Aug. 8, 2011 at 4:22pm

City Budget Woes

Salt, meet wound...

I don't know how many of you caught this blip from the BE, but the US wasn't the only one to feel the sting of a credit downgrade from S&P. Our own beloved Tacoma was downgraded to AA-/Stable from AA/Watch Negative.

If you're not a finance geek, in practical terms that means borrowing money just got more expensive at city hall. It also means that just about any project that the city is funding (at least in part) by issuing bonds could be negatively impacted. Ouch!

comments [12]  |  posted under finance, tacoma


by fredo on 8/8/2011 @ 4:51pm
Time to call in that $2,000,000 "loan" to those weasels that own Prium Development.

by The Jinxmedic on 8/8/2011 @ 4:59pm

by NineInchNachos on 8/8/2011 @ 7:50pm
who needs a skunk decal?

by NineInchNachos on 8/8/2011 @ 8:24pm
interesting! www.thenewstribune.com/2011/08/08/177545...

by tacoma1 on 8/8/2011 @ 8:36pm
It looks like Tacoma wasn't down graded at all. If I read that article correctly, it's just two bonds on the lease on repayment of Union Station by the Feds.

by NineInchNachos on 8/8/2011 @ 8:40pm
whoopsie daisy !

by fredo on 8/8/2011 @ 8:58pm
happy days are here again,

lets go out and borrow some money while we can still get good rates and use it to stimulate the economy by giving raises to all the city employees.

by Mofo from the Hood on 8/8/2011 @ 10:26pm
Either City Hall must reduce expenses or increase revenue.

MNN's 2011 Cumulative List of Tried and True Municipal Revenue Streams

1. Neighborhood Community Gardens
2. Reconciliation Parks
3. Proclamations Endorsing Carnality
4. Narrowing Key Commercial Thoroughfares
5. Photo Enforced Traffic Monitoring and Ticketing
6. Bike Lanes
7. Painted Crosswalks
8. Business District Arboriculture
9. Superfund Clean-up Real Estate Portfolio
10. Diversity Reeducation

by NineInchNachos on 8/8/2011 @ 10:43pm
11. parking pay stations

by fredo on 8/9/2011 @ 7:25am
tacoma1 you're right. looks like this was sort of a false alarm. still, with all the economic turmoil in DC and on Wall St., it might behoove the city manager and council to adopt a new spirit of frugality in the interest of keeping our credit rating clean.

by Nick on 8/9/2011 @ 8:59am
Thanks for catching that Tacoma1. I suppose it at least reminds us that even our modest city isn't below the radar when it comes to reviewing credit ratings. Here's hoping this doesn't turn into an actual problem later on.

by tacoma1 on 8/9/2011 @ 10:47am
The Seattle PI is still reporting this incorrectly. Doubt they care about accuracy on a Tacoma story.


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