Not only did the mayor and the City Council not read their own financial statements, the reports of their auditors, nor the Dallas Morning News, they apparently missed the February 2004 downgrade of Love Field’s bonds by Moody’s Investors Service to Baa2:
“In Moody’s opinion, the airline payments based on the rates and charges ordinance have not been adjusted to cover the increased cost on a per unit basis as a result of the steep declines in enplaned passengers. In fact, airline payments have actually decreased over this volatile time, which has put additional pressure on non-airline revenues and have caused the City to use cash balances in reserve for future capital expenditures. The use of these cash balances to make up the difference in operating revenues is a key factor in the rating downgrade.”
In other words, “Hey, you guys, you’re eating your seed corn.” But apparently nobody on the City Council noticed.