Here’s a “top ranking” list you don’t want to be on: Business Insider‘s list of “America’s Most Bankrupt Cities.” Unfortunately, the fair city of Norfolk appears there with a $26 million deficit.
I have not been following developments through the Virginian-Pilot, but the Business Insider‘s description is pretty scary:
City Manager Regina Williams has whittled down a deficit of up to $46 million (including $10 million in current-year shortfall) in a few months. But the rest of the way is an uphill fight. City departments have dismissed her request for 20% budget reductions. Schools are asking for a $6 million budget increase. Someone’s getting disappointed in the April 20 proposal.
The consolation is that Norfolk’s per capita budget deficit is only $110. Things could be worse… like they are in Harrisburg, Pa., where the per capita deficit is $1,500!
Beware, Virginia, you are not exempt from Boomergeddon. Borrowing $650 million from the VRS to balance the budget? Naughty, naughty.