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California Hit Parade Rolls On: Atwater Scrambles to Avoid Bankruptcy

Blair31 Wrote: Sep 29, 2012 12:41 PM
10% through furloughs is a start but why not have EVERYBODY, including police and fire, take a pay cut?
tgwWhale Wrote: Sep 29, 2012 3:50 PM
If Atwater is like just about every other bankrupt municipality or state, the problem is likely not the salaries paid to the workers. It is the "legacy costs" of retiree pensions and health care plus entitlement costs mandated on them.

If you cut salaries, you might put off the day of reckoning, but legacy costs will sink you in the end.

The California hit parade keeps on rolling as yet Another California city scrambles to avoid bankruptcy.

Atwater, a city of roughly 28,000 in California's Central Valley, may declare a fiscal emergency as soon as next week, but it is trying to avoid becoming the fourth California city to file for municipal bankruptcy this year, its mayor said.

Under California law, a local government must either declare a "fiscal emergency" or go through a 60-to-90 day confidential...

Related Tags: Bankruptcy