By Abby Sewell and Jessica Garrison, Los Angeles Times
May 6, 2011
Some of Montebello’s municipal bonds have been downgraded to junk status, another blow to a city already teetering on the edge of insolvency.
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A city administrator warns that the ‘true nature of the city’s cash deficit was buried for many years’ by various accounting maneuvers.
By Jessica Garrison, Los Angeles Times
March 31, 2011
Montebello is so short on cash it may have trouble making payroll or paying its bills in the near future if officials don’t take “immediate corrective action,” a city administrator warned this week.
Two off-the-books accounts and alleged misuse of millions have city officials seeking answers.
By Jessica Garrison and Richard Winton, Los Angeles Times
February 19, 2011
Millions in Montebello city funds have been mismanaged or drained from off-the-books accounts, leaving officials scrambling for explanations and prompting fears about the city’s solvency.