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05-23-2008, 06:03 PM #1
Vallejo files for bankruptcy
The city is unable to cope with a $17 million shortfall, and services could be reduced as a result.
By Jason Song, Los Angeles Times Staff Writer
1:56 PM PDT, May 23, 2008
The city of Vallejo filed for bankruptcy protection today after administrators and leaders were unable to sufficiently trim a nearly $17 million shortfall.
The Bay Area city, with a population of about 120,000, had been bracing for the possibility since February as tax revenues fell and employee costs remained high. Eighty percent of the city's budget goes to police and firefighters, far above the norm for most California cities.
Today's filing will let the city renegotiate its debt but could lead to reduced services, including police response time.
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