MikeFlanneryFOX32

"This year’s $9.9 billion balanced budget and our strong financial position aren’t by chance. They are the product of smart policies year after year. We avoid using one-time revenues for recurring expenses, don’t borrow more than we need, and don’t spend more than we have."

*Again, Y’all are showing out. Retirement ain’t what it used to be. I didn’t think you even knew my name…didn’t you call me “that lady” election night—on air? But, Twitter and I didn’t even tag you. Hit dogs will *always* holler. No Bahamas for you?

Tucker Carlson and Mike Flannery are proud. 😘

I know this was a very technical post. Here is digestable summary: 1) Chicago has a lot of debt and unsustainable deficits. 2) It does make sense to refinance some debt where terms are favorable. 3) It doesn't make sense to close an operating budget gap with a lot more debt. 4) The city is not providing aldermen with sufficient info/detail to make educated votes on this offering - on an accelerated timeline. 5) Our credit rating is at risk of further downgrades and while recent market conditions may result in us borrowing on relatively favorable terms for a BBB-rated credit (which is a bad rating for cities), the CDS market for Chicago's debt - which is essentially a way to insure against default - is sending red flags. 5b) We are borrowing on quite unfavorable terms relative to cities with their fiscal houses in order... 6) Lastly, we are getting ripped off on the underwriting fees relative to comparable deal sizes for municipal issuers this year.