City of Portland Faces Credit Downgrade
The city of Portland's financial woes continue. It's not not the first time the cities unfunded pension liabilities have been an issue. And now Moody's has announced they may downgrade the City o Portland's credit rating because of that very issue. What does that mean for a city who takes in only 77-cents out of every dollar it spends?
The city could find projects down the road become more expensive where borrowing money is essential. In a report released last year, 51-cents of every dollar in city property taxes heads to pension funds and urban renewal. Moody's says they will study the cities finances over the next 6-months. Portland's chief financial officer told the Oregonian he isn't concerned yet.