LONG BEACH, NY (CBSNewYork) - The city of Long Beach, Long Island is about to declare a fiscal emergency.
WCBS 880′s Sophia Hall On The Story
Especially in the summer, Long Beach is a gorgeous place to live and visit, with many people spending long hours in the water and on the boardwalk.
But there is an ugly problem.
Newly appointed city manager Jack Schnirman told WCBS 880 reporter Sophia Hall the city is in big debt – $48 million in debt.
A declaration of a fiscal emergency is expected on February 7 after Moody’s downgraded Long Beach to a credit rating of just above junk bond status.
“We’re not going to allow a situation where the city just spends money blindly without regard to the fact that we don’t have it,” he said Tuesday.
How does this affect workers in the city?
“Immediately, we’re going to stop spending on things like overtime and improve accountability,” he said.
Do you have something to say about the story? Sound off in the comments section below!