Summary
California's cities are feeling the financial pinch as property and sales tax revenues stagnate or decline and as the spending commitments they made during the now-deflated housing boom, especially bigger payrolls, haunt them.
The Pew Charitable Trusts has declared Los Angeles to have the fourth worst fiscal condition of the 13 large cities it surveyed. Former Los Angeles Mayor Richard Riordan has advocated bankruptcy for his city, and the current mayor, Antonio Villaraigosa, is calling for the city's payroll to be sharply downsized.See the full content of this document
Extract
Dan Walters: Municipal Bankruptcy Bill Moves Forward
Last week, the Stockton City Council declared a fiscal emergency because of stubborn budget deficits and stalled negoti...
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