Businessweek.com: New York’s Long Beach Plans Borrowing to Avoid Firing Workers
“Doing cash-flow borrowing will allow us to get a plan together,” Schnirman said in a March 23 telephone interview. “There is nothing we can do to reverse the deficit this year. If we were looking to cut the budget, we would have to do overwhelming layoffs.”
From 20 percent to 30 percent of the city’s 360 employees would have been fired without the borrowing, said Schnirman, 34, who took office in January.
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