Another California city may file for bankruptcy: Antioch. The San Francisco exurb 45 miles northeast is in financial dire straits.Reuters:
Antioch’s leaders earlier this month said bankruptcy could be an option for the cash-strapped city of roughly 100,000 on the eastern fringe of the San Francisco Bay area.
Antioch’s fiscal woes are standard issue for local governments in California: weak revenue from retail sales and property taxes is forcing spending cuts, layoffs and furloughs.
Cost cutting measures won’t help:
But cost-cutting measures may not be enough to keep Antioch’s books balanced, so its city council is openly discussing bankruptcy.
“We just want to alert people to the possibility,” Antioch Mayor Pro Tem Mary Helen Rocha said.
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