It’s Starting To Happin Every Day….Top Aide Says Toledo Likely To Face “Fiscal Emergency”
Posted By thestatedtruth.com on March 9, 2010
It is happening everywhere. There is no way out that supports political expedience other than “QE to infinity.” If the Fed doesn’t play ball they are history. The shot caller is political expediency.          Jim Sinclair
Top Bell aide says Toledo likely to face ‘fiscal emergency’
Potential strategy to secure labor concessions disputed.
By IGNAZIO MESSINA
Unless there is a fundamental change in the way Toledo’s government operates, the city will likely be unable to pay its employees before the year is through, a top official in the Bell administration warned.
That looming financial disaster leads people such as Mayor Mike Bell and Councilman D. Michael Collins to throw out words like “bankruptcy” or “receivership,” two feared terms but ones that are not likely to become reality.
The truth is that receivership or bankruptcy is probably not an option for the city anytime soon. But being slapped by the state as a “fiscal emergency” municipality is a real threat – a label some dislike but others advise Toledo to embrace given its $48 million deficit.
“If you cannot make payroll for 30 days, you are there. You are in fiscal emergency,” said Deputy Mayor of Operations Steve Herwat, Mr. Bell’s right-hand man.
“If we don’t get this budget balanced, and the imbalance is enough, and yes it is, we are at risk,” he said.
http://toledoblade.com/article/20100307/NEWS16/3070305/0/COLUMNIST39
Comments