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Rising costs push California cities to fiscal brink

Posted By admin On July 12, 2012 @ 2:48 am In Money Watch | Comments Disabled

Phil Willon, Catherine Saillant and Abby Sewell
L.A. Times [1]
July 12, 2012

Facing the same financial stressors that pushed San Bernardino toward bankruptcy, cities across California are slashing day-to-day services and taking other drastic actions to skirt a similar fiscal collapse.

For some, it may not be enough.

San Bernardino on Tuesday became the third California city to seek bankruptcy protection in the last month and, while no one expects the state to be consumed by municipal insolvencies, other cities teeter on the abyss.

“There are likely to be more in the future, but it’s hard to know, since a lot of struggling cities may manage to work things out,” said Michael Coleman, a fiscal policy advisor for the California League of Cities. “Some cities may not go into a bankruptcy, but they may dissolve. They may cease to exist.”

Full story here. [1]


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URLs in this post:

[1] L.A. Times: http://www.latimes.com/news/local/la-me-san-bernardino-bankruptcy-20120712,0,2433019.story

[2] California’s Newly Poor Push Social Services Network to Brink: http://www.prisonplanet.com/california%e2%80%99s-newly-poor-push-social-services-network-to-brink.html

[3] California set to issue IOUs as fiscal crisis weighs: http://www.prisonplanet.com/california-set-to-issue-ious-as-fiscal-crisis-weighs.html

[4] Starbucks profit falls 97% on fewer customers and rising costs: http://www.prisonplanet.com/starbucks-profit-falls-97-on-fewer-customers-and-rising-costs.html

[5] Germany, France push for ‘fiscal union’: http://www.prisonplanet.com/germany-france-push-for-%e2%80%98fiscal-union%e2%80%99.html

[6] Banks Bailed Out By American Taxpayers Are Paying Us Back By Shorting Our States and Cities: http://www.prisonplanet.com/banks-bailed-out-by-american-taxpayers-are-paying-us-back-by-shorting-our-states-and-cities.html

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