BALTIMORE (WBFF) — Baltimore needs to fix its aging schools, streets and public buildings. But paying for those repairs could saddle taxpayers with debt lasting decades — potentially long after some of the improvements have worn out.
That’s the dilemma facing voters Tuesday as city officials ask them to authorize $280 million in borrowing for infrastructure, schools, affordable housing and economic development.
The request comes as Baltimore faces a potential sharp reduction in state transportation funding, a shifting tax base and a recent credit rating downgrade. It would also continue a pattern of increasingly large borrowing requests, raising questions about how much debt the city can afford and whether voters know enough about where their money will go.
Cliff Rossi, a finance professor at the University of Maryland’s Robert H. Smith School of Business and former banking executive, said the proposed borrowing would add approximately 9% to the city’s existing debt.
Read the full story on the Baltimore Sun.
This post was originally published on Fox 45 by Sinclair Media Group.
Local Story
