Nova78
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- Dec 19, 2011
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Mayor: Stockton appears headed for bankruptcy | US National Headlines | Comcast
STOCKTON, Calif. Stockton could become the largest U.S. city to declare bankruptcy after a deadline to make a deal with its creditors passed and the city's mayor said Tuesday she did not believe a settlement had been reached.
Mayor Ann Johnston said that a formal bankruptcy filing appears "very likely."
In the past three years, officials in the city that was slammed by the collapse of the housing market dealt with $90 million in deficits through a series of drastic cuts.
They eliminated one-fourth of the city's police officers, one-third of the fire staff, and 40 percent of all other employees. They also cut wages and medical benefits.
To plug next year's anticipated $26 million budget shortfall, a proposed budget to be considered Tuesday night would suspend payments for debts and legal claims; reduce payments for retiree medical benefits; further cut some pay and benefits; and increase revenue through code enforcement and parking citations.
All the stupid fucks can come up with is to stick it to the people that live there .
STOCKTON, Calif. Stockton could become the largest U.S. city to declare bankruptcy after a deadline to make a deal with its creditors passed and the city's mayor said Tuesday she did not believe a settlement had been reached.
Mayor Ann Johnston said that a formal bankruptcy filing appears "very likely."
In the past three years, officials in the city that was slammed by the collapse of the housing market dealt with $90 million in deficits through a series of drastic cuts.
They eliminated one-fourth of the city's police officers, one-third of the fire staff, and 40 percent of all other employees. They also cut wages and medical benefits.
To plug next year's anticipated $26 million budget shortfall, a proposed budget to be considered Tuesday night would suspend payments for debts and legal claims; reduce payments for retiree medical benefits; further cut some pay and benefits; and increase revenue through code enforcement and parking citations.
All the stupid fucks can come up with is to stick it to the people that live there .