Resolution R2025-0014903
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Call for hearing(s) to investigate impacts of City's credit downgrade to finances and borrowing costs
Auto-generated summary
S&P Global downgraded the City's general obligation debt to BBB amid economic uncertainty, potential tariffs, and concerns over the 2025 budget's imbalance, one-time fixes, soaring pension and personnel costs, and massive debt load. The City's Committee on Finance is called to investigate impacts on borrowing costs for the $1,250,000,000 in bonds approved in 2024 and steps for financial stability and responsible fund management.
Sponsors
| Sponsors (33) | Ward | |
|---|---|---|
|
Beale, AnthonyPrimary Sponsor | Ward 9 |
|
Quinn, Marty | Ward 13 |
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Tabares, Silvana | Ward 23 |
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Scott, Monique L. | Ward 24 |
|
Martin, Matthew J. | Ward 47 |
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Hadden, Maria E. | Ward 49 |
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Moore, David H. | Ward 17 |
|
Yancy, Desmon C. | Ward 5 |
|
O'Shea, Matthew J. | Ward 19 |
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Gardiner, James M. | Ward 45 |
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Taylor, Jeanette B. | Ward 20 |
|
Mosley, Ronnie L. | Ward 21 |
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Lawson, Bennett R. | Ward 44 |
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Coleman, Stephanie D. | Ward 16 |
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Knudsen, Timothy R. | Ward 43 |
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Taliaferro, Chris | Ward 29 |
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Sposato, Nicholas | Ward 38 |
|
Lee, Nicole T. | Ward 11 |
|
Villegas, Gilbert | Ward 36 |
|
Mitts, Emma | Ward 37 |
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Nugent, Samantha | Ward 39 |
|
Harris, Michelle A. | Ward 8 |
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Reilly, Brendan | Ward 42 |
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Conway, William | Ward 34 |
|
Waguespack, Scott | Ward 32 |
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Chico, Peter | Ward 10 |
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Silverstein, Debra L. | Ward 50 |
|
Vasquez, Jr., Andre | Ward 40 |
|
Napolitano, Anthony V. | Ward 41 |
|
Mitchell, Gregory I. | Ward 7 |
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Curtis, Derrick G. | Ward 18 |
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Manaa-Hoppenworth, Leni | Ward 48 |
|
Lopez, Raymond A. | Ward 15 |