Looks like the budget is the last issue the city has to worry about now.
https://twitter.com/crainsdetroit/st...49898634690562
Looks like the budget is the last issue the city has to worry about now.
https://twitter.com/crainsdetroit/st...49898634690562
Naw, they'll find a way to piss it all away and work on raising taxes again.Quote:
Originally Posted by Satiricalivory
If they're smart they'll wipe out the high interest debt, and start investing in infrastructureQuote:
Originally Posted by Ray1936
The way gov'ts print and spend money these days I'm surprised it's not a lot more.
Good. Detroit is going to need it badly. We have seen massive deficits here at the city and state level in the past and it was well proven that there isn’t enough wealth around here anymore to recover in a timely fashion in comparison to many other states. At least now we have a fighting chance to keep up for a change instead of just falling farther behind.
https://www.detroitnews.com/story/ne...es/4236254001/
Actually the deficit for 2020 is only a fraction of what we're getting with this stimulus. The budget shortfall was only 200 million. Detroit was actually in a much better position to deal with this financially because we have a rainy day fund.
The city will now have a lot of resources to actually help people and improve neighborhoods instead of just filling budget holes.
I agree. That’s exactly what will be happing around the country which is my point. We need the money and it is a dog eat dog nation right now. It is federal cash and you take every penny you get and fight for more. Far better here than shipped elsewhere. That kind of money changes a lot of peoples lives. Detroit deserves it and more. This city has been systematically destroyed by powerful forces on many fronts for 6 decades. Time to get some of what is due. Restocking rainy day is probably prudent. The last bond was at a reasonable rate. No problems there.Quote:
Originally Posted by Satiricalivory
Given that in the previous years we had a surplus of 100+ million, that meas a 300+M swing from projections. We still have the huge 2 Billion burden of unfunded retirement benefits, and if I recall correctly we will have to make bigger payments towards that starting in 2024.Quote:
Originally Posted by Satiricalivory
Suddenly 900M doesn't seem that much anymore...
Detroit's Covid Relief money amounts to about $1,300 per Detroit resident. It's a one time gift. It should be spent on reducing ongoing obligations and Covid related damages. The temptation will be to spend it on new programs that will require unavailable and ongoing maintenance costs. Perhaps some of the Covid Relief money could be leveraged for matching federal or private funds that would best suit Detroit and its partners' interests.
Add to that there will be stimulus checks of $1400 per person plus a one time child care credit of $2400. In terms of a four person family that's $8000. That will create a significant boost, not only in Detroit, but the burbs and nationwide, to struggling people and local businesses.Quote:
Originally Posted by oladub
The shell companies are setting up now to get a piece of that. Unfortunately the odds of it doing any good are slim.
God, can some of you just not be negative Nancys for one damn moment?
Truly happy about this. Every other "economic rescue" bill I can remember disproportionately helped the segments of our society / economy who needed it least.
Yeah, eff the vampiric barnacles and their shell companies, they hella suck. The intention is to fuel the engines of our economy, Detroit and Detroiters high among them.
May Detroit elected [[and un-elected commercial leadership) direct it well, for a change.
May they be transparent where the money goes and the returns on the investments.
We all love our fine City. And its residents have been hit hard by the pandemic. Yet experience has shown that most 'bail out' funds don't get where they need to. Right now its lower-level income earners such as restaurant workers or small businesses [[and I don't mean 50 employee small, I mean real small, like <10) that need the help -- and funding the pensions of city employees who were mostly paid during the pandemic I assume won't help the truly needy. So excuse the cynicism. Its just that we would like to see help better used -- and it usually isn't.Quote:
Originally Posted by Satiricalivory
Does anyone have recommendations for how this money can get deployed where its needed, other than plugging past budget holes?
Buy Bitcoin and hold. Diamond hands baby, to the moon...
nah bro dogecoin or gtfoQuote:
Originally Posted by Dan Wesson
https://dynaimage.cdn.cnn.com/cnn/q_...oin-tech-4.png
The city has been running in the black for almost a decade and taxes haven't really changed in forever.Quote:
Originally Posted by Ray1936
https://emojipedia-us.s3.dualstack.u...s-up_1f44d.pnghttps://emojipedia-us.s3.dualstack.u...s-up_1f44d.pnghttps://emojipedia-us.s3.dualstack.u...s-up_1f44d.pngQuote:
Originally Posted by Satiricalivory
I would like to see, say 100 million for tearing down big industrial eye sores like the Fisher body plant and the failed renovation pipe dream, Packard plant. There are so many industrial facilities that are not viable any longer. The land could be redeveloped for new industrial uses using brownfield credits, creating more jobs for Detroiters where they live.
Better idea stop treating shit down that doesn’tneed to be taken down and make them viable again. I would argue the amount of money to tear down the fisher body plant could be used to make it worthy to at least sell. Enough of our history has been torn down.Quote:
Originally Posted by David L
Paying down high interest debt is important, as are pension obligations and filling other financial holes. However, if this money isn't used to continue and expand the capital improvements needed to bring in new residents then it's a missed opportunity.
Arent there restrictions on how the money is used?
cannot be used to pay down pensions or reduce taxes,a few other things.Quote:
Originally Posted by dtw
Can be used to offset the cities Covid related expenses,infrastructure,WiFi expansion,non profits and charitable aspects,replenish the rainy day fund etc.
Imagine standing on a crowded street and throwing hundred dollar bills up in the air.
That is what is going to happen,every single institution can say they were effected by the virus.
I would hate to be the one cutting the checks,it’s going to be a nightmare dispersing that without drama.
I agree with the not implementing new programs that will increase the residents future tax obligations.
If they could leverage it and reduce the higher interest bond rates,bad for me,but then use that savings to sell infrastructure bonds without increasing the current taxes.
The capital improvements to bring in new residents is a good one long term,I think you have a mayor with a good head on his shoulders that will not repeat the massive missed opportunities of the past,if he can keep the ones that want it now with no long term goals at bay.
This is from the 2009 stimulus,did you feel it in Detroit?
https://www.crainsdetroit.com/article/20090215/FREE/302159963/michigan-to-get-18b-from-stimulus-bill
The drama cutting assistance checks vs. the drama forcing eviction.
It’s irrelevant because part of that is already earmarked for evictions and homelessness,but the ones collecting up to $8000 could maybe pay some back rent?Quote:
Originally Posted by bust