Sunday, June 05, 2005

Commissioner: City 'close to receivership'

This is really pathetic! This "city" was rolling in cash after it initiated its jobs and business killing taxes. And promptly began pissing it all away. And media hailed the new tax $$$ as the best thing since sliced bread.And then began their drumbeat for Muskegon to do the same thing. Maybe their suggestion will be an EVEN BIGGER TAX? Sickening!
Commissioner: City 'close to receivership': "Commissioner: City 'close to receivership'
Friday, June 03, 2005
By Theresa D. McClellan
CHRONICLE NEWS SERVICE
When Third Ward City Commissioner James White wanted to bring home the city's dire financial straits to a group of residents Thursday, he held two of his fingers close together and said the city was 'this close to receivership.'
'The city is broke, and we're scared to death downtown,' White said during a public gathering at his Southeast Side church.
When a city goes into state receivership, it is unable to pay its bills, employees don't get paid and its bond ratings plummet. A struggling Detroit is wrestling with that question now, as it faces a $300 million deficit in next year's budget. "

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