Wednesday, July 18, 2012 – 10:30 p.m.
The San Bernardino, California City Council voted 5-2 to declare a fiscal emergency and file for chapter 9 bankruptcy protection on Wednesday night.
The move comes in an effort to right the city’s upside down finances and embark on a fresh start.
Amazingly, Council Members John Valdivia and Chas Kelley voted against the action, even though there is really no other viable option.
The city is expected to have its filing in U.S. Bankruptcy Court completed within the next thirty days.
The municipality is currently operating month-to-month by way of continuing resolution and has a deficit estimated to be between $46 and $51 million.
On another note. The city of Compton, California announced Wednesday that it also may have to seek bankruptcy protection within the next thirty days.
AHHHHH!
For shame!
The city of San Bernardino is COMPARABLE to the city of Compton!
How did I EVER end up in this county?
Kelley and Valdivia are set in stone, God help them getting 60 day reorganization plan together; with McCammack and Jenkins going line by line and Rikke pushing to go into closed session. At least Shorett is suprizingly contrite and pragmatic.
Penman squeezed play protecting his safety salaries by keeping bankruptcy atty from addressing council.
San Bernardino may fail at filing bankruptcy….
You can thank the cops and firemen for their obscene pay, benefits and pensions…and the scum on the council who approved wasting money on two sets of employees. 78% percent of the budget for police and fire. Obscene!