Long Beach plans to declare fiscal emergency

The City of Long Beach is about to declare a fiscal emergency following a big downgrade of its credit rating. Long Beach's newly appointed manager,

LONG BEACH - The City of Long Beach is about to declare a fiscal emergency following a big downgrade of its credit rating. Long Beach's newly appointed manager, Jack Schnirman, and the City Council are set to formally declare an emergency tomorrow night. The city owes more than $48 million in general obligation debt. Just last month, Moody's Investors Services downgraded Long Beach to the lowest investment grade rating, according to Newsday. Schnirman says the move will give him more authority to control spending. He says damage from Tropical Storm Irene is part of the cause, but blames most of the debt problems on poor spending accountability.

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