Christopher Hoene News
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Philadelphia, which may close a quarter of its schools by 2017 to save cash, has to boost pay for firefighters even though the city’s fiscal overseer says that would “blow up the budget.”
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U.S. cities expect their financial strains to worsen as the slide in real estate prices that began four years ago cuts deeper into property-tax collections, according to a survey by the National League of Cities .
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The real-estate crash is catching up to U.S. municipalities.
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The city of Mesa, Arizona, fired 125 employees in 2009 as tax collections dropped amid a housing slump and a recession. Now, it is filling vacancies, training a class of police recruits for the first time in three years, and Mayor Scott Smith says he’s confident “revenue levels are going to stabilize.”
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“There’s not a doubt in my mind that you will see a spate of municipal-bond defaults,” the banking analyst Meredith Whitney , nodding her head, said on a Dec. 19 segment of CBS Corp.’s “60 Minutes.”
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Cities from New York to San Jose, California, facing almost $400 billion in unfunded pension liabilities, will be watching what San Diego Mayor Jerry Sanders calls his “ radical idea ” to cut costs.
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U.S. local-government payrolls increased last month for the first time since August, easing the drag on the economy brought on by budget-cutting cities, counties and school districts.
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Los Angeles City Councilman Jose Huizar had $10 million to spend on a parking garage for his district. Fellow lawmakers voted instead to use the money for expenses such as payroll.
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San Carlos, a Silicon Valley suburb that calls itself the City of Good Living, will hire contractors to maintain parks and negotiate with county officials to take over policing, becoming the latest California community eliminating basic services to close budget deficits.
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