City of Cincinnati - File #: 202301876

• File #: 202301876
• Version: 1
• Type: Motion
• Status: Adopted
• File created: 7/31/2023
• In control: Cincinnati City Council
• On agenda: 9/7/2023
• Final action: 9/7/2023
• Title: MOTION, submitted by Councilmembers Cramerding and Harris, WE MOVE that the administration prepare a report within the next thirty (30) days on the financial implications of the sale of the Cincinnati Southern Railway to Norfolk Southern, pending approval from Cincinnati voters. The report should address the possible spending opportunities for these funds, including the extent to which these funds can be used to remedy the City's outstanding $500 million of critical failing infrastructure, the City's operating budget, and the City's pension liability. It should consider these challenges to our city budget as well as others that impede attaining a structurally balanced budget. It should also address how the spending of these funds is restricted and what they cannot be used for. (STATEMENT ATTACHED)
• Sponsors: Jeff Cramerding, Reggie Harris
• Related files: 202302088

Date	Ver.	Action By	Action	Result
9/7/2023	1	Cincinnati City Council	Adopted	Pass
9/5/2023	1	Budget and Finance Committee	Adopt
8/2/2023	1	Cincinnati City Council	Referred to Budget & Finance Committee

title

MOTION, submitted by Councilmembers Cramerding and Harris, WE MOVE that the administration prepare a report within the next thirty (30) days on the financial implications of the sale of the Cincinnati Southern Railway to Norfolk Southern, pending approval from Cincinnati voters. The report should address the possible spending opportunities for these funds, including the extent to which these funds can be used to remedy the City’s outstanding $500 million of critical failing infrastructure, the City’s operating budget, and the City’s pension liability. It should consider these challenges to our city budget as well as others that impede attaining a structurally balanced budget. It should also address how the spending of these funds is restricted and what they cannot be used for. (STATEMENT ATTACHED)

recommendation

ADOPT