It can’t be fun being San Bernardino’s bank account right about now. That particular city is tobogganing its way to financial hell . . . unless it tightens up its belt. And we really mean “tighten up.” With San Bernardino facing the prospect of being $45 million over budget and without one red cent in its tapped-out reserve funds, the city could be filing for bankruptcy, the Daily Bulletin
reports. Yup, if that sounds like a heap of trouble . . . it is. But it’s not the only financial cluster San Berdoo is wrestling with. “Yet, the city is still facing the possibility of insolvency due to a variety of issues including accounting errors, deficit spending, lack of revenue growth and increases in pension and debt costs,” according to a budget plant written by Interim City Manager Andrea Travis-Miller and Finance Director Jason Simpson and forwarded to the City Council. “The city has reached a breaking point and faces the reality of deficient cash on hand to meet its contractual and debt obligations due in July 2012.” So, City Council, get crackin‘! You don’t want to end up like Stockton.