Anyone See a Problem Here?
- Chicago Public Schools officials are moving ahead with plans to add hundreds of millions of dollars in debt to the district's books, setting up a blitz of construction projects.
The Chicago Board of Education on Wednesday is expected to approve borrowing as much as $840 million. But CPS won't tell the public what it plans to spend the money on until after the district goes to market for the new bonds.
In addition, the school board also is set to vote on issuing an additional $160 million in bonds to re-finance some of its old debt.
Exhibit B - we seem to recall this was a big deal a years or two ago:
- Chicago officials finally announced what was widely rumored: They will close 54 under-enrolled schools this year in the country’s third largest district to help close a $1 billion budget deficit. It is the largest mass district closing of schools ever in the United States, and it is fiercely opposed by many teachers, parents and education activists.
Exhibit C - just last month:
- Chicago Public Schools student enrollment dropped by 3.5 percent this year compared with last, according to information provided by the district.
That could mean layoffs for 300 teachers and support staff members.
- Nearly half the respondents — 47 percent — would leave Illinois if they could, while 51 percent would stay.
The hierarchy of dissatisfaction: Taxes, 27 percent; weather, 16 percent; government, 15 percent; jobs and schools, 13 percent.
“People often feel they don’t get good value for their tax dollars,” Yepsen says, “and with frequent stories of public corruption or the large number of government units, it’s no wonder they feel that way.”
The urge to bid Illinois adieu is strongest — 58 percent — among people 35 to 50. Millennials under 35 are next at 57 percent.
That would be families with school aged children and those about to start families. But hey, another $840 million on the debt ledger? It's not like it's being wasted.
Labels: money questions
posted by SCC at 12:05 AM
41 Comments:
Big powerful union doing what a big powerful union does. Tax and spend $$$$$.
What is there not to understand? Political campaign contributors who own construction firms need to be paid back, as do the union membership need jobs, so the unions can collect their dues, in order to contribute to demorat campaigns.
Illinois might replace Florida and Arizona as the senior citizens state.
Remember "Good Fellas?"
The scenes with the Tiki Restaurant? They are almost done looting the school system, and about to burn it all down for the insurance.
Don't worry about it. Their Teacher Pension Funds are fully funded just like the Police Officers Pension Fund is. With Luck, Rahm will sell the Chicago School Bonds to the Pension Funds. "Municipal Bonds are Safe Investments!"
Tax me more, give me less. Chicago way till I move to Texas
CPS Student Racial Makeup
Hispanic: 46.5%
African American: 37.7%
White: 9.9%
Asian: 3.9%
(irrelevancies of "0.0%" and statistical quirks below 1.5% deleted)
..and how many "White" are "self-reported White Hispanic" is anyone's guess, what with the new ginned-up method of reporting brought in by the Census...
Too tired to dig for stats/timelines back to an arbitrary 1900 now, but -- "major demographic shift." Really major. On that anyone can agree.
Might be heading to Texas sooner than later. Can't stand all the liberal BS, weather, and crime.
Old Chinese proverb says "When one finds himself in a hole, stop digging.
You would think at least one of them is a math teacher?
CPS can now dump moe money into their swimming pools and not teach swimming in PE classes.
Case in point, $1M sunk into the swimming pool at Steinmetz High School, a school with dwindling enrollment (which costs 12 teachers their jobs after last year).
It seems CPS dumped $1M into renovating Steinmetz' pool in 2015 and the pool is only being used for the swim and water polo teams before and after school. Overall, CPS dumped $10M into the whole building using Tyler Lane Construction, a politically-connected company.
http://tylerlaneinc.com/project-profile/interior-renovations/ir-charles-r-steinmetz-high-school/
This work was done a handful of years after CPS spent over $30K just to get the Steinmetz pool in compliance (2011).
No PE classes are being taught swimming or life-saving techniques in the pool. The students are meeting their swimming requirements by writing a paper on a health topic or swimming. The reasons Steinmetz administrators and PE teachers are giving for no swimming during PE classes are: PE teachers without their proper WSIs (Water Safer Instructor certificates), a huge failure rate in PE due to not passing swimming, illness, girls on their periods, students can't afford bathing suits and caps, and lazy PE teachers.
Vote the Democrats out. All of them. Anything else is insanity pure and simple.
840 million is chump change. Now all you chumps go vote for Hilleary.
House is going up for sale!
More libtard fiddling.
How the hell does someone not tell you what they're going to work on until after they borrow the money?
In what world is that Normal? Oh wait, Chizarro World!
Everyone I know figures out what they gotta do, does the cost analysis on it to figure out how they can achieve some cost savings (value engineering), and then makes their case to the taxpayers and borrow the money if the taxpayers agree...
This is nuttin' futz!
Rahm may have a bigger problem when trump wins, looks like barry obama is thinking of leaving, bet most likely he knows that Trump will order investigations of all the illegal democratic activities costing us trillions in debt, maybe he will be going back to birth place was that kenya?:
http://www.politico.com/story/2016/10/obama-trump-country-230264
How can rahm and the 50 followers allow this? What friends are getting the contracts and how much will the manilla envelopes be stuffed with in cash returned to elected?
On another note when you vote early voting is in many wards now, make sure when you check your ballot that it is not changed by the corrupt machine programmers to read hillary many cases of voter fraud going on,and again trump is right the system is "rigged" to show you a huge difference criminal hillarys vp tim kaine in florida yesterday prepared for big rally but only 30 total showed up:
http://www.thegatewaypundit.com/2016/10/wow-tim-kaine-holds-rally-30-people-show/
Looks like the law and order Trump train is rolling to a landslide victory to make America and policing great again!
Politics. Should be a four letter word. Politicians borrowing money taxpayers are expected to pay back.
Borrowing money to build buildings for students that won't be there. People are leaving and the school system wants to expand?
Victims of black violence are getting younger & younger and the school system wants to expand?
I guess that makes perfect sense,...in Chicago. Wonder why people are leaving?
J.J.
You ever look at the numbers for the CPS? 9 adults for every 24 kids in a classroom using 2013 numbers. According to the Census, those kids can make 670,560k$/year per classroom. The Adults cost 673,551$/yr for their salaries. Now try to add in Firemen, Police, God forbid Aldercreatures and Mayors, etc. Wonder why there's a problem yet?
This is regarding the article in, Exhibit A: ....
+++'The district still hasn't laid out the deal's effects on a budget that also >>assumes state lawmakers will come through<< with more than $200 million.'+++
Correction to the above: They assume ILLINOIS TAXPAYERS will come through.
So to all the whiners(1) who say *only Chicago residents* should be able to comment on what goes on in city gubmint, take note of that. Maybe staple a sticky note to your foreheads so you don't forget -- ALL of Illinois is on the hook for the idiotic spending that goes on in Chicago.
And this isn't the only case. For decades now, the collar county Taxpayers have been footing a good portion of the bill for the useless CTA. Many of those taxpayers have never even set a foot on a CTA bus or El train. My last time on a CTA bus was the winter of 1984. And the last time I was a regular rider on CTA Buses was, 1967!! But do non-Chicago residents / taxpayers get to Vote on anything in Chicago, even though OUR MONEY is at stake in the issues? NO!!
Yep, no doubt about it. That Home Rule Classification for Chicago works out f--king great. Chicago gets its own laws, gets its own rules and regulations, gets its own taxing bodies and methods, and gets exempt from Illinois Laws, etc, that all other Illinoisans are subject to. That is, UNTIL Chicago is out of money for something! Then it's; 'Please help us Illinois Taxpayer, pretty-pretty please. We spent all our money on bullshit because we're all stupid assholes and now we need your money'.
Well, too bad. Fuck You, declare bankruptcy. I don't give a rat's ass.
(1) I don't mean you guys & gals on the CPD. I'm specifically thinking of the arrogant assholes who comment on the Chi Trib website who say only the opinions of Chicago residents matter. I know those jagoffs Troll here.
It's all for the children.
Remember GoodFellas?
10/25/2016 01:43:00 AM
So now the guys got Paulie as a partner. Trouble with deliveries, trouble with the cops, trouble with Tommy, he can go to Paulie.
But now he's gotta come up with Paulie's money every week, no matter what. Business bad? Fuck you, pay me. You had a fire? Fuck you, pay me. Place got hit by lightning? Fuck you, pay me.
And now Paulie can do anything, especially run up bills using the joint's credit. As soon as the deliveries come in the front door, you move it out the back. You take a $200 case of booze and you sell it for a hundred. Nobody's paying for it anyway, it's all profit.
And when the bills all come due, when you can't pay and you can't get another buck from the bank, you bust the place out. You light a match.
Yep, I believe that covers the last 80 or so years of Chicago under the Democrats. Is it getting a little warm in here, or is it jist me?
How about throwing that money into the Teacher's Pension Fund? No way. Handing out huge contracts to connected construction firms brings backs donations to political reelection funds. This city is broke and they just keep digging that hole.
Chicago Residential Real Estate is a safe investment.
There is no way the price of a Chicago house will go down.
Crime is under control.
Chicago Schools are exemplary.
Chicago Taxes are low, and will go down in the future.
Compare the Chicago assessed value to actual value.
Buy Now! Operators are standing by.
Closing schools, spending billions building new schools. then we have dumb dumb aldergoof brainless o'reilly who want TRUMP name now removed from his hotel! Trump gave this goof thousands and the mayor tens of thousands in political donations they both refuse to give back, then like typical chiraq turn the knife as they are in favor of illegal invaders and the black lies never matter crew!
http://www.chicagotribune.com/news/local/politics/ct-trump-honorary-sign-met-20161025-story.html
But wait eleceted idiots quick look over here:
16-year-old boy killed, 11 people wounded in Chicago shootings
http://www.chicagotribune.com/news/local/breaking/ct-chicago-shootings-violence-20161024-story.html
Then we have the anti-American thug nfl players disrespecting the police and military and they wonder why the ratings are way down:
http://www.dailywire.com/news/9188/nfl-ratings-tank-any-guesses-why-hank-berrien#
We have to pay our bills before we borrow more, rahm what the hell are you doing with our moiney? have you made the police pension fund whole as required? Have you hired and paid all the new coppers? What is in this for you mayor and the 50?
I get it CPS is near broke, enrollment is going down and oodles of under utilized schools were closed. So far so good. Wait, it gets better. With a piss poor credit rating, why not issue a shitload of bonds, at a high interest rate and builf5more schools. Is today April Fools Day?
When I win the Lottery, a week from next Tuesday, I'm outa here.
I voted early today because I'll be out of town on election day, it gave me great pleasure to vote yes to every republican, and no on every single judge
No checks and balances, just depend on Big Banks & Investment houses to profit on the interest and commissions, sign those checks Claypool (4 gov. pensions), don't ask questions or look to reform spending.
And then...the F-B-I can only get snag Byrd-Bennett.
Turtle paced judiciary: Indicted Jan 2015, Plea guilty Oct 2015, Sentence hearing April 2017.
Then there's the Appeals and actual jail (if any) time.
By that pace, if she would have won a Presidency, Crooked Hilary could have been idicted, wreaked havoc worldwide, added another $20 trillion debt, and collected another $100 million in campaign contributions for 2020 before she was ever convicted.
So really, if we can't abolish Democrat tyranny, What Difference at this Point Does It Make™ ?
Going to Texas on furlough first couple weeks of November. Scoping out property/employment possibilities while there. Planning on getting out of this bitch state ASAP!!! Retirement here I come!!!
And it's not like the cats who are spending the money have to pay it back. That wouldn't be fair.
Maybe the ultimate plan is to file for bankruptcy after everything is said and done?!
The Moody's rating system actually allows for the credit rating to fall another five levels for CPS. So yes, every level lower interest rates increase and the investors become fewer. When this Ponzi scheme fails we will all get to bail them out... like it or not.
Anonymous said...
Going to Texas on furlough first couple weeks of November. Scoping out property/employment possibilities while there. Planning on getting out of this bitch state ASAP!!! Retirement here I come!!!
10/25/2016 05:28:00 PM
A few recommendations, if I may . . .
Avoid the liberal cesspools of Austin, DFW, Houston and San Antonio. Tax and spend dipshits on their city councils, just like Chicago. They also have absolutely horrible traffic- Austin in particular will make your blood pressure climb to major-league batting average levels, and their bicyclists have raised passive-aggressiveness to the level of performance art. Picture a dusted out version of Yoko Ono on the rag and you'll get the idea.
Avoid the border region, due to the illegals, and avoid the coast due to hurricanes.
Other than that, you have lots of options. The Llano, San Saba and Brownwood areas have VERY reasonable property values and low taxes, with the additional benefit of lots of hunting opportunities. Bambi might look cute traipsing through the back yard, but will look even better on the table with a bottle of A-1.
The downside? Summers can be BRUTAL. As in crucifyingly hot, 90°F and above for months on end - couple that with low rainfall during the summer months, and it's not surprising that 2011 was the worst recorded year for wildfire activity.
Winters are mild, but Northern Texas does get snow during the winter months, and not many people seem to know how to drive in those conditions.
It's pretty goddamn hard to find a good deep-dish pizza, and most people think of a gyro as a device that stabilizes a camera or a traction bed. On the other hand, BBQ comprises 55% of the USDA food pyramid, and there are some Jedi Master spicesmiths that can make a weapons grade sauce that will make you sweat like a whore in a hot tub.
Once you are out and away from the big cities, fire protection is mainly provided by volunteer companies or departments, so the response times will be slower. About 70% of FDs in Texas are volunteer.
Weapons options? Texas is a SHALL ISSUE state,
and Handgun License holders may carry OPENLY or CONCEALED. A Texas Handgun License has reciprocity with 33 other states, if I remember correctly. You may also legally carry a loaded handgun in your vehicle WITHOUT a permit, provided it is concealed.
I just hope all of you moving out of state don't revert back to your old ways and start voting democrap again. That isn't the party it once was and never will be again. It's been taken over by the socialist bastards. Don't turn your newly adopted home state into another shit hole.
voted today with 4 friends , crowded , many complaining about media not following crooked Hilary and increase in their health insurance
if all eligible voters vote , Trump will win .
this is the end. The End, my friend.
"Buy Now! Operators are standing by."
10/25/2016 12:18:00 PM
I love those "house-flipper" radio ads. Seems like a half-dozen operators moving their snake-oil wagon trains in a big, slow circle through the Midwest. First one buys a blitz of ad time, then he's replaced by another...
"Make your seminar reservations now! Seating is extremely limited." You bet it is. Crank that anxiety level up.
They deliberately pick small rooms, keep them cold, and don't like people using the restrooms. Real cult-type pressure tactics.
What a show. Seen it all during the last Real Estate Bubble.
Yeah, SCC, I see a problem here.
"The Chicago Board of Education on Wednesday is expected to approve borrowing as much as $840 million. But CPS won't tell the public what it plans to spend the money on..."
"Put yo' wallet on the sidewalk and walk away!"
There it is.
I suspect the water meter tax was really only to allow the City to issue more bonds for other projects... now you see why the tax was so important.
People are relocating, no one is going to become a slave to hoodlums and the Hoboes. And this is not all the fault of the police department either. Many citizens join ranks with the Hoboes and hoodlums and fighting, shootings, killings and other mayhem are the result. However, until the killings, shootings and other mayhem affect these idiots who join ranks with the gang and hoodlums, things will stay the same here, high crime rates, high unemployment, illiteracy, poverty and a world class city mired down in the depths of life.
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