Registered: 10-2003 |
quote: Get behind the numbers. Solid financial performance is only a component of rating, albeit the largest portion. Purchasing massive amounts of insurance to back stops bonds is another way to raise bond ratings. The insurance gambit was one Archer played to the hilt. You wind up saving cash on interest but pissing a chink of it away on the insurance costs. You are still ahead, but not by much. Kilpatrick has chosen to not play the insurance gambit. The credit rating is still one level above junk status. Its just that now S&P doesn't think the City WILL slip into utter chaos and hit junk status like they previously thought. They still think the bonds are nearly junk. They just don't think the City will collapse into junk status any time in the next several months. This is not one our finest moments folks...put away the champagne. Of the three bond rating firms that do municipal bond ratings and are acknowledged as the only realplayers in the field, Fitch and S&P have been the most 'lenient' with the City. Moody's did not fall for any of Archer's insurance gambit and did not raise the ratings like the others did. Keep your eyes out for the Moody's rating on the Revenue and Tax Anticipation Notes (RANS and TANS for you Channel ten junkies when the budget talks heat up again.). That big stinky mess o' shit should hit the fans sometime June / July. (Message edited by skulker on December 25, 2007) |
