According to the Minneapolis Comprehensive Financial Reports for 2002: Total debt service in 2002 was $210 million, up from $137 million in 2001, an increase of $73 million, or 53% IN ONE YEAR!
http://www.ci.minneapolis.mn.us/financial-reports/cafr2002/p142debt_totalGen Exp.pdf During the same period, tax revenues dropped by $11.5 million....... http://www.ci.minneapolis.mn.us/financial-reports/cafr2002/p132GWRevenues.pd f Challenge - If there are any good journalists out there, please contact Fitch, the rating agency and ask the following questions: 1. How much does Minneapolis pay Fitch for rating its bonds? 2. What is their formula for determining "moderate tax-supported debt levels"? 3. What do they mean by "ample financial flexibility"? 4. Ask for copies of the financial data that the City gave to Fitch, so that we can compare it with the financial data that the City gives to the public. 5. Is Fitch aware that $7.8 BILLION of Minneapolis real estate is NOT TAXABLE? 6. Does Fitch know that our dirty little secret called "tax capacity" actually REDUCES the taxable market value of Minneapolis real estate? Here is the contact information for Fitch's public finance division: Michael Belsky Group Managing Director 55 East Monroe Street - Suite 3500 Chicago, IL 60603 (312) 368 2086 [EMAIL PROTECTED] Daniel C. Champeau Managing Director One State Street Plaza New York, NY 10004 (212) 908 0829 [EMAIL PROTECTED] Data assembled by: Vicky Heller North Oaks and Cedar-Riverside REMINDERS: 1. Think a member has violated the rules? Email the list manager at [EMAIL PROTECTED] before continuing it on the list. 2. Don't feed the troll! Ignore obvious flame-bait. For state and national discussions see: http://e-democracy.org/discuss.html For external forums, see: http://e-democracy.org/mninteract ________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:[EMAIL PROTECTED] Subscribe, Un-subscribe, etc. at: http://e-democracy.org/mpls
