Wednesday, November 20, 2013

Another City Spending Its Way to Bankruptcy

» Another City Spending Its Way to Bankruptcy - Blogger News Network:
Desert Hot Springs , a resort town of 26,000 warned that it will run out of money by March due to burdensome salary and pension costs.
That would make it the third California city along with San Bernardino and Stockton to succumb to that.
Amy Aguer, the interim director of finance, said nearly 70 percent of the city’s budget was consumed by police costs, most of which were spent on salaries and pension payments."

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