Newsday is reporting that Long Beach finances are in a deeper hole than what we originally thought. In her article titled Official: Long Beach faces $10M deficit, Candice Rudd writes:
“Long Beach’s projected deficit for the current fiscal year is “devastating,” totaling more than $10 million, or about 12 percent of the city’s overall budget, City Manager Jack Schnirman said.
After starting the fiscal year in July with $107,000 in the general fund, the city predicts it will close 2011-12 $10.25 million in debt.
From Newsday: Schnirman said the city will set savings goals in each department and let department heads find ways to meet them.
“And if we don’t, the city has to look at its options for closing the deficit unilaterally,” he said. “That essentially means, what are the simple options: service cuts, personnel cuts and revenue increases.”
Read the full article @ Newsday: Official: Long Beach faces $10M deficit