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– News covered by Quincy Quarry News with commentary added.
Look out below?
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While the Town of Milton has maintained Standard and Poor’s top AAA bond rating for nine straight years, the City of Quincy has been dinged twice in the last two years and two months’ time.
In December of 2020, Quincy’s then AA+ bond rating was hit with a negative outlook and then was hit with a full downgrade to an AA rating In May of 2021.
Things apparently then went quickly south for Quincy as in December of 2020 S&P stated that there was only a one in three chance it would lower the rating over the next two years only to then cut Quincy’s credit rating by a full rating a mere six months later.
Follow the money. Always follow the money.
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Reasons cited for the cut in the City of Quincy’s credit rating included the city’s high debt burden as well as other financial concerns.
In turn, so much for these warnings as the City of Quincy subsequently increased the city’s debt burden significantly by issuing well over a handful of hundreds of millions of dollars and so roughly doubling the city’s outstanding debt.
The Koch Maladministration also set a record city spending increase going away via a 7.7% city budget spending increase in Fiscal Year 2023 from the prior year’s budget.
Further, two months ago the Koch Machine cut the city’s Stabilization (“Rainy Day”) Fund by roughly 75% or more, depending on how one cares to count things, to a level roughly but an eighth or less of fiduciary prudent “Best Practices.”
Tell us another story Tommy …
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Granted, the Koch Machine has said that it will reimburse roughly 40% of its draw down of the city’s reserves, Quincy Quarry’s ever growing legions of loyal readers know that talk out of the maladministration is cheap.
After all, for but starters, the machine has yet to list the city’s credit rating cut on the City’s website since it was imposed nineteen months ago.
Source: Milton Keeps Top Bond Rating
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Milton saved EIGHTEEN MILLION DOLLARS on building their NEW animal shelter as compared to what Quincy is planning to spend on its two new shelters. Let that sink in!