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Mon October 20, 2008
Financial Crisis Has City Leaders Examining Budget
Kansas City, MO – Like local governments around the country, Kansas City relies on municipal bonds to finance major projects, like improvements to its water and sewer system. And with the current credit freeze, the city's waiting for a better market to issue 200 million dollars worth of water bonds. And after that, it needs to borrow 80 million more for urgent sewer upgrades. As KC Currents' Sylvia Maria Gross reports, there are parts of the city which been waiting a long time for basic services. Deb Hermann is chair of the city' Finance and Audit Committee, and she's a key player in hammering out the city's budget. Sylvia had a conversation with her about the city's financial status in the context of a recession.