America's Cities Are in Financial Peril

of 76Photo
  • Scranton, Pennsylvania
  • 071312 national banruptcy stockton california
  • Mammoth Lakes, California
  • San Bernardino, California
  • Jefferson County, Alabama
  • bankruptcy
  • Detroit, Michigan

San Bernardino, California

On July 10, the San Bernardino City Council voted to file for Chapter 9 bankruptcy protection after a financial report submitted by the city's interim city manager revealed a $45 million shortfall. In addition to declining property values — which translated into lower property tax revenue for the city — San Bernardino, which has about 211,000 residents, has lost anywhere from $10 million to $16 million in revenue from taxable sales over the past several years. 

(Photo: Courtesy of Wikicommons)