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Post by dan on Aug 13, 2008 16:01:29 GMT -5
www.uticaod.com/homepage/x1481395191/Uticas-credit-rating-improves"A press release from the office of Utica Comptroller Michael Cerminaro said the change “reflects the city’s success in maintaining its adequate financial position.” Does anyone else find this comment unsettling? We're happy because were successful at maintaining adequacy?
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Post by tanouryjr on Aug 13, 2008 16:55:17 GMT -5
The only reason a credit rating agency gives us these "upgrades" is because we have continued to raise taxes. You see, a credit rating ONLY cares about your ability to pay back your debt, NOT "how" you raise the revenue to do so. So, we know the city hasn't created a significant revenue generator in decades, the tax base isn't growing, etc. Therefore, the only way to get these upgrades was by raising taxes. These agencies LOVE cities that raise taxes. Shoot, we should just raise taxes 20% next year, then they will upgrade us to AAA+.
Not saying it's a BAD thing, but it certainly doesn't indicate anything positive other than our taxes have been raised on a regular basis.
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Post by rickolney on Aug 13, 2008 18:20:51 GMT -5
Geez... I really enjoy it down the road here. I hadn't even realized that Utica's Comptroller was Michael Cerminaro. One rung left!
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Post by frankcor on Aug 14, 2008 13:26:29 GMT -5
Only a career politician would find sufficient satisfaction in this event to issue a press release announcing we didn't get any worse.
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