Upland seal

By Canan Tasci, Inland Valley Daily Bulletin
Posted: 10/26/13, 8:28 PM PDT |

UPLAND >> City Manager Stephen Dunn painted a sobering picture about this city’s finances when he said at a meeting Saturday morning that the city is on the verge of bankruptcy.

Despite a balanced budget, the city needs at least $3.5 million annually if it wants to continue functioning and providing residents with the services they’re accustomed to, he said.

Dunn led a two-hour meeting at City Hall that detailed how the city’s general fund is under stress and how there is little to no funding is left for such things as street repairs, post-employment benefits, equipment replacement, the homeless population, and attracting businesses.

The general fund accounts for most of the city’s services, funding 73 activities for about 75,000 residents, Dunn said.

The urgency, Dunn said, stems from a 2012 auditors’ opinion as well as the city’s credit rating agency, both of which conveyed their concerns about the city’s ability to remain fiscally solvent.

“This is serious because it is affecting our audit and credit and we need to address it and deal with it,” Dunn said. “We’ve done a number of thing. It’s just that we haven’t done enough.”

If the City Council doesn’t take action, Dunn said the city will “definitely go bankrupt.”

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