Keyword: Moody's
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A special council meeting was held on Tuesday, and a resolution was passed to borrow $6 million in order to make payroll and maintain city services.
Long Beach City Council approves $6 million borrowing measure
The City Council unanimously approved a $6 million borrowing measure on Tuesday in order to pay its workers and help close a $10.2 million deficit as the city attempts to avoid a further … more
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Th City Council will hold a special meeting on Tuesday, where it will be asked to approve a $6 million borrowing measure.
Long Beach to float $6 million borrowing measure
The City Council will hold a special meeting on Tuesday, where it will be asked to approve a $6 million borrowing measure to help close the bulk of a $10.2 million deficit and avoid a further … more
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City officials called on New York State Comptroller Tom DiNapoli's office to conduct an audit of the city.
State comptroller to audit Long Beach’s finances
New York State Comptroller Tom DiNapoli is launching an audit of Long Beach’s finances next month, as the city grapples with a $10.25 million deficit and a credit-rating downgrade by Moody’s … more
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The city is facing a $10.25 million deficit.
Long Beach facing $10 million deficit
A little more than a month after the city declared a fiscal crisis, Long Beach has hit a $10.2 million deficit, a gap that City Manager Jack Schnirman said needs to be closed before the end of the … more
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Overtime in the city has dropped 72 percent since City Manager Jack Schnirman implemented a new policy on Jan. 23.
Long Beach's new overtime policy produces results
A month after City Manager Jack Schnirman implemented strict controls to rein in skyrocketing overtime costs, city officials said that the new policy has led to a dramatic reduction in overtime … more
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According to this chart, which appeared in Moody’s weekly newsletter, the city’s financial and liquidity positions have declined since 2008.
Moody’s lauds Long Beach for fiscal crisis declaration
A week after the City Council declared a fiscal crisis, Moody’s Investors Service, the credit agency that knocked Long Beach’s bond rating down five levels to near-junk-bond status, praised city … more
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Hundreds of residents turned out for the meeting, and several called for a criminal investigation.
Long Beach declares fiscal crisis
The Long Beach City Council voted unanimously on Tuesday to formally declare a fiscal crisis, after an independent auditor presented a bleak picture of the city’s finances and a number of residents … more
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City Manager Jack Schnirman proposed a resolution declaring a fiscal crisis, part of an effort to rein in spending.
Long Beach City Council tables resolution declaring fiscal crisis
The Long Beach City Council decided to postpone declaring a fiscal crisis at its meeting on Tuesday, as the city contends with a looming budget deficit, $48.3 million in general-obligation debt … more
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City Manager Jack Schnirman, third from left, met with department heads last week to implement a more efficient snow removal plan.
Long Beach city manager to declare ‘fiscal crisis’
The Long Beach City Council will be asked to declare a fiscal crisis during its meeting on Tuesday, as the city contends with a looming budget deficit, a structural imbalance, a credit-rating … more
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Long Beach City Council meeting gets heated
A special City Council meeting on Saturday grew heated amid a discussion over the state of the city’s finances, before the council passed a resolution to allocate money recently acquired through a … more
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