While I was at yesterday's meeting I do not recall mention specifically of the Internal Services Fund. I left at 10:30 though when it seemed apparent to me that the discussion was mostly about the survival of NRP rather than the survival of the CITY.
As we know the city used to have a AAa rating from three bond houses until the spring or summer of 2001 when one of the bond houses downgraded our triple A rating. The size of the city's Internal Services Fund was part of the rationale for the lowering of the rate. In the proposed five year workout, payments to this fund will INCREASE by $17 million. Currently, Fitch's has Minneapolis on its 'watch' list and this measure of increase to pay down this fund is meant in large part to maintain AAa ratings from two houses. It also signals to the state very clearly that we are taking care of business. I'm sure without this measure and the budget decreases the state would entirely drop LGA support for Minneapolis. Maintaining our good bond rating is especially important for the fact that the city needs to sell bonds to cover addtional pension costs the city is bound to cover by state law. Without selling bonds the city would need to come up with another $33 million in revenue to offset these unanticipated pension costs, the major one being the number of city employees taking early retirement. These measures will benefit ALL of us and it is how we need to be thinking at this time. If NRP suffers in the funding process that might be the price we have to pay as a CITY. Losing funding does not mean we need to throw out iits principles The other day, at the end of a long post I only scanned, Wizard Marks whimsically wished that NRP had never been about the money but about neighborhood, grassroots organizing alone. That is where we might find ourselves. It would be a shame if lack of money spelled the demise of NRP. Strong neighborhood organizations help maintain strong neighborhoods that will attract private investment. We are already on that path. In this weeks SW Journal there were reports of four new projects proposed for three neighborhoods. These are infill developments. I am heartened by the measures being taken by the Mayor and City Council. I appreciate the unvarnished truth and their relative gentleness in doling out the bitter medicine. Tim Connolly Downtown West __________________________________________________ Do you Yahoo!? Yahoo! Mail Plus - Powerful. Affordable. Sign up now. http://mailplus.yahoo.com _______________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
