LONG BEACH - An independent audit report released today shows how Long Beach officials got the city $48 million in debt.

According to the audit, an 80 percent increase in overtime and purchases made without proper approval led the city deep into the red.

Because of the overtime and improper purchases, the city's rainy day fund, which held $7.4 million in 2008, was whittled down to just $107,000 last year.

City Manager Jack Schnirman says it was dishonest accounting by previous administrations that put Long Beach in its current predicament.

Residents say they are worried that the only way out of debt will be on the back of the residents in the form of higher taxes.

Long Beach plans to declare fiscal emergency