Los Angeles Could Run Out of Money in About Four Weeks
April 7th, 2010Via: Los Angeles Times:
City Controller Wendy Greuel declares an ‘urgent financial crisis’ and says the only way to continue paying bills in the short term is to begin draining the city’s already limited emergency reserve.
The city’s top financial official issued a grim assessment of the escalating budget crisis Monday, warning that Los Angeles could be unable to pay its bills in just over four weeks.
City Controller Wendy Greuel declared an “urgent financial crisis” and said the only way to continue paying bills in the short term was to begin to drain the city’s already limited emergency reserve.
