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City on the brink: Petersburg can’t pay its bills and time is running out
WaPo ^
| 09-05-2016
| Gregory S. Schneider
Posted on 09/05/2016 3:14:33 PM PDT by NRx
...This city of 32,000 just south of Richmond is facing a financial crisis unusual for fiscally conservative Virginia or any state. In at least the past four years, the city had spent all of its reserves and then kept spending money it didnt have. It took out short-term loans based on anticipated tax revenue to keep paying bills.
When the loans ran out, it stopped paying. Some fire and rescue equipment has been repossessed. The city trash hauler is threatening to stop pickup. And lenders will not give Petersburg any more loans.
In his 46 years minding state ledgers in various roles, Virginia Finance Secretary Ric Brown has never seen anything like it. As a rule, most Virginia localities are in pretty good shape, Brown said.
Whats more, there is no mechanism in state law to help Petersburg no provision for bankruptcy, no set way for the General Assembly to step in.
(Excerpt) Read more at washingtonpost.com ...
TOPICS: Government; US: Virginia
KEYWORDS: bluezones; petersburg; richmond; virginia
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1
posted on
09/05/2016 3:14:33 PM PDT
by
NRx
To: NRx
“fiscally conservative Virginia”. Didn’t they turn blue a long time ago?
2
posted on
09/05/2016 3:16:23 PM PDT
by
max americana
(fired every liberal in our company at every election cycle..and laughed at their faces (true story))
To: NRx
“Kept spending money it didn’t have”
There’s the money quote.
3
posted on
09/05/2016 3:18:04 PM PDT
by
blueunicorn6
("A crack shot and a good dancer")
To: NRx
As of the 2010 United States Census, there were 32,420 people residing in the city.
79.1% were Black or African American , 16.1% White, 0.8% Asian, 0.3% Native American, 0.1% Pacific Islander, 1.8% of some other race and 1.8% of two or more races. 3.8% were Hispanic or Latino (of any race).
https://en.wikipedia.org/wiki/Petersburg,_Virginia
Well, there's your clue right there.
To: NRx
Hmmmm, no political party mentioned.
Could it be both?
Naaaaaaaasssh, wouldn’t bet on it.
5
posted on
09/05/2016 3:20:53 PM PDT
by
Da Coyote
To: NRx
This city of 32,000 just south of Richmond is facing a financial crisis unusual for fiscally conservative Virginia *********************
This doesn't make sense. If they were truly fiscally conservative, how could they be in this crisis?
6
posted on
09/05/2016 3:21:00 PM PDT
by
trisham
(Zen is not easy. It takes effort to attain nothingness. And then what do you have? Bupkis.)
To: NRx
I note they didn’t mention it, so it has to be a Democrat controlled town.
Anyone know one way or the other?
7
posted on
09/05/2016 3:21:22 PM PDT
by
DoughtyOne
(He wins & we do, our nation does, the world does. It's morning in America again. You are living it!)
To: Extremely Extreme Extremist
Detroit in VA.... plow it over and incinerate the rest.
No use throwing away good money after bad.
8
posted on
09/05/2016 3:22:03 PM PDT
by
goldstategop
((In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever))
To: NRx
Sorry. I misread that. Duh.
9
posted on
09/05/2016 3:22:23 PM PDT
by
trisham
(Zen is not easy. It takes effort to attain nothingness. And then what do you have? Bupkis.)
To: NRx
Typical leftist piece. City under DemonRats and Peter Principle black leaders can't manage and screw everything up, so now the clarion call goes out to the state or feds.
Wilkow has talked about this and I'm glad it's finally an issue. Democrats have run cities into the ground.
To: blueunicorn6
Typical ‘Rat conduct. They never cut the credit card in half, just keep on spending.
11
posted on
09/05/2016 3:23:07 PM PDT
by
citizen
(Sanctuary cities: Illegals move in for free stuff, residents move out b/c they can't pay the taxes.)
To: NRx
I lived in Petersburg for three years when I was growing up.
Went to Dinwiddie County elementary school.
School bus driver was 15, and was the son of our landlord.
12
posted on
09/05/2016 3:23:22 PM PDT
by
Steely Tom
(Vote GOP: A Slower Handbasket)
To: Extremely Extreme Extremist
The city probably figures the man will have to step in to bail them out.
13
posted on
09/05/2016 3:23:22 PM PDT
by
Menehune56
("Let them hate so long as they fear" (Oderint Dum Metuant), Lucius Accius (170 BC - 86 BC))
To: NRx
“Kept spending money” On what, pray tell.
14
posted on
09/05/2016 3:24:18 PM PDT
by
P.O.E.
(Pray for America)
To: NRx
The previous city manager oversaw construction of a $12.7 million public library
Petersburgs three museums sources of local pride, especially Blandford Church and its exquisite collection of Tiffany stained glass were found to have a grand total of 36 visitors per day.
The citys fire department, for instance, is so well-staffed and equipped that it recently won an insurance designation given only to the top 1.3 percent of fire departments nationwide.
Hmm...my Spidey sense is telling me that maybe, just maybe, the payroll is too big. Could it be?
15
posted on
09/05/2016 3:25:52 PM PDT
by
LostInBayport
(When there are more people riding in the cart than there are pulling it, the cart stops moving...)
To: NRx
They went bankrupt for many reasons, and they are all Democrat. It’s not good to be blue.
16
posted on
09/05/2016 3:27:39 PM PDT
by
rockinqsranch
(Dems, Libs, Socialists Call 'em what you will, they all have fairies livin' in their trees.)
To: P.O.E.
On themselves and handout programs most likely. They probably have thousands of water bills years overdue.
17
posted on
09/05/2016 3:27:41 PM PDT
by
citizen
(Sanctuary cities: Illegals move in for free stuff, residents move out b/c they can't pay the taxes.)
To: NRx
If anyone here has stereotyped guesses as to what the city government looks like — shame on them (but they are right).
18
posted on
09/05/2016 3:28:05 PM PDT
by
PAR35
To: LostInBayport
There is absolutely no reason for firetrucks and ambulances to be repossessed. This is fiscal insanity, and the tar and feathers should come out.
19
posted on
09/05/2016 3:28:12 PM PDT
by
Klemper
(i)
To: blueunicorn6; NRx
blueunicorn6:" Kept spending money it didnt have
Theres the money quote."
Maybe they could raise taxes on just all the Govt. employees.
Expect "speed traps" in the area to raise local revenue.
20
posted on
09/05/2016 3:29:25 PM PDT
by
Tilted Irish Kilt
( British historian Arnold Toynbee - Civilisations die from suicide, not by murder.)
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