OMAHA SUFFERS CREDIT DOWNGRADE

Omaha has suffered a downgrade of its bond rating due to problems with underfunded pensions for city workers.  The current unfunded pension liability is $794 million, mostly from the police and fire pension systems.  The downgrade could lead to higher borrowing costs for the city.

How can the mayor and our city council even consider more spending and taxing until the pension shortfall is addressed?  But they did.  Look at the posts for City Watch on the 2012-2013 budget.  Not only did the mayor increase spending, but the city council added even more for their pet projects.  Only Jean Stothert and Franklin Thompson voted NO on the proposed budget.

Previous post:

Next post: