Guess what number scares me?

[OakParkSpartan]

http://warehouse.illinoiscomptroller.com/LandingPage.cfm?code=016%2F050%2F30&searchtype=allunits&originalSearchString=Berwyn+-+a+City+in+Cook+County+-+016%2F050%2F30&CFID=5723831&CFTOKEN=d94ef62c1c08c75c-09BF430E-AC16-2D74-981CEC7776D1371A#.Um7b1qVvD8t

[MRS. NORTHSIDER]

http://warehouse.illinoiscomptroller.com/LandingPage.cfm?code=016%2F050%2F30&searchtype=allunits&originalSearchString=Berwyn+-+a+City+in+Cook+County+-+016%2F050%2F30&CFID=5723831&CFTOKEN=d94ef62c1c08c75c-09BF430E-AC16-2D74-981CEC7776D1371A#.Um7b1qVvD8t

Yes that scares me too when it comes to big city politiccs which I thought we were  done with.  I guess not.

[Boris]

http://warehouse.illinoiscomptroller.com/LandingPage.cfm?code=016%2F050%2F30&searchtype=allunits&originalSearchString=Berwyn+-+a+City+in+Cook+County+-+016%2F050%2F30&CFID=5723831&CFTOKEN=d94ef62c1c08c75c-09BF430E-AC16-2D74-981CEC7776D1371A#.Um7b1qVvD8t

Yes that scares me too when it comes to big city politiccs which I thought we were  done with.  I guess not.

...and exactly what number are we referring to?

[buzz]

He's probably looking at the Rev/Debt ratio.....and thinking about the additional $38M in bonds.  That's not even in there yet.
   
It's only going to get worse.

[Good Time Charlie]

Any reason we have 102 more employees than Oak Park, which is the same size? That's probably a lot of the reason why!

[watcher]

Any reason we have 102 more employees than Oak Park

Duh, of course there's a reason.

[buzz]

that "State of the City" speech is looking pretty foolish

[Bonster]

Considering our credit rating was increased, I'm guessing those numbers don't tell the entire story. 

[Ted]

  In its story on the credit rating, why did the Berwyn Life not state the amount of the new bonds that the city council considered at its city council meeting a few weeks back? 

This story makes it sound like the city is only just re-structuring its current debt when it is in fact the city is issuing at least $31 million dollars in new principle - which will result in a significant tax increase for the average single family house in Berwyn.

Aren't reporters taught to report who, what, when, where, why, how and how much?

  The Berwyn Life reporter seems to have forgotten the "how much" in his story - a story which, by the way, sounds like a warmed over press release from the city's propaganda machine.

[OakParkSpartan]

Considering our credit rating was increased, I'm guessing those numbers don't tell the entire story.

Maybe.

What concerns me is that none of this debt is getting paid off, it is only refinanced. We borrowed 60+ million back in the 90's when they redid the sewers and streets.  That debt is still out there, and the streets and sewers are needing repairs.

At some point you need to pay the bills, not just keep adding to the line of credit.  I don't see how this model is sustainable in the long run (and this isn't just about Bobby's administration...OC did it and so did Shaugnessy).

[buzz]

What concerns me is that none of this debt is getting paid off, it is only refinanced.

At some point you need to pay the bills, not just keep adding to the line of credit.

True.  The level of debt is way out of line.  Look at our numbers compared to Cicero.  We have the same debt .  We're borrowing to pay expenses !
                        Berwyn                        Cicero
Expenses            95M                             156M
Revenue             89M                             162M
Debt                  123M                            126M
   

[Ted]

  What incentive is there for the current administration to get the Berwyn's debt under control? 

  If you keep getting elected despite the city's fiscal situation and if your power base are city workers getting out the vote, then why should the Lovero administration even care about the impact of increasing the city's debt?

Their incentive is to keep the city workers in control and happy. That's priority #1.  They count on the ignorance and apathy of the average Berwyn resident.  They always have and they always will.

[mustang54]

  What incentive is there for the current administration to get the Berwyn's debt under control? 

  If you keep getting elected despite the city's fiscal situation and if your power base are city workers getting out the vote, then why should the Lovero administration even care about the impact of increasing the city's debt?

Their incentive is to keep the city workers in control and happy. That's priority #1.  They count on the ignorance and apathy of the average Berwyn resident.  They always have and they always will.

Ted the situation is much worse in Springfield and D.C. gotta love those Democrats. Only difference in Berwyn is they can't lie to the people and blame everything on Republicans!

[buzz]

  What incentive is there for the current administration to get the Berwyn's debt under control? 

There is no incentive.  Even with all the pension changes that take effect in 2016 we're borrowing to meet payroll.

[Bonster]

Their incentive is to keep the city workers in control and happy. That's priority #1.  They count on the ignorance and apathy of the average Berwyn resident.  They always have and they always will.

That is not true.  They don't count on anything when running unopposed.

[buzz]

This story makes it sound like the city is only just re-structuring its current debt when it is in fact the city is issuing at least $31 million dollars in new principle - which will result in a significant tax increase for the average single family house in Berwyn.

BTW...that increase will not show until the  2nd installment next year.

[berwynbev1]

i just got our first installment on property taxes...forgive my ignorance BUT how exactly is this all supposed to be paid for? I have read comments about bonds being issued, and how these repayments only going to add to a ballooning deficit. If you restructure and refinance, isn't bankruptcy just down the road?The pension obligations and healthcare for life payments, this was all done before I started working...how is this now my responsibility? How often  will our elected officials for life need to be bailed out? Walk Cermak Road from Home eastward to Oak Park....there are rows of empty storefronts...empty lots that once housed thriving businesses ..we all await with baited breath for the beer palace of Big Hurt to resurrect this fading city...how about the businesses that got tax breaks in the Depot District that have closed their doors? The empty food store that sits across MacNeal Hospital? the rutted streets from Ogden to 31st street on Oak Park that have needed repair? How can anyone be proud of the disrepair this city has fallen into? Of course, there is much to revel in the Roosevelt Road revamping...but I don't live near Roosevelt Road....I live on the main drag that people on the bus see when they are going to the Mall, Oakbrook and back to the L...it looks slummy,there are often people forced to walk on Cermak Rd because there are no sidewalks shoveled or barely shoveled by businesses.  Forest Park invested in a bobcat. I see them riding up and down their residential blocks plowing....Berwyn has money to put planters,new signs and streetlights up and down cermak road...looks nice,broadcasting the waste of taxpayers money when the citizens are forced to walk in the streets....where is the common sense?

[justme]

i just got our first installment on property taxes...forgive my ignorance BUT how exactly is this all supposed to be paid for? I have read comments about bonds being issued, and how these repayments only going to add to a ballooning deficit. If you restructure and refinance, isn't bankruptcy just down the road?The pension obligations and healthcare for life payments, this was all done before I started working...how is this now my responsibility? How often  will our elected officials for life need to be bailed out? Walk Cermak Road from Home eastward to Oak Park....there are rows of empty storefronts...empty lots that once housed thriving businesses ..we all await with baited breath for the beer palace of Big Hurt to resurrect this fading city...how about the businesses that got tax breaks in the Depot District that have closed their doors? The empty food store that sits across MacNeal Hospital? the rutted streets from Ogden to 31st street on Oak Park that have needed repair? How can anyone be proud of the disrepair this city has fallen into? Of course, there is much to revel in the Roosevelt Road revamping...but I don't live near Roosevelt Road....I live on the main drag that people on the bus see when they are going to the Mall, Oakbrook and back to the L...it looks slummy,there are often people forced to walk on Cermak Rd because there are no sidewalks shoveled or barely shoveled by businesses.  Forest Park invested in a bobcat. I see them riding up and down their residential blocks plowing....Berwyn has money to put planters,new signs and streetlights up and down cermak road...looks nice,broadcasting the waste of taxpayers money when the citizens are forced to walk in the streets....where is the common sense?

I agree. If we actually SAW what we were getting from our every-rising property taxes, it may soften the blow. But despite what others say, this is not a booming city and businesses are not flocking to come here. They ARE flocking to Cicero, who just landed Steak and Shake to go by the new WalMart going in. And seeing as their Sam's Club is literally the top store in the nation, others see that and want to get in. People keep saying "But Rooselvelt Road.." and  like you, we don't live near there either.  Cermak Road looks like the slum and hell sections of Maywood look better. Empty storefronts and unkept landscaping is what everyone sees when they drive through here.  They think they can slap some new signs up, throw up some planters and that will make it better? Goes back to what I said before: the people running this city lack the experience we need.

[buzz]

...how about the businesses that got tax breaks in the Depot District that have closed their doors? The empty food store that sits across MacNeal Hospital? the rutted streets from Ogden to 31st street on Oak Park that have needed repair?

But that will all be fixed when they finish their planned "StreetScaping" project in the Depot.   
People will flock there !  Business will flourish !
 
BTW  What's that costing ?  $200K $

[OakParkSpartan]

The total debt.

Bankruptcy may be an option down the road.