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Strategies & Market Trends : Currents of Currency

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From: The Wharf	7/18/2012 11:17:57 AM
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The City of Compton, a city of 93,000 people located on the outskirts of Los Angeles, must decide by Sept. 1 whether to seek bankruptcy, according to its two most senior financial officials. Such a move would see it join a growing number of deficit-hobbled California cities that have used the filing to restructure onerous debt loads. Compton, which has an accumulated $43 million deficit and has depleted what had been a $22 million reserve, will run out of cash to make its payroll on Sept. 1 at its current cash consumption rate, city comptroller Steven Ajobiewe told the city council during a July 17 meeting The area had numerous foreclosures so I assume people are not paying their property taxes. How to handle employees who need a raise and the cities lack of funds to pay public employees. How far in debt can you go ? Many cities US have this problem cost increases revenue does not keep up with the costs. You have a dollar bogged down in debt.

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