Bankruptcy Knocking At The Door Again

The city undertook a major staff reorganization in 2007, and in November, voters approved an increase in the city sales tax, which staved off shutting down city services, Bennett said.

But wage, benefit and retirement commitments to city employee groups are continuing to erode city finances, and “they’re not going down as our income and the economy is going down,” she said.

The council, Bennett said, should look at “what the downsides of bankruptcy might be and learn them before we’re in an emergency situation.”

City Hall Bk

 

Bankruptcy Knocking At The Door Again..