 
Jcdfde5
Member
Username: Jcdfde5
Post Number: 39
Registered: 04-2006
| | Posted on Wednesday, April 11, 2007 - 5:42 pm: |    |
Anyone have any info? I thought today was release day? |
Ffdfd
Member
Username: Ffdfd
Post Number: 66
Registered: 09-2006
| | Posted on Wednesday, April 11, 2007 - 9:49 pm: | |
JC, are you back yet or are you one of the guys still laid off? |
Jcdfde5
Member
Username: Jcdfde5
Post Number: 40
Registered: 04-2006
| | Posted on Wednesday, April 11, 2007 - 10:21 pm: | |
One of ten that are still off. Due back the first week of May. Hopefully! |
Ffdfd
Member
Username: Ffdfd
Post Number: 67
Registered: 09-2006
| | Posted on Wednesday, April 11, 2007 - 11:00 pm: | |
We look forward to your return. Six weeks in the academy I assume ... hey, at least you'll miss inspection. |
Ffdfd
Member
Username: Ffdfd
Post Number: 68
Registered: 09-2006
| | Posted on Thursday, April 12, 2007 - 5:46 am: | |
Al Allen on Fox 2 is reporting that the mayor will present his budget to City Council today at 10 a.m. According to Al, included will be the mayor's plan to erase a $153-million deficit and his desire to float $1 billion worth of bonds. |
Danny
Member
Username: Danny
Post Number: 5788
Registered: 02-2004
| | Posted on Thursday, April 12, 2007 - 8:24 am: | |
$153 million dollar deficit. I thought it was 93 million dollar budget deficit. |
Ffdfd
Member
Username: Ffdfd
Post Number: 69
Registered: 09-2006
| | Posted on Thursday, April 12, 2007 - 8:37 am: | |
quote:$153 million dollar deficit. I thought it was 93 million dollar budget deficit.
Yeah, as the Freep explains, the deficit is $153M, but the city had budgeted for $57M of that, so the hole is $96M. Al Allen just went with the whole $153M, and I saw his report before I read the paper.
http://freep.com/apps/pbcs.dll /article?AID=/20070412/NEWS01/ 704120316/1001 |
Iheartthed
Member
Username: Iheartthed
Post Number: 613
Registered: 04-2006
| | Posted on Thursday, April 12, 2007 - 10:07 am: | |
"included will be the mayor's plan to erase a $153-million deficit and his desire to float $1 billion worth of bonds."
Now this I gotta hear... |
Ffdfd
Member
Username: Ffdfd
Post Number: 70
Registered: 09-2006
| | Posted on Thursday, April 12, 2007 - 10:16 am: | |
Well, the mayor's office may be backpedaling on that one.
http://www.detnews.com/apps/pb cs.dll/article?AID=/20070412/M ETRO/704120358
quote:Allen said the mayor is still trying to decide what to do, if anything, about his idea to raise capital funds via an added bond issue. "Nothing may happen," said Allen. "Or it could be one and a half-billion dollars." |
Homer
Member
Username: Homer
Post Number: 153
Registered: 08-2004
| | Posted on Thursday, April 12, 2007 - 10:27 am: | |
Just wondering is this the JC I know from SW & Clark?
Matt & Steph's Dad. |
Jcdfde5
Member
Username: Jcdfde5
Post Number: 41
Registered: 04-2006
| | Posted on Thursday, April 12, 2007 - 10:39 am: | |
No kids here! |
El_jimbo
Member
Username: El_jimbo
Post Number: 81
Registered: 12-2006
| | Posted on Thursday, April 12, 2007 - 11:41 am: | |
See, this is where the paper screws up in how it words things.
The $153 million is not the deficit. It is the Debt Service the City owes. Think of it like your monthly credit card bill or mortgage payment. Let's say for whatever reason the monthly payment you have to make goes up on your credit card or mortgage. In order to cover the payment, you have to take money from some other expenditure or savings you might typically use.
That's exactly what happened with the city. They budgeted for a payment of $57M and they ended up having to make a payment of $153M. Therefore the only real deficit is the $96M difference. |
Bumble
Member
Username: Bumble
Post Number: 65
Registered: 11-2004
| | Posted on Thursday, April 12, 2007 - 11:48 am: | |
Is that all? |
Ray1936
Member
Username: Ray1936
Post Number: 1330
Registered: 01-2005
| | Posted on Thursday, April 12, 2007 - 5:12 pm: | |
If the King issues his 1$ b. in City of Detroit bonds, what I wanna know is what sucker is gonna buy 'em? Let me have their names, as I have a bridge connecting the upper and lower that I wanna sell 'em........  |
Charlottepaul
Member
Username: Charlottepaul
Post Number: 773
Registered: 10-2006
| | Posted on Thursday, April 12, 2007 - 8:29 pm: | |
They would/could likely be bought be foreign countries. China for example owns a good number of the U.S. debt. |
Bvos
Member
Username: Bvos
Post Number: 2147
Registered: 10-2003
| | Posted on Friday, April 13, 2007 - 1:47 pm: | |
Here's the latest from Crain's on the tunnel lease aspect. It's on the breaking news section so anyone, even those without subscriptions, can read it.
It appears that the tunnel lease is just smoke and mirrors as far as plugging the budget hole. They're just asking for 75 years worth of rent upfront instead of getting paid on an annual basis for 75 years. How about making some structural changes to the city government instead of always digging up these one time plugs?
http://www.crainsdetroit.com/a pps/pbcs.dll/article?AID=/2007 0413/REG/70413018&Profile=0
Detroit wants $75 million to lease border tunnel to Windsor
By Bill Shea
11:54 am, April 13, 2007
Detroit would lease its half of the Detroit-Windsor Tunnel to Windsor for 75 years, starting in 2020, in exchange for $75 million this year, according to Mayor Kwame Kilpatrick’s budget proposal given to the City Council on Thursday... |
El_jimbo
Member
Username: El_jimbo
Post Number: 84
Registered: 12-2006
| | Posted on Friday, April 13, 2007 - 1:56 pm: | |
Well the proposed budget is $28 Million (about 14% smaller than the current fiscal year's budget. |
Iheartthed
Member
Username: Iheartthed
Post Number: 617
Registered: 04-2006
| | Posted on Friday, April 13, 2007 - 2:05 pm: | |
"If the King issues his 1$ b. in City of Detroit bonds, what I wanna know is what sucker is gonna buy 'em?"
The interest rates on any bond issue that Detroit tries to offer will be outrageously high. I'm extremely curious of the specifics... a $1B issue is nothing to scoff at... especially for a municipality. |
Lvnthed
Member
Username: Lvnthed
Post Number: 123
Registered: 03-2007
| | Posted on Friday, April 13, 2007 - 4:21 pm: | |
Goldman Sachs is working with the City on a Wall Street Friendly plan.
If they succeed, it will be a great thing for the city. Wall Street's blessing will make future Investment in the city a lot easier to attract. |
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