Tuesday, July 24, 2012

San Bernardino seeks bankruptcy protection - pt. 2

More on the California "mess"--

San Bernardino seeks bankruptcy protection - latimes.com: "San Bernardino "is still facing the possibility of insolvency due to a variety of issues including accounting errors, deficit spending, lack of revenue growth and increases in pension and debt costs," according to a budget analysis prepared for the council. "The city has reached a breaking point and faces the reality of deficient cash on hand to meet its contractual and debt obligations," the report said. City Atty. James Penman said city budget officials had falsified documents presented to the mayor and council for 13 of the last 16 years, masking the city's deficit spending. "For the last 16 years the budget prepared for the council showed the city was in the black," Penman said, not naming those allegedly responsible. "The mayor and the council were not given accurate documents.""

Falsified documents? Hogs at the Trough!

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