WHAT SHOULD I BE DOING INSTEAD OF THIS?
 
July 17th, 2013 By German Lopez | News | Posted In: News, Budget, Parking, Fracking

Morning News and Stuff

City debt outlook worsens, Port apologizes for email about parking memo, fracking tax fails

city hallCity Hall - Photo: Jesse Fox

It may become more expensive for the city to issue debt after Moody’s downgraded the city’s bond rating. The credit rating agency pinned the blame on the city’s exposure to local and state retirement systems, as well as the city’s reliance since 2001 on one-time sources to balance the operating budget. Still, Moody’s does give the city some credit for its economically diverse population and recently stabilized earnings tax, despite docking the city for bad socioeconomic indicators, particularly resident income levels and historical unemployment rates.

The Greater Cincinnati Port Authority’s CEO Laura Brunner is apologizing to the public and council members following the exposure of an email that implied she was trying to keep a critical parking memo away from public sight. Brunner says she was just trying to buy time so she could directly show the memo to the Port Authority’s board before it was reported by news outlets, but she acknowledges that her email was ill-conceived and came off as an attempt to stifle transparency. The memo suggests Cincinnati is getting a bad deal from its parking lease agreement with the Port Authority and several private operators, but the Port Authority and city officials argue the memo is outdated and full of technical errors.

The Cincinnati Enquirer has a report detailing political contributions from oil and gas companies that may have helped bring down a state “fracking tax,” which was supposed to raise state revenue from Ohio’s ongoing oil and gas boom.

Apparently, many of the Republican legislators who staunchly opposed the oil and gas severance tax also took in a lot of money from the same companies who would have to pay up. The tax proposal was effectively dead on arrival, even with the hyperbolic support of Republican Gov. John Kasich. Fracking is an extraction technique that pumps millions of gallons of water underground to free up oil and gas. CityBeat covered its effects on Ohio in further detail here.

Water utility leaders are meeting in Cincinnati this week to discuss sustainable business models. In Cincinnati, water usage has dropped while expenses to treat water and waste water have escalated, causing the Metropolitan Sewer District to take in less money. The conference will discuss models that can adjust around this trend while keeping rates low for customers.

The owners of The Hanke Exchange, a collection of buildings in Over-the-Rhine, say occupancy is going up as a result of the promise of the Cincinnati streetcar. The property is now at 84 percent occupancy rate, up from 28 percent three years ago.

Dayton and Cincinnati will hold rallies Saturday showing support for Trayvon Martin, the unarmed black 17-year-old who was killed by George Zimmerman last year. Zimmerman was acquitted of murder by a jury last Saturday.

Richard Cordray, the former Ohio attorney general, was confirmed to direct the federal Consumer Financial Protection Bureau, the top agency that will regulate the financial institutions that played a role in causing the Great Recession.

The Hamilton County Young Democrats are hosting a free event today to meet Democratic State Sen. Nina Turner, who’s also running for secretary of state next year against Republican incumbent Jon Husted.

If the sun suddenly went out, humanity could take a few weeks to die out and perhaps live in Iceland.

 
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