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City of Baltimore is on a path to financial ruin, report says
Fox News ^ | February 6, 2013

Posted on 02/06/2013 7:52:45 AM PST by rightwingintelligentsia

WASHINGTON – The Baltimore city government is on a path to financial ruin and must enact major reforms to stave off bankruptcy, according to a 10-year forecast the city commissioned from an outside firm.

The forecast, obtained by The Associated Press ahead of its release to the public and the City Council on Wednesday, shows that the city will accumulate $745 million in budget deficits over the next decade because of a widening gap between projected revenues and expenditures.

If the city's infrastructure needs and its liability for retiree health care benefits are included, the total shortfall reaches $2 billion over 10 years, the report found. Baltimore's annual operating budget is $2.2 billion.

(Excerpt) Read more at foxnews.com ...


TOPICS: Business/Economy; News/Current Events; US: Maryland
KEYWORDS: baltimore

1 posted on 02/06/2013 7:52:50 AM PST by rightwingintelligentsia
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To: rightwingintelligentsia
Call Nazi Pelosi, she has an extra $23 million that could help, and she is from Baltimore.

5.56mm

2 posted on 02/06/2013 7:54:44 AM PST by M Kehoe
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To: rightwingintelligentsia

And just remember, O’Malley will do for the whole state of Maryland that which he did for Baltimore. And he’s got his eyes set on a Pennsylvania Ave. Mansion in DC, too.


3 posted on 02/06/2013 7:55:51 AM PST by kevkrom (If a wise man has an argument with a foolish man, the fool only rages or laughs...)
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To: rightwingintelligentsia

That path is going to need to be a 4 lane highway to handle all the traffic on it.


4 posted on 02/06/2013 7:59:02 AM PST by Kozak (The Republic is dead. I do not owe what we have any loyalty, wealth or sympathy.)
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To: rightwingintelligentsia

Baltimorons need not worry.
As long as O’Malley is running the state he will steal enough from the rest of us to keep Baltimore afloat.


5 posted on 02/06/2013 8:01:01 AM PST by Venturer
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To: rightwingintelligentsia
Balt should raise taxes on Raven tickets, Orioles too. How about $100 per ticket?

I unfortunately live in Maryland. These people LOVE taxes, they never get enough.

6 posted on 02/06/2013 8:07:35 AM PST by sickoflibs (Losing to Dems and Obama is not a principle! Its just losing.)
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To: rightwingintelligentsia

Some gutsy leadership there. Your city is broke, so you spend another half million dollars to have someone else prove it.


7 posted on 02/06/2013 8:11:10 AM PST by blueunicorn6 ("A crack shot and a good dancer")
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To: rightwingintelligentsia

Another American big city with decades of Democratic rule in financial trouble. Gee, what a surprise. This country is going downhill so fast it’s scary.


8 posted on 02/06/2013 8:20:26 AM PST by dowcaet
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To: rightwingintelligentsia
We were running low on gas on our trip to Virginia, so we pulled off of 95 in Baltimore.

I'm happy to say that I'm still alive.

9 posted on 02/06/2013 8:22:29 AM PST by St_Thomas_Aquinas
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To: rightwingintelligentsia

Baltimore is no worse than the United States.Just go to your local Mall and see the number of stores that are closing.Observe the lack of economic activity.We are still in a bad recession with very little hope on the horizon.I am sorry to disagree with the snow-job of the MSM.


10 posted on 02/06/2013 8:28:28 AM PST by ardara
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To: rightwingintelligentsia
All those foolish white people who moved downtown to take part in the “gentrification” of Baltimore are about to get hit with massive tax increases, along with the never ending increase in crime. Same goes for the fools who remained in Roland Park, Homeland, and Guilford. There's only a few neighborhoods the city can go to for more revenue, and I hope they suck those stupid people dry. Charm City, indeed.
11 posted on 02/06/2013 8:48:36 AM PST by Mase (Save me from the people who would save me from myself!)
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To: rightwingintelligentsia

Why does this happen almost exclusively to Deep Blue Cesspool Democrat cities? Such a mystery...


12 posted on 02/06/2013 8:57:15 AM PST by pabianice (washington, dc ..)
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To: blueunicorn6

Some gutsy leadership there. Your city is broke, so you spend another half million dollars to have someone else prove it.

&&&
They’re ‘Rats; it’s how they roll....


13 posted on 02/06/2013 9:23:20 AM PST by Bigg Red (Restore us, O God of hosts; let your face shine, that we may be saved! -Ps80)
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To: rightwingintelligentsia

In Baltimore, the erosion of the tax base is easy to see. The city’s population has dropped from a peak of 950,000 in 1950 to 619,000 today, and while the decline has slowed, there have been few signs of the trend reversing.

***
I am not sure if it is because there are police in the pocket of the drug dealers or what. But Baltimore has failed with some excellent opportunities to reverse this trend. There are many drug addicts in Baltimore
and a lot of crime.

There are some beautiful old neighborhoods in the city that people have attempted to rehab only to be driven out by crime — robberies and muggings.

If the crime was under control, they would find many young professionals moving in and expanding the tax base.

I used to love to visit Baltimore, but, these days, we rarely do.


14 posted on 02/06/2013 9:31:56 AM PST by Bigg Red (Restore us, O God of hosts; let your face shine, that we may be saved! -Ps80)
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To: pabianice

Two major reasons for that I can see:

One, the Dems of course cater to public service unions, making benefit and pension promises that they eventually can’t keep; and

Two, they also fall over themselves to coddle low-income minorities, attracting them to the cities with “services” paid for by the taxpayer.

So eventually the only people who can afford to live in the cities are City employees, welfare recipients, and very rich lefties, who will eventually leave anyway as even they will only put up so long with high taxes and the crime.


15 posted on 02/06/2013 9:40:33 AM PST by rightwingintelligentsia (Truth/Lies; Liberty/Tyranny--WHAT DIFFERENCE DOES IT MAKE??)
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To: rightwingintelligentsia

i escaped charm city when i joined the army. most of the family is back there and 90+% of my college graduating class never left MD or the surrounding states. no one would pay me enough to live back there though there is plenty of history to see when we visit.


16 posted on 02/06/2013 9:42:05 AM PST by bravo whiskey (“People should not be afraid of their governments. Governments should be afraid of their people.”)
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To: Bigg Red

It is no accident that Baltimore has acquired nicknames like “Baltimordor” and “Baltimurder” ...


17 posted on 02/06/2013 9:45:21 AM PST by ArrogantBustard (Western Civilization is Aborting, Buggering, and Contracepting itself out of existence.)
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To: pabianice

“Why does this happen almost exclusively to Deep Blue Cesspool Democrat cities? Such a mystery...”

Burlington, Vermont is probably far “deeper blue” and way more leftist than is Baltimore, yet no problems there.

It’s no “mystery”, if you take the blinders off and look closely...


18 posted on 02/06/2013 12:29:57 PM PST by Road Glide
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To: St_Thomas_Aquinas

How long did it take you to remove the “Honky Lips” spray-painted on your car ?


19 posted on 02/06/2013 2:31:47 PM PST by fieldmarshaldj (Resist We Much)
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To: rightwingintelligentsia; Abundy; Albion Wilde; AlwaysFree; AnnaSASsyFR; bayliving; BFM; ...

The Detroit of Maryland . . .

Maryland “Freak State” PING!


20 posted on 02/06/2013 7:19:30 PM PST by Tolerance Sucks Rocks (Happy New Year!)
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To: Tolerance Sucks Rocks

And to think I moved from Detroit area to Baltimore. Cool, I get to see another city self-destruct.


21 posted on 02/07/2013 9:29:30 AM PST by cyclotic ( Obama's golden halo is really just a rusted hubcap)
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To: cyclotic

At least they have a better football team.


22 posted on 02/07/2013 9:31:42 AM PST by dfwgator
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To: dfwgator
Yes, the Ravens should share the wealth, by force if necessary./s

They are 1%'ers, right?

23 posted on 02/07/2013 9:35:58 AM PST by csvset
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To: dfwgator

Don’t care all that much, I’m a NASCAR fan. I was about the only one not waering purple last Friday at the office.


24 posted on 02/07/2013 9:39:26 AM PST by cyclotic ( Obama's golden halo is really just a rusted hubcap)
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To: Bigg Red

Your city is broke, so you spend another half million dollars to have someone else prove it.
************
Your estimate is probably pretty close. I would estimate a study like this to take about 4 months with a team of about 8 people to review various aspects of the city’s finances. At a (probably low) rate of $100 p/h that would be a contract for a little over $500K, and a bit more if there are incentive fees involved. If the consultants are any good they are already doing follow on work. LOL


25 posted on 02/07/2013 3:26:00 PM PST by Starboard
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