San Bernardino seeks bankruptcy protection - latimes.com

San Bernardino seeks bankruptcy protection - latimes.com

San Bernardino on Tuesday became the third California city in less than a month to seek bankruptcy protection, with officials saying the financial situation had become so dire that it could not cover payroll through the summer.
The unexpected vote came at the suggestion of the interim city manager, who said the city faces a $46-million deficit and depleted coffers...The city joins two others in California — Stockton and Mammoth Lakes — that have turned to bankruptcy in recent weeks to cope with their financial problems, albeit for different reasons."
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San Bernardino has a population of over 200,000. The situation there is complicated because there are several different contributing factors to their financial plight, including a drop in property tax revenue, pension costs, bad development decisions, etc.