| Parks' Warning: LA Is Going Broke Fast, Faces Layoffs, Cash Flow Crisis, Bankruptcy Threat |
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| Written by Scott McNeely |
| Wednesday, 09 September 2009 08:54 |
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In a Special Report on OurLA, LA Councilman Bernard Parks portrayed the city's financial condition in dire terms Saturday, warniing of "severe pain" that is coming.  Speaking for more than two hours to the LA Neigbhorhood Council Coalition at a meeting in West LA, Parks reported the city is spending $1 million a day more than it has and the $350 million in savings projected by the mayor doesn't exist because the sweetened early retirement plan for 2,400 workers isn't financially feasible. Parks' Budget Committee will hold a public hearing at 1 p.m. Sept. 14 on the state of the city's finances and the drastic measures, including layoffs of up to 4,000 workers that must be taken. The full Council will meet the following day on the budget crisis. Watch Videos of the Councilman at OurLA.org Posted: 2009-09-05 15:05:59 |