Re: THE BOND BOMB KEEPS TICKING-BUDGET DEFICIT ALTERNATIVES TAXES, LAYOFFS

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Re: THE BOND BOMB KEEPS TICKING-BUDGET DEFICIT ALTERNATIVES TAXES, LAYOFFS

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Posted by Can You Lend Me a Dime? on November 30, 2003 at 16:47:17:

In Reply to: Re: THE BOND BOMB KEEPS TICKING-BUDGET DEFICIT ALTERNATIVES TAXES, LAYOFFS posted by 19 Months and Counting on November 29, 2003 at 15:30:05:

If Mayor Cunningham plans to bond for operating expenses, good luck getting it past the DLGS. Bonding for operating expenses is a "no no" except in case of a fiscal year adjustment bond like McCann did in '91. The city can only bond for capital goods and improvements which can be depreciated over 7 years or more...ie Roads, Bridges, Buildings, Fire Trucks, etc. Bonding for operating expenses is a "no go" and Trenton would no doubt shoot it down. If anything in particular will bring this administration down...its the mishandling of the budget situation. And it just keeps getting worse. How about a round of applause for our cracker jack team of financial whiz kids???

: So much for the mayor man being a financial genius. His great plan is to borrow to pay for opreating expenses and hope something good happens in the mean time. Not one word as to how to cut spending or raise cash. That would require thought and some tough choices. Glenn was never able to do that. Stevie, your guy is cooked, stick a fork in him.

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: If Mayor Cunningham plans to bond for operating expenses, good luck getting it past the DLGS. Bonding for operating expenses is a "no no" except in case of a fiscal year adjustment bond like McCann did in '91. The city can only bond for capital goods and improvements which can be depreciated over 7 years or more...ie Roads, Bridges, Buildings, Fire Trucks, etc. Bonding for operating expenses is a "no go" and Trenton would no doubt shoot it down. If anything in particular will bring this administration down...its the mishandling of the budget situation. And it just keeps getting worse. How about a round of applause for our cracker jack team of financial whiz kids???

: : So much for the mayor man being a financial genius. His great plan is to borrow to pay for opreating expenses and hope something good happens in the mean time. Not one word as to how to cut spending or raise cash. That would require thought and some tough choices. Glenn was never able to do that. Stevie, your guy is cooked, stick a fork in him.


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