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— Quincy Massachusetts News by Quincy Quarry News – News, Opinion and Commentary.

 

Business as usual in City Hall
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Truth took two in the hat at this week’s City Council Finance Committee hearing.

The committee was taking up various proposed ordinances to see the Koch Maladministration provide pretty much but standard sorts of reports on the city’s finances as well as readily or at least regularly so as well as with but minimal effort to access.

The reason for the new council line-up seeking such data? 

Such data have long not been readily available for review and thus questions of administration officials took up a fair amount of the finance  committee hearing’s time.

Chief of Staph Pinocchio Walkbacker and a “friend”
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For example, while walking back this and that, Mayor Koch’s Chief of Staph Pinocchio Walkbacker tried his best to play down concerns.

For example, how he asserted that $475 million in so-called pension obligation bonds are not bond debt. 

So what for the fact that a half a billion in municipal bond debt was undertaken, only to less than successfully endeavor to duly fund the city’s formerly woefully underfunded city employees pension obligations, not to mention that city employee pension obligations are supposed to be fully funded via paycheck deductions from city employees’ paychecks. 

That and how the cost of servicing the debt service the 475 large and pension funding shortfall assessments run just short of 10% of the city budget for FY 2026.

Further, even if the $475 million in bond debt is not to be counted as bond debt as posed by Pinocchio, the City has roughly $1.1 billion in other debt and thus the City of Quincy has arguably the highest debt load of any community in the Commonwealth duly handicapped per appropriate metrics. 

City of Quincy Municipal Finance Department personnel
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Even so, Walkbacker continued to pose that the city’s finances were just fine even though last summer the city’s debt rating was cut by Standard and Poor as well as that the city was further hit with a “Negative Outlook” — meaning that there is a likelihood of another rating cut.

The money shot of the meeting, however, was when the city’s Director of Municipal Finance was asked what he did he do in the way of financial planning going forward.

His answer: he does not do financial planning.

Follow the money. ALWAYS follow the money!!!
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Needless to say, Quincy Quarry News’ legions of loyal readers can count on the Quarry to continue to follow this story as the city council carried over further discussion of the proposed city ordinances at its next council meeting on April 27.

In short as well as yet again: Only in Quincy© …

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