Posted on 04/05/2010 6:25:45 PM PDT by artichokegrower
The Los Angeles city controller has warned the mayor and City Council that the city will not be able to make payroll next month if it doesn't dip into its reserve fund.
In a memo to officials on Monday, Controller Wendy Greuel said the city faces its most urgent fiscal crisis in recent history after the council blocked a proposed electricity rate hike last week
(Excerpt) Read more at sfgate.com ...
How many emergency funds do they have stashed away?
Hollywood rez here..the story is on the LAT site. It’s going to be an interesting story now that kids are put of school, no money to spend, and bored to death.
Ruh-Roh...they are eating the seed corn.
CommieCrate Mayor and all who voted to elect him deserve all that is about to fall upon them!
States that the reserve funds will last until June 30. Don’t know what happens then.
Idiots who can’t balance their own checkbooks running the finances of a whole city, what could go wrong? /s
Pass the popcorn. This is getting interesting.
The unions enabled by their bought-and-paid-for pols have managed to drive the city into bankruptcy.
$90 million is nothing in Los Angeles $7 BILLION budget: 1.3%.
It is a ploy for higher taxes.
Tell them to eat cake.
That $7 billion is the annual budget. That includes pension, health benefits, infrastructure, schools, roads, hospitals, airports, etc. What is short is the monthly payroll kitty.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.