Council delays vote on backstop for One Beale debt
At stake is the financing for the last of three hotels at the One Beale development that together would serve as a second convention center hotel.
There are 6 article(s) tagged Shirley Ford:
At stake is the financing for the last of three hotels at the One Beale development that together would serve as a second convention center hotel.
The state has lowered the percentage it expects to make on investments that finance pension funds. By state law, the city of Memphis must lower its discount rate as well in the spring budget season.
City Council budget committee Chairman Worth Morgan and city Chief Financial Officer Shirley Ford talked about revenue estimates and the impact of federal American Rescue Plan funds as well as restrictions during “Behind The Headlines.”
The process for getting neighborhood speed humps and their distribution, and the cost of a modernized traffic intersection were among detailed line items City Council members reviewed on the first day of budget hearings Tuesday.
City council members start budget hearings next month and there are still a few more details to come about how much revenue the council will have as it considers amendments or changes in Mayor Jim Strickland's proposal.
An early look at Mayor Jim Strickland's still forming budget proposal to come in April shows in 2026 the city will be paying $40 million less in debt. Meanwhile, the budget plan will mark the city's final of five installments toward an annual pension liability payment estimated at around $78 million going forward.
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