Not at All Rosy
- Chicago and New York rank at the bottom of a new analysis of fiscal strength based primarily on data from 2015 financial reports issued by the cities themselves. The analysis includes 116 U.S. cities with populations greater than 200,000. See the full rankings here.
Chicago’s position at the bottom of the ranking is no surprise to anyone who follows municipal finance. The Windy City has become a poster child for financial mismanagement, having suffered a series of ratings downgrades in recent years. Aside from having thin reserves and large volumes of outstanding debt, Chicago is notorious for its underfunded pension plans.
For example, the city’s Municipal Employees' Annuity and Benefit Fund (MEABF) reported $4.7 billion in assets and $14.7 billion of actuarially accrued liabilities at the end of 2015, representing a funded ratio of just 33 percent. The actuarial calculations rely on a controversial practice of discounting future benefits at a rate of 7.5 percent, which is the assumed return on the fund’s portfolio return. If a more conservative assumption was employed, MEABF’s liabilities would be higher and its funded ratio lower.
The article admits that the impacts of Rahm's most recent tax hikes and increased employee contributions aren't fully known yet. A lot of it is going to depend on the Federal Governments attitude toward business and that effect on various markets.
But New York City is in second place, and that's even with a booming real estate market and a supposed "bull" market underway. We're going to go out on a limb and suggest that democrats being in charge has something to do with it.
In any event, Rahm's predictions of sunshine, rainbows and a unicorn in every garage deserve a closer look and a wary eye.
But New York City is in second place, and that's even with a booming real estate market and a supposed "bull" market underway. We're going to go out on a limb and suggest that democrats being in charge has something to do with it.
In any event, Rahm's predictions of sunshine, rainbows and a unicorn in every garage deserve a closer look and a wary eye.
Labels: money questions
posted by SCC at 12:03 AM
30 Comments:
Yet, Rahm just keeps on spending.
Speaking of money. I am a retired P.O. I know last year we did not get a COLA and the city is not putting any money towards our insurance this year and my supplemental insurance went up $100.00 in 2016. Question??? Are going to see a COLA increase this year? I did take the FOP supplemental insurance which raised my deductions another $100.00. So, if no COLA I have lost $200.00 a month in pension for 2016 and 2017. Will Cook County let me deduct that amount from my property taxes? Will my creditors forgive $200.00 from what I owe? Oh, my rent went up this year. Can I show my landlord where I am getting less for the past 2 years? Rahm ? Rahm ?
Hey, the projected revenue from the new DePaul basketball arena next to McCormick Place is going to be fantastic!
How is it that our tax dollars are going to subsidize a stadium for a private university with a losing record and a small fan base?
Talk about fuzzy math: the city claims that the stadium will turn a profit on the assumption that everyone is going to flock to the basketball games and capacity crowds will be the norm for the next decade.
The real question is "What's in it for Rahm?" He has the tendency to support public works projects that benefit him. A new multimillion dollar "flyover" for the Brown line elevated train because commuter Rahm cannot bear two minute delays when trains wait to switch tracks. Rebuild the intersection of Clybourn, Damen and Fullerton Avenues because Rahm's motorcade uses this route. How many uniformed cops could these millions have paid for?
What a faker!
Only two in the top ten of fiscal strength can be any measure of comparison to Chicago (the others are under a quarter million people): Boston and DC (though both under 1 million). Both run by Democrats for years, both scoring high on fiscal strength. The top one over 1 million is Phoenix, run by Democratic mayor and Republican majority City Council. It's not a party issue; it's an issue of (mis)management of the complexities of this size of a city. One thing the strong cities seem to have in common is far fewer City Council members, even on a per capita basis.
OT but heard a figure today, while watching TV news in which virtually every commercial was for a pharmaceutical, and listening to the radio on which nearly every commercial is some annoying, breathless girl shrilling "Go! Go! GO!" about some new variation in "healthcare" --
The US has 2.5 actual MDs per 1,000 people.
54 countries are ahead of us there.
Not rosy at all...
Here is a very insightful article that cuts to the heart of disfunction in Illinois and by proxy...Chicago.
http://www.zerohedge.com/news/2017-01-09/explaining-dysfunctional-illinois-one-word-one-idea-one-person
When hasn't rahmmy lied?
The Daley-Emanuel Democratic death spiral continues.
And just wait until the inevitable property tax hikes hit. You will see an exodus from this city like none you've ever heard of.
We have to keep an eye on Springfield this time of the year! The "lame duck" session is when the jagoffs like rahm try to pass their pet bills to fuck people out of something, like their pension money! Speaking of pension money, with the stock market reaching historic highs, does that mean that our pension funds are actually getter richer? More money for even more gold braid pensions?
I was wondering what the hell was in my garage.
One BILLION to fix the Red Line and not one cent for the police?
If theses pensions were run by the teamsters the federal government would be rushing in with subpoenas to investigate malfeasance, criminal negligence and willful blindness. Or is the baseline for Illinois politicians so low that the courts just assume that they have no idea what they are doing and can not be held to a standards of a third grader with a piggy bank.
Who was the advisor on these investments. Who charged fees to manage these funds?
The city and county have already planned every little tax they could hit us with bags, sugary drinks, water and bottles. Property taxes will be an increase close to double digit percentages phased in over a few years. It's not an if, it's when.
Speaking of money. I am a retired P.O. I know last year we did not get a COLA and the city is not putting any money towards our insurance this year and my supplemental insurance went up $100.00 in 2016. Question??? Are going to see a COLA increase this year? I did take the FOP supplemental insurance which raised my deductions another $100.00. So, if no COLA I have lost $200.00 a month in pension for 2016 and 2017. Will Cook County let me deduct that amount from my property taxes? Will my creditors forgive $200.00 from what I owe? Oh, my rent went up this year. Can I show my landlord where I am getting less for the past 2 years? Rahm ? Rahm ?
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Why didn't you get the COLA?. I did.
Who is on the board of directors of DePaul? guy named Hynes- explains it all.
(OT) Look over here behind the curtain barry's crew destroying records is like the same as rahms redacted emails?:
http://www.theamericanmirror.com/assange-obama-administration-destroying-public-records-now/
All the corruption hope Trump locks them up especially the clinton crime family and all associates!
CPD is fucked they will be giving up a lot if your 55 run off the job fast
Cost overruns ? How about the cost of all these shootings, the hospitalization, rehabilitation, ambulance, not just to the City but to the County and State.
They aren't pulling out the insurance card or sending in checks for the patient portion. Just like when they are spawning these illegitimate dependents.
This what our economic problem is, why we can't have paved streets, solid sidewalks and little things like health insurance assistance for retiree's when certain groups have a lifetime of care with no co-payment and no contribution to society, just a drain.
All hogwash. Money is all over the place.
It's just that Democrats spend big on anything and everything for show until the spigot run dry.
Ohare Modernization Expansion $15+ billion so far, hasn't seen any deficits, stoppage or short funding.
The City like the Democrat, doesn't have any responsibility to pay obligations unless they're pandering for votes.
No more Fed Funds until pension debts are settled in full is way too easy.
The Chicago Police Annuity Benefit Fund (Pension) should change its name to Chicago Community Organizers Program, only then will hundreds of millions will be pumped into it.
OT: "...breathless girl shrilling "Go! Go! GO!" about some new variation in "healthcare" ...The US has 2.5 actual MDs per 1,000 people.
54 countries are ahead of us there."
– Another last chance by the Democrats and obama to push another portion of the failed Affordable Care Act scheme. The new variation of healthcare may sound be an unhinged hippie type of holistics approach but Dems just now are finally trying to get (force) healthcare prices benchmarks.
- As for M.D.'s there's a lot of foreigners coming thru on the obama lenient open borders H-1B Visa programs and getting state licensed here, working for peanuts and then into private practice. Hospital profits are thru the roof and foreign private practices are deep into Medicare fraud. It's Democrat approach to alleviate any expected MD shortage I guess.
My concern is that U.S. white doctors are becoming scarce as police on the NW side.
@ "The Neanderthal" 1/10/2017 03:39:00 AM
"Listening to the radio on which nearly every commercial is some annoying, breathless girl shrilling 'Go! Go! GO!' about some new variation in 'healthcare'"
If that's the commercial I think it is, I believe the "annoying, breathless girl" you refer to is race car driver Danica Patrick.
Better find a new cave before Danica hunts you down and makes you extinct... again (just funnin).
Crap Chicago bankrupt, yet Emanuel spends /wastes 100s MILLIONs of Borrowed money
Rahmbo will have the city penniless by 2018
Anonymous Anonymous said...
Speaking of money. I am a retired P.O. I know last year we did not get a COLA and the city is not putting any money towards our insurance this year and my supplemental insurance went up $100.00 in 2016. Question??? Are going to see a COLA increase this year? I did take the FOP supplemental insurance which raised my deductions another $100.00. So, if no COLA I have lost $200.00 a month in pension for 2016 and 2017. Will Cook County let me deduct that amount from my property taxes? Will my creditors forgive $200.00 from what I owe? Oh, my rent went up this year. Can I show my landlord where I am getting less for the past 2 years? Rahm ? Rahm ?
1/10/2017 12:44:00 AM
Yes but it may take a couple of months for the pension board to calculate your pension. The cola is cumulative. So if your gone 4 full years without a cola you will see a 12% increase.
Rahm couldn't care less about this. He absolutely despises us and his other first responders.
From the time he decided to run for mayor our pensions have been under attack from this weasel. He feels we don't deserve our pensions.
Judging by that one email of his he feels our retirees don't deserve city supplemented healthcare either.
Rahm is a rotten to the core jagoff.
I don't buy this at all. Our Command Staff is known for its schrewed purchasing of equipment for The Patrol Division. Conservative to the penny, a Gold Member purchased 10,000 tazers for us that work the streets. While zealously purchasing Our tazers it was realized a bit late that mental midgetry snuck in and zero left handed holsters were purchased. Human dexterity is really complicated because there's two options and Dog gone it, that's a good enough explanation for me as to why South paws were victimized by those midgets of diminished mental capacity.
It's said 3000 tazers were found in Dennis Walsh's Northside Bungalow, but maybe he forgot. Marlboro lights & The Champagne of Beers(all 17 of them)may cause even Royalty to forget humans can be left handed. Denis The Menace was a true multitasker he was.
Chicago + New York = Democrats. Thusly Democrats = Death Destruction and Financial Ruin. ♠
And not a word of this report in the media or the newspapper. I wonder why?
Two things are going to happen that are going to be a punch in Chicagos gut. First, the Sanctuary City Policy is going to backfire, costing LOTS of grants to go bye bye. Lots of regular cash flow is going to be gone too and will remain gone until Rahm or another Democrat in charge admits that the illegals gotta go and Chicago has to do its part to facilitate them going.
Second, the stock market is going to "correct". When that takes place, the whole ball of numbers is gonna come crashing down, Detroit Rock City Style. Prepare yourselves fellas, it is about to get very very bumpy.
Piss ant mayor. What a prick. This fuck is now sailing in uncharted waters.
Anonymous said...
Anonymous Anonymous said...
Speaking of money. I am a retired P.O. I know last year we did not get a COLA and the city is not putting any money towards our insurance this year and my supplemental insurance went up $100.00 in 2016. Question??? Are going to see a COLA increase this year? I did take the FOP supplemental insurance which raised my deductions another $100.00. So, if no COLA I have lost $200.00 a month in pension for 2016 and 2017. Will Cook County let me deduct that amount from my property taxes? Will my creditors forgive $200.00 from what I owe? Oh, my rent went up this year. Can I show my landlord where I am getting less for the past 2 years? Rahm ? Rahm ?
1/10/2017 12:44:00 AM
Yes but it may take a couple of months for the pension board to calculate your pension. The cola is cumulative. So if your gone 4 full years without a cola you will see a 12% increase.
1/10/2017 04:09:00 PM
Hey retired guy. Call the pension board.They will be happy to explain it to you. The guy who responded above does not know what he is talking about.
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