The California Bankruptcy Dominos Line Up
04/09/2012 1 Comment
Los Angeles is joining Fresno, San Jose, San Diego, Stockton in the waiting line to file bankruptcy.
“Chief Administrative Officer Miguel Santana said rising employee costs combined with flat-lining revenues have left the city in a precarious position. Even after reducing its workforce by 4,900 positions in recent years, the city faces a $222-million budget shortfall, he said, a figure that is expected to rise to $427 million by 2014-15.
“We’re always in crisis mode,” Santana said in an interview. “We’re always trying to close that shortfall.” Without cutting costs and coming up with about $150 million in new revenue, “we’re facing the complete devastation of city services, including public safety,” he said.”
The rest of the story is HERE. First it was the cities, then the Counties and then the State! Who is next?