The Latest In San Bernardino's Bankruptcy

: Chris Lee Law Firm

  Filed under: Economy

San Bernardino is just one of California’s cities struggling with debt in a turbulent economy. Having filed for Chapter 11 bankruptcy early last month, the city recently made some important decisions in their debt restructuring efforts.

All In Favor?

Last week, city officials met late into the night discussing possible solutions for their debts troubles. Looking to cut spending, the City Council members approved a plan that is hoped to successfully guide the city out of financial disaster.

After a 5-2 vote of approval, San Bernardino will be modifying the way they do business in the future. $22.4 million in cuts will be implemented, slashing the city’s budget by 30%; just a drop in the bucket compared to the some $45.8 million in debt liabilities. However, the council agreed that budget cuts were essential to the success of the plan.

The city’s Fire Department will see three of its stations close. Two community centers are also planned for closings, along with three of the four local libraries. Outsourcing of some park and custodial services is also part of the budget modifications designed to save the city money in the coming years.


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