Quote:
Originally Posted by ardecila
Well, at least $88M of that budget is from raiding the TIF funds to pay teacher salaries.
It's a pretty basic principle of accounting that you don't pay for ongoing costs with one-time revenues. It's a band-aid solution. Not really any better than borrowing the money.
Meanwhile that TIF money could be spent to actually invest in neighborhoods through capital projects. Admittedly $88 million doesn't go very far, maybe two new L stations or two new schools, but it could also be invested in small neighborhood-level projects, beautification, etc.
This is just like how Daley pissed away the $1.2B we received from the parking meter lease. With a frugal spending plan, that much money could build out a city-wide BRT network, by eliminating parking spots instead of travel lanes. Instead Daley just shoveled it to special interest groups so he could keep everyone happy and avoid tough decisions.
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The nice thing about TIF is that it is not a one time line item. It's an ongoing accumulation of property taxes in a fund that can be used to complete one time improvements. So while I don't support raiding TIF to throw a bone to Karen Lewis, it's not money that won't build up again like the meter deal.
The nice thing is, despite the latest deal with the CTU, Rahm is gradually grinding down the moochers and cleaning house. At this point he is pushing a relentless March towards fiscal solvency which is more important than how much more in taxes I pay or how many teachers get laid off. Once we are solvent, then we can talk about improving services and really addressing other long term issues we face. But we need to stop burning millions on forbearance of debt and interest first.